Regardless of what happens with the so-called “fiscal cliff,” there will be some taxes going up come January 1st to pay for the new healthcare law.
FOX News Radio’s Steve Knight has the breakdown:
The IRS has published the rules about the taxes. Investment income for households earning more than $250,000 a year will be subject to a 3.8% tax. Regular income for those households will also face a nearly 1% Medicare surtax.
There is also a 2.3% tax on medical devices. Georgia Republican Congressman Tom Price fears that that tax will reduce medical research.
Steve Knight, FOX News Radio.