The consequences of the New Medicare Tax

The new Medicare Tax under the “Health Care Bill,” has led to the feeling among Americans that it may lead to a further economic downtown of the U.S. economy according to the Team Liberty 411 website. The new Medicare tax would come into effect on January 1st, 2013. Found under Section 1402 of the Health Care and Reconciliation Act of 2010, the Medicare tax mainly focuses on taxpayers with an adjustable gross income above $200,000 for those filing individually or $250,000 for married couples filing together.

The new Medicare Advantage plan tax will be applicable to income from interest, dividends, annuities, royalties and rents that were not acquired by usual trade or business. Other taxes included in the new health care bill are additional hospital insurance taxes, excise taxes on elective cosmetic medical procedures, and additional tax on indoor tanning.

The Congressional Budget Office has shown that this bill has a cost of $1.14 trillion per year and another $600 billion owing to the changes being made to Medicare Plan. It is also expected that the bill will increase the average cost of private insurance by 10-13%.

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