Fair&Balanced |
04-22-2011 06:52 AM |
What the above column does not mention is that the tax only applies to higher income taxpayers.
Quote:
The UIMCT broadens the Medicare tax base for higher-income taxpayers by imposing a 3.8% surtax on the lesser of: (1) "net investment income"; or (2) the excess of adjusted gross income [AGI], increased by any foreign earned income otherwise excluded from AGI, over the taxpayer's threshold amount. For single and head-of-household taxpayers the threshold amount is $200,000. For married couples filing a joint return, and surviving spouses, the threshold amount is $250,000. For a married person filing a separate return the threshold amount is $125,000.
http://research.lawyers.com/blogs/ar...ed-Income.html
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added:
From the text of the law on the Unearned Income Medicare Contribution:
Quote:
THRESHOLD AMOUNT.—For purposes of this chapter, the
term ‘threshold amount’ means—
‘‘(1) in the case of a taxpayer making a joint return under section 6013 or a surviving spouse (as defined in section 2(a)), $250,000, ‘‘(2) in the case of a married taxpayer (as defined in section 7703) filing a separate return, 1⁄2 of the dollar amount determined under paragraph (1), and ‘‘(3) in any other case, $200,000.
http://www.healthcare.gov/center/aut...ntribution.pdf
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Dont you think the column is misleading, or more to the point, factually incorrect, by saying that it "covers all income levels" (it does not) and not mentioning the income threshold?
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