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Patriot Update

IRS Issues New Rules on Obamacare Surcharge

Tuesday, December 4, 2012

The US taxcode may get 159 pages longer thanks to new rules issued by the IRS on investment income to be taxed as a result of the passage of Obamacare.

Read it and weep.

Reuters:

The Internal Revenue Service has released new rules for investment income taxes on capital gains and dividends earned by high-income individuals that passed Congress as part of the 2010 healthcare reform law.

The 3.8 percent surtax on investment income, meant to help pay for healthcare, goes into effect in 2013. It is the first surtax to be applied to capital gains and dividend income.

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