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: North Carolina Estate Planning BlogHealth Care Reform Will Bring Higher Taxes
By Greg Herman-Giddens
The Health Care Reconciliation bill sent to the Senate today includes a new 4% medicare tax on investment income, which includes IRA distributions, interest income (including tax exempt), dividends, capital gains, rental income and oil royalties. There is also a 1% increase in the employee Medicare tax on all earnings. Taxpayers with income under $100,000 will benefit from partial exemptions.
Congress has promised the two new taxes are temporary (10 years or so)- but don't hold your breath.
Full post as published by North Carolina Estate Planning Blog on March 19, 2010 (boomark / email).
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