A list of new taxes

Wonder what will happen to your taxes with the new health insurance reform? If you are making over $250,000 as a couple you will pay over 1Trillion $ over the next ten years. Total tax hikes are estimated at 1.3T$ in the 2011 budget and $750B in the health reform bill. 

Here is what happens to your tax rates: 
1. An additional 0.9% tax on wages and earnings from self-employment plus a 3.8% ‘Medicare’ tax on interest, dividends and capital gains and ‘other unearned income’. It is estimated that this amount will be close to $2,250 for couples making 250-500,000. This is to fund Part A or Hospital Insurance part of Medicare and is the first time this tax is applied to investments. 
2. Raising tax brackets (36% bracket to 39.6% and 33% to 35%) 
3. Raise tax on dividends/capital gains from 15% to 20% or even 23.8%. This will force people to dump dividend paying stocks and look for muni’s. You would also shy away from any capital gains unless you had off setting losses. 
4. Phasing out or capping exemptions and deductions 
5. Starting 2018, there will be a 40% excise tax on “Cadillac” health insurance plans that cost over $10,200 a year for individuals and $27,500 for families. 
Taxes on those making less than $250,000 for couples will come because of excise tax on medical device manufacturers; Fee on brand name pharmaceuticals; 10 percent tax on tanning services; reducing the amount families can place in Flexible Spending Accounts (FSA) and increase the penalties for non-medical deductions from Health Savings Accounts (HSA); and higher taxes on health insurance companies and producers of medicine. 
Comment: Some are predicting a VAT similar to Europe because even these additional taxes will not pay for the cost of the new programs.