Starting in 2013, a 0.9% Medicare surtax will apply to wages in excess of $200,000 for single taxpayers and over $250,000 for married couples. Also, for the first time ever, a Medicare tax will apply to investment income of high earners. The 3.8% levy will hit the lesser of (1) their unearned income or (2) the amount by which their adjusted gross income exceeds the $200,000 or $250,000 threshold amounts. The new law defines unearned income as interest, dividends, capital gains, annuities, royalties, and rents. Tax-exempt interest won’t be included, nor will income from retirement accounts.
As you can see, there are going to be new taxes related to Obamacare beginning in 2013. I began working on restructuring the personal income required to sustain my lifestyle when in the U.S. shortly before Obama was inaugurated. I have shed both properties that require insurance, maintenance, and taxes (property) in my effort to lower requirement. My personal income is now approximately 13 percent of what it was in 2006 and 2007. As such, my federal tax burden has come down dramatically.
I look to lower my tax burden as further, perhaps dropping to 6 percent of taxes paid in 2006 and 2007 by moving expenses over to cash-on-hand rather than earned/unearned income.
Why? Because it is extremely important to me at this point in my life that I not feed the dragon, i.e. Libtards.