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Boehner suggested hiking the Bush-era tax rates for top wage earners, including those with annual incomes of $1 million or more annually, beginning Jan. 1, two sources said.
On January 1, 2013, a 2.3-percent excise tax on the total revenues of medical-device companies — regardless of whether they turn a profit or suffer a loss — will take effect. The tax will hit everything they sell, from x-ray machines and pacemakers to surgical tools and artificial hips.
... Individuals with annual incomes higher than $200,000 and couples who make more than $250,000 a year will face two new taxes — a 0.9-percent increase in the 1.45-percent Medicare levy on earnings above those income thresholds and a new 3.8-percent tax on investment income.
... Obamacare’s tax hikes aren’t just confined to the rich. The law raises the floor for the deduction of medical expenses, from 7.5 percent of income to 10 percent. So only expenses beyond 10 percent of a person’s income will be deductible. This change could add hundreds of dollars to the tax bills of those struggling with major medical bills.
... Obamacare also halves the maximum contribution to flexible spending accounts (FSAs), from $5,000 to $2,500.
The Obamacare taxes/fines you are talking about start in 2014.
I have noticed a mantra from the left that there is no taxes starting in 2013 so thanks for posting the article. Funny how {D}s like Franken and some others think the tax on medical equipment is a job killer. I would swear they support supply side economics, oh wait maybe they have not came out of the closet yet
Yes, we're going over the cliff. Our lawmakers are idiots who can't seem to agree on anything. Falling off the cliff needs to happen, so that people will put all kinds of pressures on Congress and the President to actually strike a deal. I feel sorry for anyone who does payroll for a small business, as they don't even know yet what taxes to withhold from employees' paychecks beginning next week!
Why is everyone upset? It was a temporary cut... if we go over the cliff, we ALL go over the cliff, none of this favorite BS and exclude certain people...
Good by 2012 but are we going over the fiscal cliff and what do you think it will mean for you?or
I do not think GOP will agree to anythung. If you believe we are going over, it would be a good time to sell stocks now and then buy them back after the DOW sinks several thousand points. There is always a way to take advantage of these situations. Unemployment would jump to 9% or more, which if bad of course.
What have the Senate/President offered as a compromise?
Compromise to what? Obama started with tax rises on incomes greater than $250,000. He compromised that to $400,000 and finance part of the deal with an amended formula to calculate Social Security payments. That's further to the right of Simpson/Bowles. Now, you say because Boehner can't even get his caucus to accept a million dollar limit, Obama has to compromise even more? Obama has already gone more than half-way.
NEWS FLASH: Obama won the election. Republicans can't act as if Romney won.
It's not something I like but, reality is, the return of the marriage penalty will cost us about $4k/year. The only reason we never did it before was that I wouldn't be able to cover him on my medical insurance. Now that he's 65, he's no longer on my insurance so it's just a question of how much taxes we pay as a married couple vs. being divorced.
I think it's rediculous that we should have to consider something like divorcing for tax purposes.
Sad, but there was a time people divorced because they were facing huge medical expenses. As a married couple they had to liquidate everything - if you had a home you would have to sell it - prove you were one step away from the poorhouse - before you would get help from the government.
Sad that couples will opt to divorce because of taxes.
I can see why people find living off the government is better than working. The only things they have to worry about is their check hitting the account, rent is paid, get the food stamps, medical is taken care of and filing the tax return before April 15th to claim their "income" so that they can get the tax return to spend on the summer vacation or buy that new big screen TV, which they so well deserve.
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Good by 2012 but are we going over the fiscal cliff and what do you think it will mean for you?
or
