As part of the 2010 Patient Protection and Affordable Care Act (referred to as ObamaCare) a number of new taxes will begin going into effect as early as next year. Business owners and corporate executives should pay close attention to the changes as they will be particularly susceptible to these new taxes.
Just to name a few of the new taxes coming in 2013- there is a 3.8% Medicare “surtax” that may apply to those with modified adjusted gross income over $250,000 (if filing jointly) who also have “unearned” income, a 0.9% Medicare payroll hike for earnings over $250,000 (if filing jointly) and an increase in the threshold for deducting medical expenses as an itemized deduction from the current 7.5% to 10% for those under 65 years of age.
Examples of things to come in 2014 and after- potential healthcare penalties for employers of 50 or more employees (now deemed to be a “tax” by the Supreme Court) and for those employers offering what is deemed a “Cadillac” health care plan a 40% tax on the value of that coverage, levied against the employer.
These changes need to be navigated in context of your comprehensive wealth plan along with the help of your CPA and other advisors to minimize the impact you see from these changes- particularly if you are a business owner or corporate executive.