The US Supreme Court rejected the latest attack on the Affordable Care Act (ACA), thereby preserving the landmark law which provides health insurance to over 20 million people via the heath care exchange. In a 7-2 ruling, this marks the third time the Supreme Court has upheld the integral components of the ACA, or Obamacare as the law is also known as, which was enacted into law in 2010 under President Obama.
The recent decision means that many taxpayers will continue paying the additional 3.8% Net Investment Tax (NIT) on some investment earnings or the additional .9% Medicare Tax on wages over $200,000.
In addition, many taxpayers had filed a protective claim for refund of those investment surtaxes for tax years 2016 and 2017, in hopes the high Court would overturn the law. Unfortunately with this ruling, the IRS will NOT be issuing any refunds for the claims related to those years.