Taxmageddon is about to befall us all. Not only are the favorable rates implemented by the Bush Administration about to expire 1/1/13 but there are new Medicare and investment taxes Obama has burdened us with to pay for Obamacare.
Regarding the new Medicare and investment taxes note the following;
- Effective January 1, 2013 high-income taxpayers will be subject to additional taxes on earned income at a rate of 0.9%.
- Investment income earned after January 1, 2013 will now be subject to a new 3.8% tax for high-income taxpayers.
See the attached UHY article that details how these changes will impact your personal tax situation at the following hyperlink.
