This is 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: 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.
You will be required to pay taxes on a large sum of money that you have.
Take the tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt.
That's what for many 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 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.
Why am I publishing this?
The same reason I hope you mention this to Every single person in your address book. People have the right to know the truth because an election is coming in November.
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Who is your congressman?
ReplyDeleteGee, thanks Obama. And he said no one making under 200,000 would pay a penny more in taxes. Lier!
ReplyDeleteSo if I'm reading this correctly, whatever my employer pays for my health care, that is being added to my salary and will be taxed? What about what I pay? I pay $160/month for health care just for myself. Is that going to be added to my salary and taxed?
ReplyDelete9:34 no just the part you get for free.
ReplyDelete9:55
ReplyDeleteGet for free? People work hard in their jobs and the health insurance is part of their packages. If we are going to have to pay taxes on the part that our employers are giving us, would it just be cheaper for us to go out and find out own insurance? Would we still have to pay taxes on it that way?
On Kiplingers web site it specifically states that the value of the medical insurance to be listed on the w2 is NOT taxable income. However, when Obama sees what a disaster this heath care law will be, he'll find a way to tax it.
ReplyDeleteYou people don't know how to read.
ReplyDeletei fear this may have the wrong effectt. adding more gross to the w-2 will make some people think that ther making more money.
ReplyDelete