WASHINGTON, DC – Obamacare contains 20 new or higher taxes on American families and small businesses. Arranged by their respective sizes according to CBO scores, below is the total list of all $500 billion-plus in tax hikes (over the next ten years) in Obamacare, their effective dates, and where to find them in the bill.

$123 Billion: Surtax on Investment Income (Takes effect Jan. 2013): A new, 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single). This would result in the following top tax rates on investment income:

*Other unearned income includes (for surtax purposes) gross income from interest, annuities, royalties, net rents, and passive income in partnerships and Subchapter-S corporations.  It does not include municipal bond interest or life insurance proceeds, since those do not add to gross income.  It does not include active trade or business income, fair market value sales of ownership in pass-through entities, or distributions from retirement plans.  The 3.8% surtax does not apply to non-resident aliens. (Bill: Reconciliation Act; Page: 87-93)

$86 Billion: Hike in Medicare Payroll Tax (Takes effect Jan. 2013): Current law and changes:

$65 Billion: Individual Mandate Excise Tax and Employer Mandate Tax (Both taxes take effect Jan. 2014):

Individual: Anyone not buying “qualifying” health insurance as defined by Obama-appointed HHS bureaucrats must pay an income surtax according to the higher of the following

Employer: If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $2000 for all full-time employees.  Applies to all employers with 50 or more employees. If any employee actually receives coverage through the exchange, the penalty on the employer for that employee rises to $3000. If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer). Bill: PPACA; Page: 345-346

(Combined score of individual and employer mandate tax penalty: $65 billion)

$60.1 Billion: Tax on Health Insurers (Takes effect Jan. 2014): Annual tax on the industry imposed relative to health insurance premiums collected that year.  Phases in gradually until 2018.  Fully-imposed on firms with $50 million in profits. Bill: PPACA; Page: 1,986-1,993

$32 Billion: Excise Tax on Comprehensive Health Insurance Plans (Takes effect Jan. 2018): Starting in 2018, new 40 percent excise tax on “Cadillac” health insurance plans ($10,200 single/$27,500 family).  Higher threshold ($11,500 single/$29,450 family) for early retirees and high-risk professions.  CPI +1 percentage point indexed. Bill: PPACA; Page: 1,941-1,956

$23.6 Billion: “Black liquor” tax hike (Took effect in 2010) This is a tax increase on a type of bio-fuel. Bill: Reconciliation Act; Page: 105

$22.2 Billion: Tax on Innovator Drug Companies (Took effect in 2010): $2.3 billion annual tax on the industry imposed relative to share of sales made that year. Bill: PPACA; Page: 1,971-1,980

$20 Billion: Tax on Medical Device Manufacturers (Takes effect Jan. 2013): Medical device manufacturers employ 360,000 people in 6000 plants across the country. This law imposes a new 2.3% excise tax.  Exempts

Article source: http://www.atr.org/full-list-obamacare-tax-hikes-listed-a7010

By LAURA SAUNDERS

WSJ’s Laura Saunders digs deep inside the affordable health-care law affirmed by The Supreme Court this week and reveals a little-known income tax that many call a game-changer. Photo: AP.

It really is happening.

Until this week, investors were waiting to see what the Supreme Court would do about the 3.8 percentage-point surtax on investment income, part of President Obama’s health-care overhaul. The Internal Revenue Service hasn’t yet released guidance on the new tax.

So when the court affirmed the law on Thursday, investors—and tax advisers—started scrambling.

Associated Press

Dr. Nadya Hasham, a professor at Touro College of Osteopathic Medicine, examines Glenn Johnson at New York’s Touro College Family Health Center on Wednesday.

The new tax, which Congress passed in 2010, affects the net investment income of most joint filers with adjusted gross income of more than $250,000 ($200,000 for single filers). Starting on Jan. 1, 2013, the tax rates on long-term capital gains and dividends for these earners will jump from their current historic low of 15% to 18.8%, assuming Congress extends the current tax rates.

If, on the other hand, Congress allows the tax rates set in 2001 and 2003 to expire on Dec. 31—an unlikely scenario, according to many experts—the top rate on capital gains will rise to 23.8% and the top rate on dividends will nearly triple, to 43.4%.

Whatever the fate of the 2001-03 tax rates, advisers are telling clients to start making moves to minimize the new levy.

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The D.C. Bureau Roundtable on how the Supreme Court delivered the ruling that no one in Washington was expecting, and what it will mean for the presidential election.

On D.C. Bureau, Rep. Chris Van Hollen handicaps how the GOP’s latest assault on the health-care law will play out, and shares his playbook to help beleaguered Democrats win over the law’s skeptics. Photo: Getty Images.

“This [3.8%] tax alone makes accelerating investment income into 2012 profitable for many taxpayers,” says Robert Gordon of Twenty-First Securities, a tax-strategy firm in New York.

Stephanie Cutter, deputy campaign manager for Obama 2012, joins Jerry Seib on D.C. Bureau to discuss the

Article source: http://online.wsj.com/article/SB10001424052702304830704577496580986417316.html?mod=googlenews_wsj

Replace 6 Money Myths With Money Wisdom

One of the biggest challenges for today’s busy parents is something that often ends up at the bottom of the to-do list — passive income. I have known CEOs who require quarterly business analyses from every division head, yet dread meeting with their certified financial planner to ensure that their own bottom line remains profitable!

Being a super income-earner is great. However, that investment of your time will not outlive your job. On the other hand, if you save 10 percent and that 10 percent earns 10 percent (what stocks and bonds have done for the past 30 years), then you will have more money than you earn in seven short years and your money will make more than you do within 25 years.

It’s easy to think that you don’t have the time or money to do this. Today’s CEO also wears the stethoscope of Dr. Mom, the whistle of soccer coach and wields a mean Garden Weasel. S/he works out on her lunch hour and looks hot in swimsuits! However, a beautiful bottom line is just as desirable and once you set your budgeting and investing plan up right, it is far less time and money than you are currently spending.

So how do you set it up right? You replace Money Myths with Money Wisdom.

6 Money Myths

1. I’ll start investing when I pay down my debt.
2. My to-do List is too long.
3. I’ll need a Ph.D. in economics before I can do it right.
4. I’ve got too many bills to invest.
5. Who’s got the time to read the business section daily and watch CNBC 24/7?
6. Make gains and then “do good” with the profits.

And here’s the Money Wisdom you need to adopt in place of those Money Myths.

1. Compound Your Gains. At the end of seven years of paying off debt, you will still be in debt and you’ll have nothing to show for it. If you lose your job, you’re in trouble. After seven years of investing wisely, your assets equal more than your annual salary and you are on your way to financial freedom. Your retirement accounts allow you to negotiate better terms for your debt, to compound your gains tax-free (if they are in a tax-free retirement account) and the money is yours to keep no matter what (no debt collector can take your retirement money). In short, if you’re in debt, it’s your budget that needs trimming, not your investing. Develop the healthy fiscal habit of paying yourself first — not the debt collector.

2. A Good Plan Saves Time. A plan that is set up right (according to Modern Portfolio Theory) is stress-free, works great and requires rebalancing only once or twice a year. Imagine how much less time you’ll spend arguing over money, when your money is making money for you — while you sleep…

3. Easy-as-a-Pie-Chart. Modern Portfolio Theory is easy-as-a-pie-chart and makes annual rebalancing simple, too. MPT with annual rebalancing works

Article source: http://www.huffingtonpost.com/natalie-pace/6-money-myths_b_1636026.html