Related: Senate ACA Replacers May Tap Medicare Surtax
and Net Investment Tax )
In a study titled Feasibility of Levying a National Surtax
on Real Property, the National Tax Research Center (NTRC) said the surtax
or additional tax on land, building and machinery was practicable, relative to ease in administration, considering the wide application of property taxation.
Thus, insurance companies will apparently be called on in two ways to contribute to paying off the JUA deficit--once by way of the 5 percent surtax
on private passenger auto premiums (for 1990, 1991 and 1992, for an estimated total of $1.
In addition, the interest payments on the note are taxable and also subject to the investment surtax
Although distributions from retirement accounts are not subject to the Medicare surtax
, they can affect your investment income and potentially push you into surtax
also applies to estates and trusts, but the threshold is the dollar amount at which the highest tax bracket for estates and trusts begins for the tax year.
This article examines how to determine the new surtax
on net investment income that, like alternative minimum taxable income, effectively creates another tax base in addition to taxable income.
Now, the Medicare surtax
from Obamacare is a brand-new tax that we need to concern ourselves with going forward as well.
8% Medicare surtax
is levied on the lesser of net investment income or the excess of modified adjusted gross income (MAGI) over certain threshold amounts ($200,000 for individuals, $250,000 for married filing jointly, and $125,000 for married filing separately).
The act allows a 1 percent to 3 percent surtax
on local property taxes to establish a town fund to pay for projects dealing with open space, affordable housing, historic preservation and recreation.
Some of these developments have become live political issues in recent months, as shown by President Obama's proposal to tax Americans making more than $1 million a year at a minimum rate of 30 per cent (the "Buffett rule") or the Ontario NDP's insistence on a surtax
on the rich as a condition for supporting the minority Liberal government's budget in April.
from the "net income" subject to both normal tax and surtax
on investment income like dividends and capital gains.
4% income surtax
on singles who earn more than $500,000 and couples who make more than $1 million.
Accumulating corporate earnings and profits in excess of the reasonable needs of the business and for the purpose of avoiding income tax can in 2010 result in a surtax
of 15 percent of accumulated taxable income.