New taxes on your road

At the LIFE Foundation, we strongly advocate for autonomy in personal financial planning, so you need to be aware of the increases waiting in taxes for 2013 next year will generate 20 new or higher taxes of affordable health care plan that will take effect for the first time on January 1, 2013. Here are five biggies:

medical tax device - an increase of $ 20 billion tax: medical device manufacturers employ 409,000 people in 12,000 plants across the country

"special needs tax children " - a tax increase of $ 13 billion .: the 30-35 million Americans who use a flexible spending account (FSA) at work to pay for medical needs basic family will face a new government cap of $ 2,500.

surtax on investment income - a tax increase of $ 123 billion: This is a new 3.8% surtax on investment income earned in households making at least 250,000 $ ($ 0,000 for a single person)

"Haircut" for medical itemized deductions - a tax increase of $ 15.2 billion: at present, Americans face to high medical expenses are allowed a deduction to the extent that those expenses exceed 7.5% of adjusted gross income

Medicare payroll tax hike - an increase of 86.8 billion tax $: the Medicare tax on salaries is currently 2.9% on all wages and self-employment profits. Under this tax increase, wages and profits exceeding $ 0,000 ($ 250,000 in the case of married couples) will face a rate instead of 3.8%.

The problem is, how do we pay for the new health care plan and reduce the national deficit at the same time? If the government could impose a 100% tax on all income from every person in America winner at least $ 250,000 per year, how much money would it take? The answer is $ 1.4 billion.

Given all the profits of the Fortune 500 would be about $ 400 billion. All profits of the Fortune 500 would be enough to run our government for 40 days. You can take all the income of all persons earning more than $ 250,000 per year, all profits of the Fortune 500 and all of the wealth acquired by billionaires from America, and that would not be enough money to fund our current federal government for eight months. If we can not even fund a full year of expenses, how can we reduce our deficit? If this does not hurt makes you comfortable on the current financial crisis in our country, it should.

Why should I put up all these taxes and the deficit? Because you have to take personal accountability for your financial well-being and that of your family. You can not rely on friends, family and the government to fill the financial gaps; but with proper planning, you can minimize the risk to you and your family.

Reach out to your agent or advisor today to begin the process.