Obamacare – what it means now
We are beginning to see the effects of Obamacare on our personal and business taxes in 2013. One of the biggest impact will be for taxpayers earning more than 200K(Single) and 250K(Married). Individuals in those tax brackets could be subject to an increase in the Medicare tax of 3.8% on passive income (interest, rent, capital gains, etc) and a .9% tax on earned income. More info to come.
