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Thread: IRS aims to clarify investment income tax under healthcare law

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    IRS aims to clarify investment income tax under healthcare law

    The 3.8 percent surtax on investment income, meant to help pay for healthcare, goes into effect in 2013. It is the first surtax to be applied to capital gains and dividend income.
    The tax affects only individuals with more than $200,000 in modified adjusted gross income (MAGI), and married couples filing jointly with more than $250,000 of MAGI.
    The tax applies to a broad range of investment securities ranging fromstocks and bonds to commodity securities and specialized derivatives.
    The 159 pages of rules spell out when the tax applies to trusts and annuities, as well as to individual securities traders.
    Released late on Friday, the new regulations include a 0.9 percent healthcare tax on wages for high-income individuals.
    Both sets of rules will be published on Wednesday in the Federal Register.
    The proposed rules are effective starting January 1. Before making the rules final, the IRS will take public comments and hold hearings in April.
    Together, the two taxes are estimated to raise $317.7 billion over 10 years, according to a Joint Committee on Taxation analysis released in June.
    To illustrate when the tax applies, the IRS offered an example of a taxpayer filing as a single individual who makes $180,000 in wage income plus $90,000 from investment income. The individual's modified adjusted gross income is $270,000.
    The 3.8 percent tax applies to the $70,000, and the individual would pay $2,660 in surtaxes, the IRS said.
    The IRS plans to release a new form for taxpayers to fill out for this tax when filing 2013 returns.

    IRS aims to clarify investment income tax under healthcare law | Reuters

    Well, here we go people....As Obama is out campaigning about raising the taxes on "the rich", it is clear that he is already doing that, with no end in sight....Before we are done with him, and his vision, there may not be anyone left who is "rich"....
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    Re: IRS aims to clarify investment income tax under healthcare law

    Quote Originally Posted by j-mac View Post
    Well, here we go people....As Obama is out campaigning about raising the taxes on "the rich", it is clear that he is already doing that, with no end in sight....Before we are done with him, and his vision, there may not be anyone left who is "rich"....
    Nope, you better get out of the country now while you still can.

    Anymore "the sky is falling" rhetoric or will conservatives now fall on the ole tried "He's a Marxist super secret Kenyon Muslim that will destroy the U.S.!!!"?

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    Re: IRS aims to clarify investment income tax under healthcare law

    Interesting. I wonder if this includes the 3.8% for the sale of houses above $500K per couple or if they are double-dipping on those transactions.

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    Re: IRS aims to clarify investment income tax under healthcare law

    Follow the social justice angle on every issue, Obama is all about social justice.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: IRS aims to clarify investment income tax under healthcare law

    Quote Originally Posted by Fisher View Post
    Interesting. I wonder if this includes the 3.8% for the sale of houses above $500K per couple or if they are double-dipping on those transactions.
    I can pretty much guarantee you that if you make more than $500k on the sale of your primary residence you will pay the surcharge. The big question is what they are going to decide with regard to rental income and pass through earnings from S-Corps and Partnerships. It's possible that Partnership earnings could get slammed with income tax, SE tax and the surcharge. If the top rate goes up too that would work out to nearly 60% tax starting at roughly $380k which is about as high a rate as we have ever had****



    ***In 1981 the top rate was 70% on income above $532k(in adjusted dollars) which is about as "progressive" as we have ever had rates.

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    Re: IRS aims to clarify investment income tax under healthcare law

    Quote Originally Posted by Lutherf View Post
    I can pretty much guarantee you that if you make more than $500k on the sale of your primary residence you will pay the surcharge. The big question is what they are going to decide with regard to rental income and pass through earnings from S-Corps and Partnerships. It's possible that Partnership earnings could get slammed with income tax, SE tax and the surcharge. If the top rate goes up too that would work out to nearly 60% tax starting at roughly $380k which is about as high a rate as we have ever had****



    ***In 1981 the top rate was 70% on income above $532k(in adjusted dollars) which is about as "progressive" as we have ever had rates.

    well no, we have had higher rates , but their were 100 of tax shelters, to prevent people from paying those high rates.

    Reagan lowered the rates, and sought to get rid of the shelters, to simply the tax code.

    i believe before 1980 there was 26 tax brackets.....26?

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    Re: IRS aims to clarify investment income tax under healthcare law

    Quote Originally Posted by j-mac View Post
    Well, here we go people....As Obama is out campaigning about raising the taxes on "the rich", it is clear that he is already doing that, with no end in sight....Before we are done with him, and his vision, there may not be anyone left who is "rich"....
    You make our party sound buffoonish. I mean really. The President is obviously plotting to summon the Marxist Death Brigades to drag every wealthy individual and plutocrat from their homes and put them before a Peoples Tribunal. After that happens of course his loyal party apparatchiks will descend upon their fortunes and create mausoleums of socialist state worship. Translating an investment tax (which I oppose and find personally harmful) into the first step on the road to abolition of wealth and all prosperity is outrageous.

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    Re: IRS aims to clarify investment income tax under healthcare law

    Quote Originally Posted by ernst barkmann View Post
    well no, we have had higher rates , but their were 100 of tax shelters, to prevent people from paying those high rates.

    Reagan lowered the rates, and sought to get rid of the shelters, to simply the tax code.

    i believe before 1980 there was 26 tax brackets.....26?
    What I was getting at by "progressive" is that in 1981 we had a 70% tax kick in at a lower nominal level than ever before. Even when rates were 90+% that rate didn't kick in until income was in the multi-million dollar range. Basically, in 1981 the most American taxpayers were getting hit harder than ever before.

    Obama, if he gets his way, will get close to having a comparable impact. When Clinton raised the top rate to 39.6% that rate didn't kick in until income hit nearly $400k(in adjusted dollars) but Obama is trying to get that rate plus the surcharges to kick in at 60% of that!

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    Re: IRS aims to clarify investment income tax under healthcare law

    Quote Originally Posted by j-mac View Post
    Well, here we go people....As Obama is out campaigning about raising the taxes on "the rich", it is clear that he is already doing that, with no end in sight....Before we are done with him, and his vision, there may not be anyone left who is "rich"....
    Wait, a politician actually doing something he said he would? Is this some way of trying to get people angry at Obama, or are you just reminding us that he is doing exactly what he was elected to do? I am just wondering why I should be mad at him if i actually supported this? I understand the fading republican terrorists may be angry about this considering they did not want it at all, but as for the people who voted for Obama this does not seem to be a bad thing.

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    Re: IRS aims to clarify investment income tax under healthcare law

    Quote Originally Posted by Sherman123 View Post
    You make our party sound buffoonish. I mean really. The President is obviously plotting to summon the Marxist Death Brigades to drag every wealthy individual and plutocrat from their homes and put them before a Peoples Tribunal. After that happens of course his loyal party apparatchiks will descend upon their fortunes and create mausoleums of socialist state worship. Translating an investment tax (which I oppose and find personally harmful) into the first step on the road to abolition of wealth and all prosperity is outrageous.
    If you oppose it, you should speak out against it.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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