News & Analysis as of September 19, 2024

Income Taxes › 3.8% Medicare Tax

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

House Tax Bill: What You Need To Know

Flaster Greenberg PC on 9/20/2021

The House of Representatives Joint Committee on Taxation released its highly anticipated synopsis of the colloquial “tax bill.” Bill JCX-43-21 is the latest piece of legislation in a flurry of recent legislative activity...more

Trump Administration Announces Outline of Its Tax Proposal

Proskauer - Tax Talks on 4/27/2017

Yesterday the Trump Administration announced the outline of its tax reform proposal. The proposal combines elements of President Trump’s original tax reform proposal announced during the campaign and of the House Republicans’...more

The New 3.8-Percent Tax Applies To Trusts And Estates

Troutman Pepper on 11/1/2013

As we noted in a prior Estate Planning Update, 2013 brought with it a new 3.8-percent Medicare Contribution Tax on net investment income (interest, dividends, annuities, royalties, rents, capital gains, and passive activity...more

3.8% Medicare Tax on Net Investment Income

McNees Wallace & Nurick LLC on 8/21/2013

Beginning in 2013, Section 1411 of the Internal Revenue Code imposes a 3.8% “net investment income tax” (“NIIT”) on the net investment income (a specifically defined term) of individuals, estate and trusts that have income...more

Recent tax law changes of 2013

Sheppard Mullin Richter & Hampton LLP on 1/15/2013

On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law. Summarized below are highlights of those and other changes to Federal tax laws affecting income, payroll, gift and estate, and...more

President Obama Signs "Fiscal Cliff" Legislation into Law

BakerHostetler on 1/4/2013

As you likely have heard, the President signed the American Taxpayer Relief Act (H.R. 8) (the "Act") on January 2, 2013. The Act, popularly known as the "fiscal cliff" legislation, permanently extends the Bush era tax cuts...more

Fiscal Cliff Deal Extends $5 Million Estate and Gift Tax Credit and Generation-Skipping Transfer Tax Exemption, but Increases Tax...

Greenberg Glusker LLP on 1/4/2013

The bill passed by Congress on January 1, 2013, to avoid the “fiscal cliff,” which is expected to be signed into law by President Obama shortly, permanently extends the favorable gift, estate and generation-skipping transfer...more

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