Higher-Income Individuals Face ACA Tax Hikes in 2013
Beginning Jan. 1, higher-income U.S. residents will face new taxes that are expected to raise $318 billion over 10 years to help fund the Affordable Care Act. Under the ACA, individuals with annual incomes over $200,000 -- or married couples with annual incomes over $250,000 -- will experience a 0.9% tax hike on wages to fund Medicare. Meanwhile, the ACA's new 3.8% investment income tax will apply to individuals with a modified adjusted gross income of over $200,000 for individuals and $250,000 for couples filing together.
- "New Taxes To Take Effect To Fund Health Care Law" (Pear, New York Times, 12/8).