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.