The taxable capital gains added to the banker’s income move them to a higher tax rate. the statement is true.
<h3>What is income tax?</h3>
Income tax is a tax applied on individuals or entities concerning income or profit earned by them.
Qualified plans provide two tax benefits that are not available in other types of investments.
Tax rates will be higher in the future with the increment of time, but the benefits of the tax-deferred savings plan will overcome higher tax rates over time.
The taxable capital gains added to the banker’s income move them to a higher tax rate. the statement is true.
