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No Holds Barred

So, you got some extra money at tax time...

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So, you got some extra money at tax time...

Unread postby Fire Marshall Bill » Tue Jul 13, 2010 9:45 am

...and you thanked Obama.

:loadof:



Subject: 2011 W-2 Tax Forms--Surprise, surprise!

2011 W-2 Tax Forms and Obamacare

If this doesn't get to you, then check your pulse. You may be a flat-line...

Should you want to verify this, go to http://www.thomas.gov/, enter "HR 3590" in the search box and look for "CRS Summaries." This is what you'll find:

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 excluded 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.

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. So vote intelligently, based on your values. But also adjust your tax withholding, or increase your savings, so that you aren't surprised and put in a jam when your federal income taxes are due on April 15, 2012.

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Re: So, you got some extra money at tax time...

Unread postby Ziner » Tue Jul 13, 2010 10:03 am

Nah, no extra money, in fact I owed a significant amount from his "tax cut" when all he did was fuck with the with holdings.
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Re: So, you got some extra money at tax time...

Unread postby Cerebral_DownTime » Tue Jul 13, 2010 4:22 pm

I got more money.
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Re: So, you got some extra money at tax time...

Unread postby FUDU » Tue Jul 13, 2010 7:11 pm

At any time the government can redefine "income" and "taxable income" to suit their needs, they've done it for a 100 years now.
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Re: So, you got some extra money at tax time...

Unread postby jfiling » Tue Jul 13, 2010 7:31 pm

Most likely the tax payable due to employer health-care plans will be deducted every paycheck, like every other deduction. This is also how it should be. If I pay for my own insurance, it is paid in after-tax income. I've never understood why it's different if the employer provides the insurance. This eliminates the screwjob that the self-employed and people who purchase insurance on their own have suffered since the exemption was first put into place.

If health insurance is a right (I don't believe it is), it shouldn't be taxed at all. However, if some people are going to be taxed for it, then everyone should be taxed.
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Re: So, you got some extra money at tax time...

Unread postby Fire Marshall Bill » Wed Jul 14, 2010 6:53 am

Cerebral_DownTime wrote:I got more money.


Did you send George a thank you card?
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Re: So, you got some extra money at tax time...

Unread postby Erie Warrior » Wed Jul 14, 2010 7:22 am

Fire Marshall Bill wrote:
Cerebral_DownTime wrote:I got more money.


Did you send George a thank you card?


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Re: So, you got some extra money at tax time...

Unread postby Cerebral_DownTime » Wed Jul 14, 2010 8:10 am

Fire Marshall Bill wrote:
Cerebral_DownTime wrote:I got more money.


Did you send George a thank you card?


No.
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Re: So, you got some extra money at tax time...

Unread postby OldDawg » Mon Jul 19, 2010 1:32 am

Cerebral_DownTime wrote:I got more money.

I believe his point is that this will impact what we will owe next year, not what we got back this year.
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