On June 28, the Supreme Court ruled that the “Patient Protection and Affordable Care Act of 2010” was constitutional, including the requirement that individuals maintain health insurance coverage beginning in 2014.
In addition to upholding the individual insurance mandate, the ruling means that the tax changes scheduled for 2013 were also upheld as constitutional. These include an increase in the Medicare tax on wages and a new Medicare tax on unearned income for single taxpayers with income over $200,000 and married couples with income over $250,000. Contact our office for tax planning guidance following this landmark Court decision.