Broker Regulation

President Obama's deficit reduction package unveiled Monday would fix a health reform defect that could cost taxpayers $14.6 billion.

It's not just millionaires who'd pay more under President Barack Obama's latest plan to cut the deficit.

It's not too soon to start educating clients and their CPAs about the new Unearned Income Medicare Contributions Tax (UIMCT), which takes effect in 2013.

Republicans want to pull the plug on the health care overhaul they call "Obamacare," blaming it in part for the United States' ballooning budget deficit. But they're quiet when it comes to the Medicare drug benefit another massive health care entitlement, with unfunded future costs over $7 trillion.

In a blunt rejoinder to congressional Republicans, President Obama called for $1.5 trillion in new taxes Monday. The president's proposal aims to reduce spending in mandatory benefit programs, including Medicare and Medicaid, by $580 billion.

The Senate Finance Committee is proposing ways the tax system could be reformed to promote increased retirement savings and recently considered testimonies from multiple employee benefits and retirement experts.