The country has been transfixed by the fiscal cliff’s tax and spending drama. But a host of other Obamacare taxes are quietly waiting in the wings, ready to kick in Jan. 1.
The bulk of the new levies will be borne by high-income earners,
but some middle-class taxpayers and the medical device industry
will begin shelling out for health reform, too.
The tax that’s drawn the most heat in Congress is the one on medical devices — a 2.3 percent levy on most medical products that aren’t sold over the counter. But the bigger story is in the Medicare tax hikes that high-income earners will see both on wages and investment income. That would be a heavy tax hit, but only for the wealthiest couples — about $2,500 for some couples making as much as $400,000 a year.
Source: Politico. Read full article. (link)