"New ACA Medicare Payroll Tax Hits Massachusetts, $1.7 Billion Over 10 Years"
According to a new report from the folks at the Pioneer Institute, some Bay Staters will see their annual Medicare payroll tax burden jump over 60%. They've even figured out how the new taxes will affect famous (and not-so-famous) Massachusetts sports figures. For example, Tom Brady will pay an additional half-a-million dollars in new taxes, while David Ortiz can anticipate an increase of almost $130,000.
Talk about a foul ball.
Oh, the folks at the PIU also point out that, starting this year, "the federal government will require all employers to withhold an additional 0.9 percent in Medicare payroll tax (increasing the tax rate from the current 1.45 percent to a permanent 2.35 percent). Unlike "basic" Medicare taxes, this additional tax is paid solely by the employee."
But I'm sure we'll get our money's worth, right?