Any 99% er can show how savvy they are by giving a brief answer.
Thank you!
I appreciate the answer, Alan. I also found the same thing regarding its passage. Lots of sources cite it as a tax planning issue for 2013.
Qris : Googling that gives a reference to the IRS(which as always only makes sense to an accountant) or canadian government sites.
Kini
I dont know what Medicare has to do with the 99%. Most of them are not over 65 or on Medicare. Here is a website that explains the tax on investment income.
It says the current tax is 2.9% and in 2013 it goes up by .9% which is negligible but it is needed for future Medicare solvency and benefits taxpayers when they turn 65.
qris
1% er only - define "lame attempt at entrapment" Most people, ala the 99%, are smart enough to realize whatever answer was given that did not agree with "your" definition would be ridiculed by you, even if it is the proper definition.
Here's a better question define "mining depletion tax refund" let's see if you are savvy enough to know what that costs the federal government
Anonymous
It is a tax on high earner's investments to cover the costs of medicare.
It was passed by the House and I don't know if it ever was approved by the Senate. It is not part of Obamacare.
See: http://www.usatoday.com/money/perfi/taxes/2010-03-24-investtax24_ST_N.htm