Deal or no deal, ObamaCare taxes poised to hit next month

Fox News ^ | December 8, 2012

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Even if lawmakers somehow stop the Bush-era tax rates from expiring, taxes are still expected to rise on Jan. 1 -- thanks to a trio of new fees tied to the federal health care overhaul.

The IRS this past week published rules for some of the first major taxes meant to help pay for President Obama’s massive insurance coverage expansion. Together, they will raise investment and income taxes on top earners and impose a separate -- and controversial -- tax on medical devices.

The bundle of fees has been largely overlooked as lawmakers and the White House bicker over the Bush tax rates, with Republicans demanding they be extended for everyone and Obama insisting rates rise for top earners. But that same group of earners is already in the crosshairs under the ObamaCare tax rules published this week.

Starting Jan. 1, investment income for individuals earning over $200,000 and households earning over $250,000 will be subject to a new 3.8 percent tax. Further, regular income above those thresholds will be hit with a .9 percent Medicare surtax. Should the Bush tax rates expire for those workers, those increases will be compounded...

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" a separate -- and controversial -- tax on medical devices. "

The reason the Republicans aren't calling this the "Democrats' wheelchair tax" is that they are deeply stupid