Trying to figure out how to factor this into PRC. I entered the % increase on the HOME page, starting in 2021...BUT, how to get it to readjust to the lower rate once income drops below the income threshold of either $250k or $500k?
In Arizona, starting in 2021, voters approved a 3.5% tax surcharge on high-income taxpayers on top of the current top rate of 4.5%, bringing its new top rate to 8%. Who is high income for purposes of the new tax? Individuals with income above $250,000, and joint filers with income above $500,000.
The 4.5% rate applies to income above $159,000 for individuals or $318,000 for joint filers.
I don't see any way to model this under the current design. I've made a note of this issue and, as a minimum, will fix it in the 2022 model but may possibly fix it in a later mod of the 2021 model.
AZ currently has a four tier tax structure. Wouldn't this just be adding a fifth tier? (see attachment).
Yes, that's what would be required to address this issue. What I meant by "I don't see any way to model this under the current design" was that I don't know of a way for YOU to model this with the currently-released version of PRC2021.
OK, thanks for confirming that.
