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What the Senate's 3.8% surtax means for American taxpayers

Source: foxbusiness.com/politics/2017/07/14/what-senates-3-8-surtax-means-for-american-taxpayers.html - Jul 14, 2017

With Senate Republicans planning to retain a 3.8% surtax on investment income in their health-care bill, it is a good time for American taxpayers to know exactly how this tax works.

The 3.8% surtax was enacted in 2010 to help fund the Affordable Care Act, also known as Obamacare. It took effect in 2013, and this year it is expected to bring in nearly $30 billion, according to the Tax Policy Center. Republicans in the House of Representatives have voted to repeal the tax, retroactive to Jan. 1, but those in the Senate surprised many recently when they revealed plans to keep it.

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Category: General Business