Green Tax Credits
June 23, 2009 | 
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Going Green? Energy efficiency is on everyone’s mind and was even a platform run on by President Obama. The Government is working hard to incentivize businesses and individuals to go Green. There are several tax credits available for purchasing energy efficient products. Some of the tax credits are new while others are just improved. For individuals, many Energy Star products qualify:
Income Tax – Some Historical Perspective
June 10, 2009 | Subscribe to our RSS Feed
No one likes paying higher taxes, of course, but there’s nothing like a little historical perspective to make you realize how low even a 39.6% rate is. Here’s an abridged tour of our income tax rates: when the income tax was enacted in 1913, the top rate was 7% on income over $500,000 (over $13 million in today’s dollars, using a 3.5% inflation rate); it has never been that low again. To illustrate, in 1918, the top rate was 77% on income over $1 million, in 1942-43, it was 88% on income over $200,000, and in 1944-45, it was 94% (the all-time high) on income over $200,000. After World War II and into the ’60s, the top rate was mostly 91% on income over $200,000 (the brackets started distinguishing among types of taxpayers in the 50’s; spouses could income-split as of 1948). By the mid-60’s and through the 70’s, the top rate had dropped to 70% on income over $100,000 for single taxpayers (brackets started to get indexed for inflation in the late 70’s). In the early 80’s, the top rate dropped to 50% on income over $41,500 (single taxpayers); by 1984, that rate applied to income over $81,800. The Tax Reform Act of 1986 dropped rates significantly, and introduced the 28% rate (a 33% “bubble” recaptured the benefit of the 15% rate for higher earners). In 1991, the top rate went to 31% on income over $49,300 for single taxpayers. In 1993, the top rates of 36% and 39.6% came into play (the latter applied to income over $250,000 for single taxpayers).
A Success Story – GJ and Franklin High School’s Cooperative Education Department
April 29, 2009 | Subscribe to our RSS Feed
Glass Jacobson would like to thank Nkechi Beaton, a senior from Franklin High School, for her outstanding work and support during our busiest time of year!
Nkechi came to us through Franklin’s Cooperative Education Department, and interned with the firm for 10 hours a week. Nkechi had a mentor at the firm, Paula Corson, and spent the last few months learning the business world through hands-on experience. She did a fantastic job and we appreciate her help.