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posted by Save our Republic in Money / Career

IRS CREATES 159 NEW PAGES OF TAX RULES FOR OBAMACARE

December 3, 2012

The IRS released, late last Friday, 159 pages of new rules for the increase in taxes under ObamaCare. Reuters has the story:
The proposed rules are effective starting January 1. Before making the rules final, the IRS will take public comments and hold hearings in April.

Together, the two taxes are estimated to raise $317.7 billion over 10 years, according to a Joint Committee on Taxation analysis released in June.

To illustrate when the tax applies, the IRS offered an example of a taxpayer filing as a single individual who makes $180,000 in wage income plus $90,000 from investment income. The individual's modified adjusted gross income is $270,000.

The 3.8 percent tax applies to the $70,000, and the individual would pay $2,660 in surtaxes, the IRS said.

The IRS plans to release a new form for taxpayers to fill out for this tax when filing 2013 returns.

These are increased taxes on individuals and small business owners that are sure to harm the economy. According to Reuters, it is still unclear what the new rules mean for rental income. Thankfully, a we are still able to challenge ObamaCare because the Supreme Court previously ruled that a lawsuit brought forward by Liberty University can still be heard in a lower court.

http://www.reuters.com/article/2012/12/03/us-usa-tax-irs-idUSBRE8B21HA20...

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