With the focus on the Fiscal Cliff negotiations, the details of Obamacare's assault on 'the rich' have been lost in the shadows. However, the IRS has detailed it in 159 pages of new Obamacare tax regulations to be implemented in 2013.
'The Rich' will pay a 3.8% income tax surcharge on investments beginning in January to fund part of Obamacare. Profit from stocks, bonds, and many other investment mechanisms will be hit. This is in addition to any change to capital gains taxes that result from the Fiscal Cliff negotiations.
'The Rich' will also pay a 0.9% income tax surcharge for Obamacare. This will be tacked onto the taxes withheld on payroll checks. This is NOT part of the tax rate increase being volleyed back and forth during the negotiations - it is an additional increase.
So, if you are 'rich' and Obama has his way, you income tax rate will go up to over 40% on Jan.1 - AND you will lose an additional 3.8% of your profit from any investments.
As big as his assault on 'The Rich' is to his base, I am not sure why Dear Leader and his minions aren't out there flooding the MSNBC airwaves with details for the Koolaid crowd to orgasm to. Surely this is a big victory in their war on the evil rich?
Update - The income tax brackets for Hawaii, California, and New York next year will be 50-52% for the upper level - when state and federal income taxes are both paid. Considering that all three of these states are solidly Democrat, and have a large number of 'rich' people in them who support Obama, I find this to be particularly delicious. Take that, you rich bastard 'play socialists'. Lets see how many of you try to weasel every deduction you can to cut down you tax bill next year! I Hope you all choke on that check to the IRS you're gonna have to write!