New Medicare Tax Lacks Specificity

Law360, New York (November 20, 2013, 7:21 PM EST) -- As everyone knows, the federal income tax rates on dividend income capital gains and ordinary income increased, effective Jan. 1, 2013. For those who don't remember, marginal rates for ordinary income went from 35 percent to 39.6 percent and for long-term vs. capital gains from 15 percent to 20 percent. In addition to the federal income tax increases, the health care reform legislation (generally referred to as the Affordable Care Act by some and as Obamacare by others) also expanded the income covered by the 3.8 percent Medicare Tax by adding Section 1411 to the Internal Revenue Code.

Although this tax...

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