New Health Care Law — Tax Impact

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According to reporting by Bloomberg’s Ryan J. Donmoyer (www.bloomberg.com) if the final version of the healthcare legislation passes the Senate, high-income investors will pay higher Medicare taxes, tax breaks for out-of-pocket medical deductions, such as flexible spending accounts, will be limited, and it will cost insurance companies more to pay executives higher salaries. These expanded taxes will help fund the expansion of Medicaid services for the low income citizens and subsidize health insurance to cover millions who don’t currently have health insurance.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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