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Tax Surprises

July 26, 2010


Contributed by a Concerned Citizen

Here's something to think about when your 2011 taxes are due.

One of the surprises we'll find come next year, is what follows—a little "surprise" that 99% of us had no idea was included in the  "new and improved" healthcare legislation . . . the dupes, er, dopes, who backed this administration will be astonished!  

Starting in 2011, (next year folks), your W-2 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 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 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 the15% that don't have insurance and it's only part of the tax increases.

Not believing this?  Here is a research of the summaries.....

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 employee’s gross income."

Joan Pryde is the senior tax editor for the Kiplinger letters.  Go to Kiplinger’s and read about 13 tax changes that could affect you.  Number 3 is what is above.

Wonder if we will be taxed for the value of Medicare and Tricare insurance?

Why am I sending you this?  The same reason 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.

Copyright ©2010 Email of the Week

 


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