taxable

The bill would revise the income tax rates and taxable income brackets by imposing an income tax rate of 3% instead of 4%, according to the bill.

This is because rewards for performance at work are taxable whereas seasonal gifts such as those given for Christmas, providing they are not too costly, are exempt.

Trump wants trillions of dollars in tax cuts, and many employer-provided benefits are currently excluded from taxable income.

For instance, leveraging a Roth account during high-tax year and taxable accounts when capital gains are favorable lets retirees maintain control over their effective tax rate.

Many older people with highly appreciated properties don’t want to sell their homes and trigger taxable gains in excess of the $250,000-per-owner home sale exclusion.