post by Joan Pryde, a senior tax editor for the Kiplinger letters July 13, 2010
[You can go to Kiplingers and read about 13 tax changes that could affect you. Number 3 is what is discussed below.]
Why am I sending you this? The same reason I hope you tell every single person you. People have the right to know the truth because an election is coming in November. 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 recent national health care legislation.
Starting in 2011, 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.”
[This is control and a sneaky way to get a hold of American citizens' money. When's the Southern Continental Convention?]
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I had a discussion with my husband last night about this article and something bothers me. I had read that this health care bill went to the Supreme Court–that a number of States filed suit against it. From my understanding because of this its laws cannot go into affect until the Supreme Court rules on the matter. Also, because of States filing the Tenth Amendment, that gives them the right not to allow this law into their States. So, does anyone have anymore information on this that I might post. I’m very interested in this. k