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Will the New Health Care Law Cause My Taxes To Go Up?

The new taxes mostly affect people with high incomes.

  • Beginning in 2013, if you are a married couple with income of more than $250,000 a year or an individual making more than $200,000 a year, you will pay an extra 0.9 percent in Medicare payroll taxes and a new 3.8 percent tax on unearned income from, for example, investment interest, annuities, rents. This tax does not include Social Security benefits, pensions or IRAs.
  • Whatever your income, beginning next year if you have a health savings account, the tax on your withdrawals for anything other than approved medical expenses will rise from 10 to 20 percent.
  • Starting in 2013, you can take a tax deduction only on medical expenses that exceed 10 percent of your income—up from 7.5 percent now. This change is postponed until 2016 for taxpayers age 65 and older.

 

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