Are you Ready for Jan. 1, 2011 I don't think so PLEASE READ

[Skools Out]

Second Wave:

Obamacare


There are over twenty new or higher taxes in Obamacare. Several will first go into effect onJanuary 1, 2011. They include:



The "Medicine Cabinet Tax"

Thanks to Obamacare, Americans will no longer be able to use healthsavings account (HSA), flexible spending account (FSA), or healthreimbursement (HRA) pre-tax dollars to purchase non-prescription,over-the-counter medicines (except insulin).


The "Special Needs Kids Tax"

This provision of Obamacare imposes a cap on flexible spending accounts (FSAs)of $2500 (Currently, there is no federal government limit). Thereis one group of FSA owners for whom this new cap will be particularlycruel and onerous: parents of special needs children.

There arethousands of families with special needs children in the United States,and many of them use FSAs to pay for special needs education.

Tuition rates at one leading school that teaches special needs childrenin Washington , D.C. ( National Child Research Center ) can easily exceed $14,000 per year.

Under tax rules, FSA dollars can not be used to pay for this type of special needs education.


The HSA (Health Savings Account) Withdrawal Tax Hike.

This provision of Obamacare increases the additional tax on non-medical early withdrawalsfrom an HSA from 10 to 20 percent, disadvantaging them relative to IRAsand other tax-advantaged accounts, which remain at 10 percent.

[Skools Out]

Third Wave:

The Alternative Minimum Tax(AMT) and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2011,they'll be in for a nasty surprise-the AMT won't beheld harmless, and many tax relief provisions will have expired.

The major items include:

The AMT will ensnare over 28 million families, up from 4 million last year.

According to the left-leaning Tax Policy Center, Congress' failure to index the AMT will lead toan explosion of AMT taxpaying families-rising from 4 million lastyear to 28.5 million. These families will have to calculate theirtax burdens twice, and pay taxes at the higher level. The AMT wascreated in 1969 to ensnare a handful of taxpayers.

Small business expensing will be slashed and 50% expensing will disappear.

Small businesses can normally expense (rather than slowly-deduct, or"depreciate") equipment purchases up to $250,000.

Thiswill be cut all the way down to $25,000. Larger businesses cancurrentlyexpense half of their purchases of equipment.

In January of 2011,all of it will have to be "depreciated."

Taxes will be raised on all types of businesses.

There are literally scores of tax hikes on business that will takeplace. The biggest is the loss of the "research and experimentation tax credit," but thereare many, many others. Combining high marginal tax rates withthe loss of this tax relief will cost jobs.

Tax Benefits for Education and Teaching Reduced.

The deduction for tuition and fees will not be available.

Tax creditsfor education will be limited.

Teachers will no longer be able todeduct classroom expenses.

Coverdell Education Savings Accountswill be cut.

Employer-provided educational assistance iscurtailed.

The student loan interest deduction will be disallowedfor hundreds of thousands of families.

Charitable Contributions from IRAs no longer allowed.

Under current law, a retired person with an IRA can contribute up to$100,000 per year directly to a charity from their IRA.

Thiscontribution also counts toward an annual "required minimumdistribution." This ability will no longer be there.

PDF Version Read more: <http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171>; http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#%23ixzz0sY8waPq1


And worse yet?

Now, yourinsurance will be INCOME on your W2's!

One of the surpriseswe'll find come next year, is what follows - - a little"surprise" that 99% of us had no idea was included in the"new and improved" healthcare legislation . . . thedupes, er, dopes, who backed this administration will beastonished!

Starting in 2011, (next year folks), your W-2 tax form sent byyour employer will be increased to show the value of whateverhealth insurance you are given by the company. It does notmatter if that's a private concern or governmental body ofsome sort.

If you're retired? So what... your grosswill go up by the amount of insurance you get.

You will be required to pay taxes on a large sum of money that youhave never seen. Take your tax form you just finishedand see what $15,000 or $20,000 additional gross does to yourtax debt. That's what you'll pay next year.

Formany, it also puts you into a new higher bracket so it's evenworse.

This is how the government is going to buy insurance for the15% that don'thave insurance and it's only part of the tax increases.

Not believing this??? Here is a research of thesummaries.....

On page 25 of 29: TITLE IX REVENUEPROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001,
as modified by sec. 10901) Sec.9002 "requires employersto include in the W-2 form of each employee the aggregate cost ofapplicable employer sponsored group health coverage that isexcludable from the employees gross income."

- Joan Pryde is the senior tax editor for the Kiplinger letters.
- Go to Kiplingers and read about 13 tax changes thatcould affect you. Number 3 is what is above.

Why am I sending you this? The same reason I hope you forward this to every single person in your address book.

People have the right to know the truth because an election iscoming in November!

[RWilson2526]

Some scary stuff there for sure but one of the items jumped out at me as inaccurate. In wave 3 about health care benefits reporting on W-2.

Found this on a insurance companies website

http://www.zanebenefits.com/blog/201...+W-2+Reporting

Note on 04-05-2010: The aggregate cost of an employee's health benefits will not be included in the employee's taxable income. Rather, the reporting will be a way to verify medical coverage for the mandates. Also, the W-2 will be a way to track coverage values for the excise tax (starting in 2018) on medical coverage above the thresholds.

And I havent looked it up yet but if I recall the excise tax on premiums will only be on the amount up and above If I recall something like 16K a year which is a pretty fat number.

[willy]

Not sure of the source you quote from but I have already been informed by my employer that we will be recieving a W2 for the full amount of my benefits which for my family plan is just under 20,000.
Also my accountant has just told me the same. From what I saw on the news it has said the same.
These are scum, these are socialists, these are thieves. They need to be removed because they are going to destroy America, plain and simple, even many of the democrats are starting to finally see the light according to the latest polls.
Lets hope enough people wake the F up and vote this november.

[RWilson2526]

http://www.kiplinger.com/businessres...n-the-way.html

Here it is again from Kiplinger website who is quoted in the orginal email.

3. A requirement that businesses include the value of the health care benefits they provide to employees on W-2s, beginning with W-2s for 2011. The amount reported is not considered taxable income

And here's the part that shows that in 2018 even with your 20k a year you will be unaffected by the 40% excise tax.

10. A new 40% excise tax, beginning in 2018, on high-cost health plans, levied on the portion that exceeds $10,200 for individuals and $27,500 for families. The provision is aimed mostly at gold-plated plans offered by employers, although it can affect individual policies

It will be "reported" on your W-2 but not included as taxable income.

I'm not arguing your views that everyone should be voted out..just the accuracy of this particular point. Think about it if they included your $20K as taxable income you'd owe about 5K on that money...aint no way.

[RWilson2526]

....and Snopes was not used in the presentation of this data!!!

[THEFERMANATOR]

Just remember this, the healthcare bill was written by the masters of double speak. So there is SO much information in this bill that is contradictory to other parts it isn't funny. In the end it is left up to the politicians interpretation as to which way they choose to go with it.