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.
The tax affects only individuals with more than $200,000 in modified adjusted gross income (MAGI), and married couples filing jointly with more than $250,000 of MAGI.The best line in the story:
Released late on Friday, the new regulations include a 0.9 percent healthcare tax on wages for high-income individuals.Watch for a lot of stuff over the next two or three years to be "released late on Friday" including the new fracking regulations.
Cue up Connie Stevens. Repeat. For 159 pages of reading. And that's just a start. Wow, what were they thinking?
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Cheesecake Factory CEO agrees.
On Monday's CBS This Morning, Cheesecake Factory CEO David Overton spotlighted the looming economic impact of Obamacare's implementation, especially on small enterprises: "For those businesses that don't cover their employees, they'll be in for a very expensive situation." Overton also warned that the cost of the law would be passed on to customers.My hunch: average meal will increase almost negligibly. But a lot of restaurants "on the margin" will go out of business. The strong will get stronger. The weak will simply fade away.
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