The Willis Report: Impacts to your wallet in 2014 - Dallas News | myFOXdfw.com

The Willis Report: Impacts to your wallet in 2014

Posted: Updated:

By Gerri Willis
FOX Business Network

2014 promises to be a busy year for news that hits your wallet.

The biggest consumer story this year – the rollout of Obamacare – has legs. Glitches, problems and out-right failures on the website have persisted. And, that means the government has had to delay deadlines for signup. Previously, Health and Human Services delayed the deadline for enrolling in coverage that starts Jan. 1 from Dec. 15 to Dec. 23. But now the agency has also made it clear that not only will shoppers have until Dec. 31 to pay their first month's premium, they are also encouraging insurers to allow people who sign up after the Dec. 23 deadline to start coverage as of Jan. 1. What's more, the Obama administration is also extending coverage under the health care law's state high-risk pool to the end of the year. That program covers about 84,000 people.

One way to find out what you might pay for Obamacare coverage and what sorts of subsidies you might be eligible for is to go to www.kff.org, where you can get details on coverage and costs.

Watch for more difficulties with the Obamacare program to emerge in the coming months. Health care experts say that the coverage of people under corporate plans will likely change late next year as companies get ready for more changes under Obamacare. Taxes on s-called Cadillac plans will  likely result in higher costs for workers and less extensive coverage. We may see even more companies opt to put employees into parttime roles to get around Obamacare requirements.

Another big story that will play out next year, are tax changes. High earners and people with large portfolios will find their taxes rising dramatically next year. Experts say that high earners will find their taxes tipping 50 percent of their earnings in many parts of the country, not just the big cities on the coasts. If you earn more than $200,000 filing singly or $250,000 married, filing joint, you'll pay a new additional tax on earned income of 0.9 percent. If you earn above $400,000 as a single filer or $450,000 married filing jointly, you'll find yourself subject to a new income tax bracket of 39.6 percent.  A new Medicare tax on investment income of 3.8 percent will also sting investors.

Cherished deductions, like mortgage interest, state income and sales taxes and home office deductions, are on phase-out schedules for high earners.

We'll also be keeping an eye on housing to determine whether rising mortgage rates puts the housing recovery on hold or simply fires up eager buyers.

In short, next year is shaping up as a complicated one for consumers and The Willis Report will be there every step of the way to help you figure out how you can negotiate these changes that impact your wallet.

Interact with Gerri on Twitter @GerriWillisFBN and Facebook for more information, or to voice your concerns and questions.

  • BusinessMore>>

  • Pro-Russian gunmen make inroads in eastern Ukraine

    Pro-Russian gunmen make inroads in eastern Ukraine

    An Associated Press reporter says he saw a column of combat vehicles in an eastern Ukrainian city, occupied by pro-Russian insurgents and flying Russian flags.
    The well-armed, Moscow-backed insurgency sowing chaos in eastern Ukraine scored a new victory Wednesday, seizing armored vehicles and weapons from underequipped government forces, then rolling through two cities to a...
  • IBM posts lower 1Q earnings amid hardware slump

    IBM posts lower 1Q earnings amid hardware slump

    IBM says its first-quarter earnings fell because of a large charge related to reorganizing its work force. Revenue fell amid an ongoing decline in its hardware business.
    IBM's first-quarter earnings fell and revenue came in below Wall Street's expectations amid an ongoing decline in its hardware business, one that was exacerbated by weaker demand in China and emerging markets.
  • Home sales of $10 million rise in Connecticut town

    Home sales of $10 million rise in Connecticut town

    Connecticut's Gold Coast is living up to its name, with a record $120 million sale of a waterfront estate in Greenwich (GREN'-ich) leading an increase in sales of homes for more than $10 million.
    Connecticut's Gold Coast is living up to its name, with a record $120 million sale of a waterfront estate in Greenwich leading an increase in sales of homes for more than $10 million.
Powered by WorldNow

KDFW FOX 4
400 N. Griffin Street
Dallas, Texas 75202

Main Station Directory:
(214) 720-4444
News Fax:
(214) 720-3263 or (214) 720-3333

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices