13 Tax Hikes in 2013
Ring in the new year.
Now that 2013 is history, here’s a recap of some of the taxes that went up last year: Payroll tax (from 4.2% to 6.2%); payroll taxes on those earning more than $250,000 rose another 0.9% on top of the other rate increase; top marginal rate (from 35% to 39.6%); personal exemptions began phasing out for couples earning more than $300,000; ditto for itemized deductions; capital gains and dividends tax increased from 15% to 20%; the death tax on estates larger than $5 million rose from 35% to 40%; taxes on business investment increased; the ObamaCare surtax of 3.8% kicked in for those earning more than $250,000 per year; medical device manufacturers now pay 2.3% excise tax on their products; the deduction for medical expenses was reduced; the corporate deduction for Medicare Part D subsidy expenses was eliminated; and health benefits deductions for corporate executives were limited.
(Hat Tip: Heritage Foundation)