Posted on June 28, 2012 | AAII Journal
The recently passed health care reform bill levies new taxes that are intended to help offset the cost of expanded access to care.
Taxpayers who have significant unearned income and those who have significant income from various sources can very well be looking at—aside from income tax changes—an additional 4.7% of tax. That’s a hefty bite.
Starting on January 1, 2013, married couples whose incomes are above $250,000 will be assessed an additional 3.8% federal tax. The threshold for married couples filing separately would be $125,000 per person. Unmarried individuals filing as single or head of household will face a threshold of $200,000. To reiterate, this is a new, additional tax. The 3.8% levy will be on the lesser of the individual’s MAGI above those threshold amounts or their unearned income.