Opponents of the bill had hoped to get it declared unconstitutional on the basis of the commerce laws. The ruling also stated that any state who does not expand Medicaid coverage under the new law will not be expelled from the program.
Here’s what the ruling will mean to your clients. There will be a tax on investment income for those earning more than $200K per year plus a general .9% tax on those at those earning levels and above. This goes into effect January 1 so you have plenty of time to plan strategically.
In reality, tax planning should go on all year and should be weighed in light of achieving investment goals instead of planning client investment strategies around their tax liability. That means it’s conceivable that an investor should not shift their investment strategy unless the tax will affect their ability to achieve their goals over the specific time horizon.
Under the new law, if a client earns less than $200,000 but the tax on his investment income brings his total income over $200,000, the client will have to pay tax on that overage. Any amount earned by salary over $200,000 will be taxed at the .9% rate. So if your client earns $215,000 per year, the $15,000 would be subject to the .9% tax.
Clients between ages 55 and 65 may qualify for an insurance subsidy to help pay healthcare premiums. If a client already has health insurance coverage and receives distributions from a pension plan, he or she may receive subsidies based on the number of years worked at the company. These subsidies can range from $30 to $150 per month.
Your client may wish to defer income until the vote on July 11 to repeal the law. Shifting retirement assets to accounts with no minimum withdrawal requirements, such as a Roth IRA, is another tactic that can be done now.
Small business owners will particularly need help in managing the extra costs of providing health insurance to all employees. Reveiwing your clients' situations and planning, not necessarily acting, might be a great way to approacha review.
Along with small business owners’ lofty hopes for selling their businesses at previously inflated values, the new healthcare law presents a golden opportunity to reconnect with your entrepreneurial clients.
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