On November 30, 2012, the U.S. Internal Revenue Service (IRS) released Proposed Regulations on the new Medicare Tax on Unearned Income, also called the Net Investment Income Tax (NIIT), which will apply to net investment income received in any tax year beginning after December 31, 2012. Unlike the Additional Medicare Tax, the NIIT is not a withholding tax, so will have less impact on employers. However, the NIIT may have a significant impact on the tax liabilities of individual taxpayers, and is likely also to have an impact on assignment cost projections and tax equalization calculations for employees on international assignment.