President Obama’s healthcare reform will also mean two new taxes (classified as Unearned Income Medicare Contribution Taxes) in 2013. The first is an additional 0.9% levy on top of the 2.9% Medicare tax for those earning more than $200,000, and a new 2.9% surcharge on investment income, including interest income.
Payroll Tax Credit Expiry.
A temporary 2% cut in Americans’ payroll taxes, effective in 2011 and 2012, is also likely to expire on December 31st. [See how this will hit your paycheck via this payroll tax credit table]. The payroll tax break or credit dropped an employees payroll withholding rate for social security taxes to 4.2 percent from 6.2 percent, resulting in a potential after tax saving of up to $2000, and affected about 160 million Americans who had an earned income source.
Estate and gift tax exemption increases will also end in 2013. The $5 million-per-individual estate-tax exemption will drop to $1 million, and the top estate-tax rate will rise from 35% to 55% for most and 60% for some. The gift-tax exemption will fall to $1 million and the rate will rise to 55%.
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