For over 50 years, Bloomberg Tax’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...
May 27 — Wealthy taxpayers who were subject to the net investment income tax and additional Medicare tax, both new in 2013, paid an average of $6,091, according to preliminary data from 2013 individual tax returns.
The 3.8 percent net investment income tax on passive income and extra 0.9 percent additional Medicare tax, part of the system of fees and taxes to pay for the Affordable Care Act, generated more than $18.3 billion in their first year, according to statistics released May 27 by the Internal Revenue Service. This falls short of the $20.5 billion the Joint Committee on Taxation estimated in 2010.
Dividing the total revenue generated—$11.7 billion for net investment income tax and $6.6 billion for the additional Medicare—by the number of returns reporting the tax, taxpayers were subject to the following average liabilities:
Notify me when updates are available (No standing order will be created).
Put me on standing order
Notify me when new releases are available (no standing order will be created)