Tag Archives: American taxes

US Tax Law Changes in 2012

Congress is making some major tax law changes now that will impact American taxes for many years in the future. One of the biggest changes will occur after 2012 and will involve a 3.8 percent Medicare tax on investment income. First, this new tax will apply only to those single taxpayers who earn at least $200,000 and any married couple earning at least $250,000 ($125,000 if filing separately– just another example of a marriage penalty in our tax code). The tax also applies to estates and trusts (but not to any charitable trusts that are otherwise exempt from paying taxes).

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