Happy New Year: Your Taxes Just Went Up!
The new year brings all kinds of excitement — new beginnings, new resolutions, and new politicians. Oh and — how could I forget — new taxes!
Heritage has a rundown of 13 new taxes that went into effect yesterday in 2013 that you’ll be contending with on your upcoming tax returns.* One in particular — the payroll tax increase — will hit all Americans who earn a paycheck:
Payroll Tax: increase in the Social Security portion of the payroll tax from 4.2 percent to 6.2 percent for workers. This hit all Americans earning a paycheck—not just the “wealthy.” For example, The Wall Street Journal calculated that the “typical U.S. family earning $50,000 a year” would lose “an annual income boost of $1,000.”
In addition, the folks over at Team Tom Cotton are reminding us about the new taxes on health care services, thanks in part to the work of our beloved Senator Mark Pryor:
A 2 percent tax on every healthcare insurance plan.
A $2 tax on every insurance policy sold.
A 3.5% tax that will be paid by insurers to sell health insurance plans on Healthcare.gov.
These taxes are in addition to the nearly two dozen others that Senator Pryor helped pass into law as part of Obamacare, including a 2.3 percent tax on medical devices such as pacemakers and prosthetic limbs.
Taxing pacemakers and prosthetic limbs? Not very nice. Thanks a lot, Pryor. Happy New Year to you too.
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