The boom in U.S. investment immigration continues to grow. After successfully immigrating to the United States, how to live and work in a new environment without obstacles is a major concern for many investment immigrants. Staying informed about U.S. tax policies and their latest changes is undoubtedly an important aspect of life for U.S. investment immigrants.
According to the latest information received by Worldway Group immigration experts, the U.S. Internal Revenue Service (IRS) recently announced the latest tax policies for 2015. Among them, more than 40 tax rates have been adjusted to cope with inflation, mainly including tax brackets, tax table income, and certain tax rates adjusted based on the cost of living.
What are the new changes in the 2015 U.S. tax policy? Worldway Group immigration experts point out that the tax adjustments most relevant to investment immigrants are mainly reflected in the following four aspects:
1. Increase in the Tax Threshold for Citizens
According to the relevant provisions of the 2015 tax policy, for the 2015 tax year, the income thresholds for the 39.6% tax rate for single filers and married couples filing jointly will be raised from the original $406,750 and $457,600 to $413,200 and $464,850, respectively.
2. Increase in Standard Deduction
Regarding the Standard Deduction, according to the 2015 tax year regulations, the standard deduction for all taxpayers has increased slightly. Among them, the amounts for single filers and married individuals filing separately have increased from $6,200 and $12,400 to $6,300 and $12,600, respectively. The deduction for heads of households has increased from $9,100 to $9,250.
3. Adjustment of Itemized Deduction
Regarding the Itemized Deduction, the income threshold for claiming this deduction in 2015 is at least $258,250 for individuals and at least $309,900 for married couples filing jointly.
4. Adjustment of Personal Exemption
Regarding the Personal Exemption, this amount has increased slightly from $3,950 in 2014 to $4,000 in 2015. The starting threshold for the Personal Exemption Phase-out (PEP) is $258,250 for individuals and $309,900 for married couples filing jointly, while the termination thresholds are $380,750 and $432,400, respectively.
Worldway Group Tips: It is worth noting that the above new tax rates will be implemented after being promulgated in 2015, meaning they will only be effective for tax relations occurring within 2015 when filing taxes in 2016. When filing taxes for the 2014 tax year in 2015, the original standards still apply.
Worldway Group Immigration Expert Commentary: The four major changes in the 2015 U.S. tax policy are undoubtedly a major piece of positive news for U.S. investment immigrants. The significant increase in the relevant tax thresholds directly raises the bar for tax collection. In other words, citizens whose income is below the new threshold will no longer be taxed; even for taxpayers above the threshold, their tax burden is correspondingly reduced, saving investment immigrants a significant amount in tax expenses.
