Congress approved US President Barack Obama’s hallmark health care bill nearly three years ago, but only in the coming weeks will Americans finally start to see the real price of the program.
A whole new slew of taxes are expected to be imposed starting January 1 to help pay for the health care plan, and that isn’t sitting pretty with some high-income households, or even the medical industry.
There will be a few new changes in 2013 as far as taxes go, but the one that might affect the most people is one that targets income investments. Individuals making more than $200,000 annually (and married couples making over $250k combined) will be subjected to a 3.8 percent levy on investment income, a maneuver that it expected to earn Uncle Sam an extra $123 billion between the first of the year and 2019.
President Obama’s centerpiece legislation would cost about $2 trillion over its real first decade (2014 through 2023).
So, where is the remainder of the money going to come from?