Tags: obamacare | income | tax | levels

Obamacare Taxes Hit All Income Levels

Monday, 18 Mar 2013 12:29 PM

By Kenneth Hanner

  Comment  |
   Contact Us  |
|  A   A  
  Copy Shortlink
With Obamacare set to be implemented next year, several taxes associated with the measure already have gone into effect, with new levies on Americans of all income levels.

Individuals making more than $200,000 and families making $250,000 this year will have to pay an additional 0.9 percentage points in Medicare taxes, Those same levels will also be subject to additional new Medicare taxes of 3.8 percent on their investment income.
The financial services company Motley Fool detailed the new taxes stemming from the Patient Protection and Affordable Care Act in a report, “Motley Fool ONE Tax Center.”

Many high earners were just hit with higher taxes when Congress failed to pass an extension of the so-called Bush tax cuts on incomes over $400,000 for individuals and $450,000 for joint filers, the website points out.

Lower-income earners, already paying 2 percent more of their income to the government this year after the payroll-tax holiday expired, will see new limits on contributions to flexible spending accounts, with a ceiling of $2,500 on the amount that can shielded from taxes for future healthcare costs.

Taxpayers who itemize their personal deductions will not be able to write off as much for medical expenses. Only healthcare costs above 10 percent of gross income can now be deducted, up from 7.5 percent before Obamacare.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact Us  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Retype Email:
Zip Code:
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Cardinal Timothy Dolan: 'I Like Jeb Bush A Lot'

Sunday, 20 Apr 2014 13:48 PM

Cardinal Timothy Dolan, the Archbishop of New York, says he can't say whether he would vote for Republican Jeb Bush for  . . .

Cowboy Poet Waddie Mitchell Pens 'Call to All' on Nevada Ranch Standoff

Sunday, 20 Apr 2014 12:52 PM

A week after a tense standoff between gun-toting states' rights advocates and federal Bureau of Land Management police,  . . .

Krugman, Liberals Fawning Over Hot New Economics Book that Gets It All Wrong

Sunday, 20 Apr 2014 11:57 AM

It's hard to think of another book on economics published in the past several decades that's been praised as lavishly as . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved