Which Taxes Do Taxpayers Hate the Most?

Which Taxes Do Taxpayers Hate the Most?

How many different taxes can you think of? Chances are there are too many for the average person to count. While not all taxes are the same, for the most part people don’t enjoy handing over their money to the government for any reason. So, of all the taxes you have to pay, which ones do you hate the most? Since not all taxpayers have to pay the same taxes, the answers will obviously depend on your income level and which taxes you’re subject to.

However, there are certain taxes that would be on almost every taxpayer’s list. In fact, there few taxes that have received as much ire as those associated with Obamacare. While we can’t say for certain, these three taxes related to the president’s Affordable healthcare Act are all likely to receive a lot of votes for the most hated taxes.

The first one can affect just about anyone. It’s the penalty for those who don’t have health insurance. While the amount will vary depending on your income and how many uninsured individuals you have in the home, this penalty can be a burden to many taxpayers. Another unfavorable tax associated with Obamacare is the penalty tax on employers that pay for their employees’ health insurance.

Lastly, and this one is very common among wealthy individuals, is the Medicare surtax on net investment income. This 3.8 percent surtax is in addition to the 39.6 percent income tax rate for those in the highest tax bracket. It’s also added onto the 20 percent capital gains tax rate. Many high-net-worth individuals get hit with this tax, even though the actual tax has nothing to do with healthcare.

http://www.marketwatch.com/story/the-3-most-hated-taxes-2016-09-13

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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

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