New ‘Medicare’ Taxes To Hit Middle Class. IBD.
Obamacare new taxes! The Patient Protection and Affordable Care Act (PPACA). Yeah!
For many years, most of us have paid a Medicare payroll tax of 1.45% on wages and salaries.
But in 2013, the PPACA adds two new “Medicare” taxes. (“Medicare” is in quotes because the two new taxes really have nothing to do with Medicare and simply fund the PPACA’s huge insurance expansion.)
The first new tax is a payroll surtax — an extra 0.9% on wage and salary income over $200,000 for single filers or $250,000 for joint filers.
The second is a new 3.8% tax on some or all investment income of taxpayers with modified adjusted gross income (MAGI) over $200,000 for single filers or $250,000 for joint filers.
Small businesses and the middle class will be soaked with this new tax. Another surprise in the bill that had to be partisan-passed first, in order to find out what was buried within it. Since of course, House Speaker Nancy Pelosi and her fellow cheering Democrats, found it only possible to whisk passage of the bill in the dead of night Christmas Eve 2009 when no one was watching and after legislators admitted they had not read the bill. But they clearly did have the intention of beating their chests and claiming conquest, at the expense of other people’s pocketbook.
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