Post by Lesli on Jun 25, 2010 0:11:01 GMT -5
I don't want to get political, but folks really need to get prepared, this is big.
Should you want to verify this, go to www.thomas.gov/cgi-bin/bdquery/D?d111:1:./temp/~bd9MVR:@@@d&summ2=m&|/home/LegislativeData.php?n=BSS;c=111|
and look for "CRS Summaries." This is what you'll find. (ok, that whole thing is supposed to be highlighted, so you will need to copy and paste to have it come up right, and then scroll way down to the bottom to section 9002.)
Title IX Revenue Provisions—Subtitle A: Revenue Offset
"(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 employee's gross income (excluding the value of
contributions to flexible spending arrangements)."
Starting in 2011—next year—the W-2 tax form sent by your employer will be
increased to show the value of whatever health insurance you are provided.
It doesn't matter if you're retired. Your gross income WILL go up by the amount
of insurance your employer paid for. So you’ll be required to pay taxes on a larger
sum of money that you actually received. Take the tax form you just finished for
2009 and see what $15,000.00 or $20,000.00 additional gross income does to
your tax debt. That's what you'll pay next year. For many it puts you into a
much higher bracket. This is how the government is going to buy insurance for
fifteen (15) percent that don't have insurance and it's only part of the tax increases,
but it's not really a "tax increase" as such, it a redefinition of your taxable income.
Also, go to Kiplinger's and read about the thirteen (13) tax changes for 2010 that
could affect you.
At my house we are poor enough we don't pay many taxes. Even though we both work. We usually get a substantial amount back, and that goes to pay property taxes. Thank goodness we just got an agg exemption on our farm. I still don't know how we will pay our $800 taxes on our house. This we will need to prepare for big time.
Make sure you vote this fall it could all make a huge difference.
Lesli
Should you want to verify this, go to www.thomas.gov/cgi-bin/bdquery/D?d111:1:./temp/~bd9MVR:@@@d&summ2=m&|/home/LegislativeData.php?n=BSS;c=111|
and look for "CRS Summaries." This is what you'll find. (ok, that whole thing is supposed to be highlighted, so you will need to copy and paste to have it come up right, and then scroll way down to the bottom to section 9002.)
Title IX Revenue Provisions—Subtitle A: Revenue Offset
"(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 employee's gross income (excluding the value of
contributions to flexible spending arrangements)."
Starting in 2011—next year—the W-2 tax form sent by your employer will be
increased to show the value of whatever health insurance you are provided.
It doesn't matter if you're retired. Your gross income WILL go up by the amount
of insurance your employer paid for. So you’ll be required to pay taxes on a larger
sum of money that you actually received. Take the tax form you just finished for
2009 and see what $15,000.00 or $20,000.00 additional gross income does to
your tax debt. That's what you'll pay next year. For many it puts you into a
much higher bracket. This is how the government is going to buy insurance for
fifteen (15) percent that don't have insurance and it's only part of the tax increases,
but it's not really a "tax increase" as such, it a redefinition of your taxable income.
Also, go to Kiplinger's and read about the thirteen (13) tax changes for 2010 that
could affect you.
At my house we are poor enough we don't pay many taxes. Even though we both work. We usually get a substantial amount back, and that goes to pay property taxes. Thank goodness we just got an agg exemption on our farm. I still don't know how we will pay our $800 taxes on our house. This we will need to prepare for big time.
Make sure you vote this fall it could all make a huge difference.
Lesli
