With all the buzz around the fiscal cliff and the Bush tax cuts that are set to expire in 2013, what tends to get overlooked is a tax that will definitely take effect in the new year: the 3.8% tax on investment income.
Congress passed the 3.8% tax in 2010 to add an estimated $210 billion of funds into the Patient Protection and Affordable Care Act (PPACA) and Medicare overhaul, and the new tax is scheduled to go into effect on Jan. 1, 2013.
"We know this is meaningful, and it's going to happen," said Katie Nixon, chief investment officer in Northern Trust's wealth management business, at a media briefing in New York.
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