Now that the U.S. Supreme Court has confirmed that Obamacare is a massive middle class tax hike, take a moment for a look at some of the other tax hikes to come with President Obama’s anti-freedom, anti-personal responsibility monstrosity.
A new 3.8% tax on investment income will be applied to those earning more than $200,000 single or $250,000 when married. The tax will effectively boost the applicable capital gains rate on any investment income that’s claimed when total income exceeds those thresholds.
Medicare taxes on high income filers will also increase. Currently, everyone pays 1.45% on all income into the Medicare program. Now, if a single filer earns more than $200,000 or a married couple earns more than $250,000, they’ll need to pay 2.35% into Medicare.
Finally, the law makes it harder to deduct medical expenses. Currently medical expenses are deductible once they exceed 7.5% of your adjusted gross income. Next year, the threshold will be raised to 10% of AGI.
Hey, don’t worry: It’s the government, and it’s here to “help” you.
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