Health Care Reform's Tax Implications
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.
The most significant impacts I have seen at this point are for married couples whose modified adjusted gross incomeexceeds $250,000 and individuals whose incomes exceed $200,000. Taxpayers above these thresholds will pay a higher tax on dividends and interest and other types of income that are not wage income. The capital gains tax will be higher as well. As a result, I think this will impact individuals who have significant portfolios.
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