IRS Issues Rules on New Taxes Imposed by the Affordable Care Act

The IRS released guidance implementing three new federal taxes under the Affordable Care Act beginning January 1, 2013:

A proposed rule imposing an 0.9% additional Medicare tax on high-income earners;

A proposed rule implementing a 3.8% net investment tax on certain investment income (dividends, capital gains including taxable profit on the sale of a home) for high-income earners; and

Final rules implementing a 2.3% excise tax on medical devices.

The above are only some of the taxes and fees going into effect. In 2014 insurance companies and employers will pay $63 per employee, spouse and child covered under a health plan to subsidize the health insurance exchanges. There are other fees on employers and insurers as well.

Well, at least someone is paying his fair share (LOL). And you will too when many of these taxes and other fees are added to you health insurance premiums.