SOMETHING FOR NOTHING? HARDLY

For those people who thought they were going to get something for nothing. Be prepared our taxes are definitely going up to pay for the Health Care Bill. What difference does it make whether  we pay the Insurance Companies or the Government?

And here we go…aren’t those people that thought this would be “FREE”, going to be surprised.

You really need to read this..starts next year This is supposed to be part of the new Health Care Bill.

I contacted my Congressman about House bill HR3590 the health care bill Just passed. I asked for a summary of
changes. The aid directed me to go to www:  http://thomas.gov/ thomas.gov ; enter HR3590 in the search Box and look for summaries.

Starting in 2011 (next year folks) your W 2 tax form sent by your employer Will be increased to show the value of what ever 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. 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 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 15 % that don’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 W-2 form of each employee The aggregate cost of applicable employer sponsored group health coverage That is excludable 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.

Thanks to Marie for this one.  I guess I am glad I am fully retired.

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