I try to keep up with Income Tax matters, but some of the new taxes going into effect for next year have me baffled. In particular, does anyone know any details about the new 3.6% tax on investment income? There is little mention of it in the media, and on those rare occasions on which it is mentioned, very little or no explanation is given. Taxes on dividends are already scheduled to go up, and now a new surtax is to be added besides? I have already expressed my views on the double taxation of dividends in an earlier post.
There is also a 2.6% tax on Medical Devices. How is that supposed to reduce health care costs?
Most frightening of all, there has not yet been a fix to the ATM (alternative minimum tax) for 2012! That is really going to shock a lot of people! As I said in another earlier post, the ATM is a monster that needs either a permanent fix or, better yet, complete repeal.