Tax Shock Ahead for the Wealthy in 2014

From Politico:

The wealthy may be in for a bit of a jolt this tax season.

That’s because Democrats have pushed through several new taxes on the well-to-do — many coming online this year — making the top tax bite steeper than advertised. By how much is a matter of opinion, but some experts say the true top rate is about 45 percent — 5 percentage points higher than the usual sticker price or higher still depending on what’s included in the mix.

“People are going to be very surprised in April,” said former Congressional Budget Office Director Robert Reischauer.

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