One of the surprises we'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 . . . the dupes, er, dopes, who backed this administration will be astonished!
Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company. It does not matter if that's a private concern or governmental body of some sort.
If you're retired? So what... your gross will go up by the amount of insurance you get.
You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt. That's what you'll pay next year.
For many, it also puts you into a new higher bracket so it's even worse.
This is how the government is going to buy insurance for the 15% that don't have insurance and it's only part of the tax increases.
Not believing this??? Here is a research of the summaries.....
On page 25 of 29: TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec. 9001,
as modified by sec. 10901) 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 employees gross income."
You wanted obamacare, now pay for it MFrs!
Elections are in 14 days...lets vote out the TRASH in office who created this mess!
This is not a forum for disgruntled old men. Well, we can be disgruntled about the performance of the stock, but not about the underperformance of our vote in here. You obviously would have blamed anything bad on the other political band, and will continue to do so for the rest of your life.
I've couple remarks:
1 "...employer sponsored group health coverage that is excludable from the employees gross income." So, it will be shown on W2, BUT IT IS NOT TAXABLE!!!
2. Since when stock discussion board has become forum for political debates?
what is missing in all of this is one big issue. TORT reform. Our president/Harvard Lawyer was bought ( 120,000,000) by law firms who represent lobbyists and unions. His little hands are tied and the key to health care costs easing down is TORT reform. Thousands of useless and health damaging procedures are done every day like MRI's etc. only to "cover" exposure and liability if sued. It is SIMPLE, we need tort reform in the court system and Dr.s can back off from redundant procedures and patients can't sure like its the lottery and law firms can not tie things up in litigation which cost millions daily. OBAMA TORT REFORM never in a million years he would be putting his friends out of business. Fu_king joke.....
This is not true YET111111 but you can rest assured that in the near future this will be true
For what would be the reason to add this to your W2 if all it will show you is how much your company pays out in health insurance. You can bet that in the near future you will be taxed on that amount...but not now...
So BOTH original complaints, sales tax on homes and tax on health care insurance, were disproved and yet some of you might still go out and vote for the very people who almost totaled our economy, who represent health care companies, banks, and corporations of all kinds. Not that the other party doesn't take far too many donations from the above, but they are not owned by them. Big corps and wealthy people almost never pay anything like the kind of taxes we pay. Ask Buffet who said his secretary pays a higher rate than he does! Many top corps pay NO income tax. Does the EIC actually make rich people pay some tax---NO. It was designed to do so, but they always figure a way around it and will continue to do so. Ask who killed the middle class and vote accordingly. Yes, vote. It's easy to type and pretty easy to vote too, but many don't even go down to their local polling place. Most other democracies (who we often denigrate) have better voting turnout. It doesn't have to be this way. We could do better and I hope that more people than ever turn out this time. PS...I was in China last year and was interested to read about the execution of company CEOs who had cheated, stolen, and/or done things resulting in unsafe products! Whereas in our "accountable" system, the former head of CW has his fine paid by his companies!
I just checked, it's not true. It’s true that the value of employer-paid health insurance will be added as an information item on W-2 forms. But it definitely will not be considered taxable income.
I stand corrected for now jq but than I ask...
"So if we're not being taxed for our employer-paid benefits, why include the value on our W-2 forms? PolitiFact.com, the Pulitzer Prize-winning nonpartisan project of the St. Petersburg Times, tells why:
Beginning in 2014, people who do not get health insurance will be fined. The W-2 reporting requirement will help the Internal Revenue Service verify that people have coverage for themselves and their dependents. The requirement will also help the IRS more easily collect a tax on the so-called "Cadillac" health insurance policies, those that cost significantly more than the national average. The Cadillac tax goes into effect in 2018."
want to bet that many of us including the Federal Government Employees have or have not CADILLAC coverage....guess what many do in the eyes of the government. It is not uncommon for an employer to pay 70% of the cost of HC insurance or in many cases $700-1000 per month, and TRU$T me jq that puts you in Cadillac Coverage...where there is smoke there is fire!This is all just first steps...it will get more draconian as we go along...NOTHING FOR NOTHING you of all people know this as we have been colleagues for years!
finally by posting the benefit they can see those who do not have coverage...and they will be forced into a GOVERNMENT plan that is very expensive for what you get!
long lines, few docs to treat you!
OBAMACARE sucks and we need to vote out this chit come November 2...I care not what party you are beholding too...just vote out everyone who signed on to this crap!
Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?
That's $3,800 on a $100,000 home etc.
When did this happen? It's in the healthcare bill. Just thought you should know.
SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill)
REAL ESTATE SALES TAX
So, this is "change you can believe in"?
Under the new health care bill - did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don't kick in until 2013 (presumably after obama's re-election). You can thank Nancy, Harry and Barack and your local Democrat Congressman for this one. If you sell your $400,000 home, there will be a $15,200 tax. This bill is set to screw the retiring generation who often downsize their homes. Is this Hope & Change great or what? Does this stuff makes your November and 2012 votes more important?
Oh, you weren't aware this was in the obamacare bill? Guess what, you aren't alone. There are more than a few members of Congress that aren't aware of it either (result of clandestine midnight voting for huge bills they've never read). AND, there are a few other surprises lurking.
Change, Ya ALL THE CHANGE IN YOU POCKET AND BANK ACCT.
<Did you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it?>
don't worry about selling your house---- since there is 5M in foreclosure by the banks we baled out to the tune of 100$BILLION$ and like GS now report stellar earnings again!
jmont is telling us to relax...sorry the writing is on the WALL and this ain't NO fear mongering my friend!
yur all toast who put this fool in office and Pelosi and Reid et al are fine too!!Every one of my email list of 100s of people are sending these emails around...and they are having their desired effect!
November will be an election to remember for the ages!
You need to read your own link and start telling the truth rather than fanning the flames of fearmongering folks who start rumors. Your link clearly states (if you read it) that the 3.8% tax is not a sales tax, but a medicare tax on investments by high earners. As for the housing issue, the tax applies to the amount of profit on the sale of your home OVER the current capital gains deduction of $500,000 for a married couple.
Less than 5% of home sales are expected to be effected. Now take ten deep breaths and calm down.
That's a 3.8% tax on anything over a $250,000 (if married) profit on a house. So if you buy a house for $100,000 and it sells for $450,000 the profit is $350,000. That means 100,000 is taxed at 3.8% which equals a 43,800 tax.
Not that I'm trying to defend or justify Obamacare, but just correcting the information you mentioned ;).
Still, Frank is right. This is basically a tax on everyone. A huge tax. I pay my own health care and I will see a huge increase in premiums.