Health Care Reform: 13 Tax Changes on the Way

Business Tax
It's just the beginning!!!
Aren't those people that thought this would be "FREE" going to be surprised?
You really need to read this. It starts next year. This is part of the new Health Care Bill.

I contacted my Congressman about House Bill HR3590 the health care bill that just passed. I asked for a summary of changes. The aid directed me to go to http://www.thomas.gov/> , enter HR3590 in the search box and look for CRS Summaries. Then scroll down to:

TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(Sec.9001, (as modified by sec.10901) Sec.9002. Starting in 2011 (next year folks) your W2 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 company or government body of some sort. If you're retired….So what, your gross will go up by the amount of insurance you get.

The dollar value (cost of what the company pays for your insurance) will be considered income and added to your gross pay. You will be taxed on the total.

You will be required to pay taxes on a larger sum of money that you have never seen.

Take your tax form you just finished and see what $15,000 or $20,000 of additional gross income does to your tax debt. That's what you'll pay next year. For many it also puts you into a higher tax bracket so it's even worse.

This is how the government is going to buy insurance for 15% of the populace that doesn't have insurance and it's only part of the tax increases.

Not believing this, I researched the summaries and here's what I'm reading:

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 W2 form of each employee the aggregate cost of applicable employer sponsored group health coverage that is excusable 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 that could affect you. Number 3 is what I just told you about.

Why am I sending you this? I hope you forward this to every single person in your address book. People have the right to know the truth because an election is coming in November.


Kiplinger letters: http://www.kiplinger.com/businessresource/forecast/archive/health-care-reform-tax-hikes-on-the-way.html


THOMAS (library of congress) In the spirit of Thomas Jefferson, legislative information from the Library of Congress http://www.thomas.gov/

Bill Summary & Status- 111th Congress (2009 - 2010)
H.R.3590
CRS Summary http://www.thomas.gov/cgi-bin/bdquery/D?d111:1:./temp/~bdi6AE:@@@D&summ2=m&|/home/LegislativeData.php|