The rich will pay more taxes next year - no matter what |
| CNNMoney - Dec 27, 2012 |
The rich will pay more in taxes next year regardless of the outcome of the fiscal cliff. That's because two new taxes enacted to fund President Obama's health care reform are kicking in come January.
The new levies will help foot the bill for the program to expand health care coverage for the uninsured, which involves government subsidies for lower- and middle-income Americans.
The vast majority of taxpayers will escape unscathed, however. Fewer than 2% will be subject to the new taxes, said Roberton Williams, a senior fellow at the Tax Policy Center.
Here's what's coming:
Medicare payroll tax: Single taxpayers earning more than $200,000 and couples making more than $250,000 will have to pay an additional 0.9% payroll tax on the amount they earn above those thresholds.
Unlike traditional payroll taxes, however, this tax will be based on household income, not individual earnings. So couples may find themselves subject to it even if they each make less than $250,000.
Read Full Article from CNNMoney
- Posted: 2012-12-27 16:40:42
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