Ok, we have some fun things coming down the road for all those evil people that make too much money according to the government. Our government will soon make sure that they pay their fair share and a bit more.
In 2013 there will be a new Medicare tax on gross compensation. Gross compensation is what you make before you deduct your 401k, 403B or 457 plans or other pre-tax deductions. This is for the evil individuals making $200,000 or more or evil couples making $250,000; (how dare they be so greedy). Well they will now have to pay an additional 0.9%. Where all other FICA taxes are matched by the company this tax is paid for by the taxpayer alone.
Also the Bush tax cuts are going away so the marginal tax rates go from 33% back to the 36% levels. The 35% rate jumps back to the 39.6% rate. None of these rates include the amounts of tax paid towards FICA either. These increases take place in 2011.
Again in 2013 there is another additional surtax on investment income of 3.8%. This again hits those evil individuals that make $200,000 or more or evil couples making $250,000; (how dare they still be so greedy, didn’t they learn their lesson on the first increase).
These taxes are going to stifle small business owners first and foremost. Especially family businesses the old mom and pop operations.
It also looks like the government also doesn’t want people to get married, it is definitely cheaper from a tax perspective to not be married, than to be.
More fun is ahead.