Friday, May 28, 2010
Health Care Bill Fine Print
Sent by my ever vigilant field reporter Cous
You really need to read this……starts next year
This is supposed to be part of the new Health Care Bill.
The originator of this notice contacted his Congressman about House bill HR3590 the health care bill, that just passed, and asked for a summary of changes. An aid directed him 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
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 read:
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.