The Other Tax Increase on Saving
10 Pages Posted: 19 Feb 2013
Date Written: 2013
Abstract
In this article, I discuss the enactment, structure, and economic implications of the UIMC. Despite its statutory name, the income to which the UIMC applies is not unearned and the tax is not a contribution to Medicare. Contrary to the bizarre myth circulating on the Internet, the UIMC is not a 3.8 percent tax on home sales. The UIMC falls on households with ample ability to pay, but it has the undesirable effect of discouraging saving.
Suggested Citation: Suggested Citation
Viard, Alan D., The Other Tax Increase on Saving (2013). Tax Notes, Vol. 138, No. 7, 2013, Available at SSRN: https://ssrn.com/abstract=2218675
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