Friday, May 14, 2010

Nickel and dimed by Obama's microtaxes

According to a Fortune magazine survey almost half of taxpayers feel they aren’t getting what expect with their tax dollars. To add to this, some taxpayers will be soon paying a lot more in taxes. The taxing nuggets President Obama has included within the health care reform act are being referred to as a “nickel and diming” tactic because of the variety of new taxes sprinkled throughout the bill that target high earners.

I started to talk about these proposed taxes back in April on my blog here. The reform act includes a 3.8% tax on interest and dividends. There will also be a .09% increase in the Medicare payroll tax. Currently the Medicare payroll tax is 2.9% on all wages, with the worker and his employer each paying 1.45%. Under the new 2013 Medicare payroll tax increase a high income individual will be paying 2.35% of their wages.

Please read more here.

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