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ObamaCare taxes poised to hit next month

Posted By admin On December 9, 2012 @ 6:49 am In Tile,U.S. News | Comments Disabled

FoxNews.com [1]
Dec 9, 2012

Even if lawmakers somehow stop the Bush-era tax rates from expiring, taxes are still expected to rise on Jan. 1 — thanks to a trio of new fees tied to the federal health care overhaul.

The IRS this past week published rules for some of the first major taxes meant to help pay for President Obama‚Äôs massive insurance coverage expansion. Together, they will raise investment and income taxes on top earners and impose a separate — and controversial — tax on medical devices.

The bundle of fees has been largely overlooked as lawmakers and the White House bicker over the Bush tax rates, with Republicans demanding they be extended for everyone and Obama insisting rates rise for top earners. But that same group of earners is already in the crosshairs under the ObamaCare tax rules published this week.

Starting Jan. 1, investment income for individuals earning over $200,000 and households earning over $250,000 will be subject to a new 3.8 percent tax. Further, regular income above those thresholds will be hit with a .9 percent Medicare surtax. Should the Bush tax rates expire for those workers, those increases will be compounded.

Full article here [1]

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URLs in this post:

[1] FoxNews.com: http://www.foxnews.com/politics/2012/12/08/deal-or-no-deal-obamacare-taxes-poised-to-hit-next-month/

[2] Brace Yourself for Obamacare Taxes: http://www.prisonplanet.com/brace-yourself-for-obamacare-taxes.html

[3] Top Five Worst Obamacare Taxes Coming in 2013: http://www.prisonplanet.com/top-five-worst-obamacare-taxes-coming-in-2013-read-more-httpatr-orgfive-worst-obamacare-taxes-coming-a7217ixzz27x5osjxx.html

[4] Middle Class–Not the Rich or the Poor–Pay Majority of Federal Taxes, Says CBO Data: http://www.prisonplanet.com/middle-class-not-the-rich-or-the-poor-pay-majority-of-federal-taxes-says-cbo-data.html

[5] Let’s Raise Taxes, Greenspan Tells CFR: http://www.prisonplanet.com/lets-raise-taxes-greenspan-tells-cfr.html

[6] “Fixing” the Economy New York Times Style: Raise Taxes and Raise Taxes Even More: http://www.prisonplanet.com/fixing-the-economy-new-york-times-style-raise-taxes-and-raise-taxes-even-more.html

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