Related: How Obama would close the ‘trust fund loophole’
That’s largely due to the following tax hikes that were part of the Affordable Care Act and the bipartisan fiscal cliff deal at the start of 2013.
Higher Medicare tax on top wages: It used to be that everyone paid 1.45% in Medicare taxes on all their wages (or 2.9% if self-employed). But the Affordable Care Act added an additional 0.9% tax on wages over $200,000 ($250,000 if married).
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