The Wall Street Journal, in an article titled "Obama's New Investment Tax: A sneaky Medicare levy on dividends and capital gains," argues that the White House's new health care proposal would result in one of the largest tax increases for health care in history. The article notes that the Administration's proposal would, for the first time, apply the 2.9% Medicare payroll tax to passive sources of income such as dividends, interest, and royalities. The change would take effect in 2011 and would apply to single filers with income of more than $200,000 and joint filers with income of more than $250,000.
Posted by Patrick Siegfried, Associate Editor, Wealth Strategies Journal.
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