New Obamacare Tax

[DrLeftover]

Feb 10, 2014

NEW YORK (MYFOXNY) - Some people who are members of the health club Planet Fitness are finding their membership costs have gone up because of the Affordable Health Care Act.

A sign posted at a Falls Church, Va. location says "Holders of Black Card memberships will be required to pay a tax on these memberships Starting January 1, 2014 as required by the implementation of provisions of the Affordable Health Care Act. This is not a change in your membership fee but rather a tax required by the government."

Read more: http://www.myfoxny.com/story/24682709/gym-memberships-add-obamacare-tax#ixzz2t3ApLuDB
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[DrLeftover]

25 March

When the Affordable Care Act was passed in 2010, one provision was a new 3.8 percent Net Investment Tax effective in 2013. Although the tax will generally hit high-end taxpayers (threshold is $250,000 for married and $200,000 for single), because of the way many parents choose to report their children's investment income, the tax will likely hit many other children as well.

While the basic application of this tax has been known since passage, the specific effects have become more apparent recently as the IRS issued its final rules, forms, and instructions. Last Friday, the IRS published a tip on its website entitled "Tax Rules for Children with Investment Income." Included is this note regarding the Net Investment Tax [emphasis added]:

Starting in 2013, a child whose tax is figured on Form 8615 may be subject to the Net Investment Income Tax. NIIT is a 3.8% tax on the lesser of either net investment income or the excess of the child's modified adjusted gross income that is over a threshold amount...

http://www.weeklystandard.com/blogs/irs-obamacare-raised-taxes-some-children_785999.html