Any set of rules that takes 159 pages to explain cannot be good, just as the mammoth healthcare law aka Obamacare, took 2,000 plus pages and nearly 6,000 pages of regulations, which Democrats had to pass before the public could "see what was in it" is now affecting the U.S. economy, unemployment, worker's hours and over 20 tax hikes hidden in the bill.
(Latest CNN poll shows that majority of the public isn't liking what they are seeing and it still hasn't all been unveiled)
Via Reuters:
The Internal Revenue Service has released new rules for investment income taxes on capital gains and dividends earned by high-income individuals that passed Congress as part of the 2010 healthcare reform law.
The 3.8 percent surtax on investment income, meant to help pay for healthcare, goes into effect in 2013. It is the first surtax to be applied to capital gains and dividend income.
The tax affects only individuals with more than $200,000 in modified adjusted gross income (MAGI), and married couples filing jointly with more than $250,000 of MAGI.
The tax applies to a broad range of investment securities ranging from stocks and bonds to commodity securities and specialized derivatives.
The 159 pages of rules spell out when the tax applies to trusts and annuities, as well as to individual securities traders.
Released late on Friday, the new regulations include a 0.9 percent healthcare tax on wages for high-income individuals.
Both sets of rules will be published on Wednesday in the Federal Register.
The proposed rules are effective starting January 1. Before making the rules final, the IRS will take public comments and hold hearings in April.
There are a ton of headlines about this, but it took a little bit to actually find the PDF, you know, so we could all see what is in it.
Embedding it below for those that prefer to know what is coming, rather than be surprised when it hits them in the face.
IRS Net Investment Income Tax Rules