A Sad Moment of Clarity for Capital gains
Rumored and assumed, its now reality the Medicare health insurance tax increase proposed by the administration back in February would indeed be applied to capital gains.
Tax Notes reports:
“The White House confirmed to Tax Analysts on March 9 that President Obama’s proposed healthcare reform-related Medicare tax increase on unearned income would fall on capital gains, even though this wasn’t spelled out in the administration’s February healthcare reform proposal.
“The revenue raiser was one of several offered in the February 22 proposal and would increase by 2.9 percentage points the Medicare tax on the unearned income of individuals making more than $200,000 and $250,000 for joint filers.”
See our earlier post on Stealth Attack on Investment (no longer stealthy) here.
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"...to marshal more venture capital for more new industries -- the kind of efforts that begin with a couple of partners setting out to create and develop a new product -- we intend to lower the maximum capital gains tax rate."
"The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital from static to more dynamic situations, the ease or difficulty experienced in new ventures in obtaining capital, and thereby the strength and potential for growth of the economy."