How To Prepare For New 1-1-2013 Obamacare Tax HikesIncredibly, when The Patient Protection and Affordable Care Act (PPACA) was signed into law no one actually had a clue what was in the bill—not Congress, not even Obama. During the ensuing months the media tore the bill apart and discovered economic bombshells.
One tax account recently summed up all the new taxes as “…an avalanche of surprises and shocks.” His claim is far from an exaggeration when some of the new taxes are analyzed. They include:
1. A medical device tax
2. A tax to provide for children with “special needs”
3. A surtax on investment income that will hit many investors (including private and public pension plans and the retired on fixed incomes)
4. A rise in the threshold for itemized deductions of medical expenses
5. A Medicare payroll tax increase that has a direct, deleterious effect on small businesses making profits and earnings over $200,000 annually
All this will be dumped on top of a faltering economy with high unemployment and rising underemployment, unarguably the worst economy since the end of World War Two.
Another shocker: property owners may have a new property tax burden. This complicated tax will affect millions of unsuspecting Americans. Its impact is analyzed in the Wall Street Journal article, “Property Owners Face a New Surtax.“ http://online.wsj.com/article/SB10000872396390444813104578016670323951186.html?mod=WSJ_hpp_sections_personalfinance