Sunday, January 6, 2013

ACA Taxes and Impacts Coming My Way and Yours

I already have been hit with fallout from the so called Affordable Care Act.  The maximum amount that you can set aside, tax free, for out of pocket medical expenses is being reduced from $5,000 to $2,500.  My medical coverage doesn't include dental and vision and has some other limitations, so this means that I will pay more my health care this year. Thank you, Democratic party. What crap, why should the cost of health care increase under this bill.

Some other gems are coming our way:

  • Medicare withholding from wages goes up by 0.9 percent and there is a new 3.8 percent tax on investment income for those making more than $200,000.  Families making that much are hardly rich. 
  • The threshold for deducting medical expenses will increase from 7.5 to 10 percent of income.
  • Medical device manufacturers face a new tax.

Of course, in 2014, if you don't have a qualified plan, expect interaction with the IRA.

Good thing we've had a chance to read the bill, to find out what's in it.

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