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New dividend tax to smack rich people upside the head

(BusinessInsider) Unless Congress intervenes, taxes are set to rise significantly on January 1st, when we hit the “fiscal cliff.”

The change in one tax rate on January 1 will be startlingly large: The change in dividend taxes.

On January 1, dividend taxes for those in the top tax bracket will jump from the current 15% back to the Clinton-era 39.6%. And then a new 3.8% surcharge to pay for Obamacare will be added on top, for a total top tax rate on dividends of 43.4%.