Your taxes and Obamacare

[Destroyer]

Your taxes and Obamacare

If this doesn't get to you, then check your pulse. You may be a flat line... Should you want to verify this, go to http://www.thomas.gov/, enter H.R. 3590 in the search box and look for "CRS Summaries." This is what you'll find.

Title IX Revenue Provisions***8212;Subtitle A: Revenue Offset "(Sec. 9002) Requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer-sponsored group health coverage that is excludable from the employee's gross income (excluding the value of contributions to flexible spending arrangements)."

Starting in 2011***8212;next year***8212;the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided. It doesn't matter if you're retired. Your gross income WILL go up by the amount of insurance your employer paid for. So you***8217;ll be required to pay taxes on a larger sum of money that you actually received. Take the tax form you just finished for 2009 and see what $15,000.00 or $20,000.00 additional gross income does to your tax debt. That's what you'll pay next year. For many it puts you into a much higher bracket. This is how the government is going to buy insurance for the fifteen (15) percent that don't have insurance and it's only part of the tax increases, but according to Obama it's not really a "tax increase" as such, it's just a redefinition of your taxable income.
Also, go to Kiplinger's and read about the thirteen (13) tax changes for 2010 that could affect you.

Why am I posting this? The same reason I hope you post this in every other forum you visit. People have the right to know the truth because an election is coming in 2012. So vote intelligently, based on your values. But also adjust your tax withholding, or increase your savings, so that you aren't surprised and put in a jam when your federal income taxes are due on April 15, 2012.

Fight organized crime! Re-elect no one.

[Road King Cole]

"So vote intelligently"

I just hope there is someone intelligent to vote for next time. I did a wasted "protest vote" last time as I also wasn't that excited about McCain. Perhaps I (and a lot of others) should have voted for him just to keep obama out...

btw, I like your new "fancy dancy" signature...

[RWilson2526]

We've had this discussion before....you are going to need to show me where the amount that will be required to be "reported" on your W-2 will be considered taxable income. From what I have learned the gubbermint is requiring that how much each persons employer pays for healthcare will be required to be reported on W-2's some some hard numbers of what healthcare is costing individuals can be documented. I cannot find anywhere that says it will be added to your taxable income.

http://www.factcheck.org/2010/05/hea...and-w-2-forms/
http://www.kiplinger.com/businessres...n-the-way.html
http://www.wscpa.org/Content/39530.aspx
http://www.associatedcontent.com/art..._of.html?cat=3

[willy]

RW I don't know where it is, I do know that my previous employer from where I retired has been notified of exactly what it says in that post.
Perhaps it is buried in the 2400 pages of the Obamacide that no one has finished reading yet. Or maybe a regulation passed sans Congress by the regulation Czar Cass Sunstein, or maybe by one of the regulations passed by one of the other Czar's of the current Politboro in the executive branch.
We will be told when it is time for us to know.

[Destroyer]

RW, you're right, we have had this discussion before. I reopened it because of something I was told the other day from the controller of the company I work for. She told me that, according to everything she has been told, and the classes that she's attended in order to understand the new health care law(s), we will, indeed have to pay taxes on that part of health care that is provided by our employers.

So in other words, and for the sake of discussion, lets say your health care plan costs $20,000 a year overall and that your employer pays for 50% of your health care plan and you pay for the other 50%. The part that you pay ($10,000) is not taxed, because it's an expense, but the $10,000 that your employer pays will be considered as income and will be taxed. She went further and stated that they will probably hand out 1099 forms for the additional income. (No, I don't know why) Now, I admit, this is all supposition and may or may not be the actual law, but, like I said, she's gone to courses already, and in them they are teaching that it is going to be treated as income. She's also a Senior VP in the company I work for, is the Controller of our company, is a C.P.A. and is pretty smart. She might be wrong. I might be wrong. The whole subject might be academic if the health care bill is ruled unconstitutional. But in all cases, it's an indication of the way that the present corrupt political government (left and right) in Washington is trying to screw the people of this Nation. We started to clean the cesspool this November past... we have to always remember that we need to complete the job in 2012.

[RWilson2526]

All right where is the "head banging against the wall" emoticon? Not saying its not going to happen someday, but I will blow you in Macy's window if I pay taxes on my health insurance for 2011.

http://www.kiplinger.com/columns/was...be-taxed-.html

http://www.huffingtonpost.com/linda-..._b_641937.html

http://www.politifact.com/truth-o-me...nce-pay-taxes/

http://www.boston.com/business/perso...pany_pays.html

[garagenc]

Hey RW

The boys are right about it being taxable.
I got info from the IRS telling me (and my accountant for the company) that says any money I put toward Employee health insurance is now part of the gross taxable sum that goes on the W2 form.