CNBC.com Article: Tax Hikes Coming No Matter Who Wins White House
Regardless of who wins the White House this
November, the new health-care law will raise taxes on high-income Americans next
year—and that could have implications for stocks and other assets.
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Starting Jan. 1, there will be an
additional 3.8 percent tax on investment income—including capital gains,
dividends and rental income. It will apply to married couples with adjusted
gross income of $250,000 or more and for individuals above $200,000.
There will also be a 0.9 percent
tax next year on all salaries and wages earned above those same threshold
amounts.
The new taxes, part of the 2010
health care law, are expected to help fund Medicare.
The tax hikes mean that the
current dividend and capital gains tax rates of 15 percent will rise to at least
to 18.8 percent next year for the wealthiest tax payers.
If Democrats win the White House
and Senate, they are expected to push for a 20 percent capital gains and
dividend tax rate, while Republican presidential hopeful Mitt Romney favors no
change.
