Of course, most of what the article covers is based in fact but presented in a scare tactic manner in which one can only see the worst of what might or might not actually happen.
For example, the entire "first phase" mentioned refers to tax cuts enacted by the Bush administration which are set to expire soon. Yes, it is possible that congress and Obama will just let all of these expire, but it isn't very likely. Most likely is that each and every one of them will be revisited by Congress (probably this fall although they technically have all of 2011 to decide on these) and either allowed to expire, adjusted, or reinstated as is. An even semi-educated guess would be that those more likely to affect low- to mid-income families will be preserved while those mostly benefiting higher-income households might just be allowed to sunset. One reason is that with our present economy, money put into the hands of the poorer individuals is likely to stay in the US economy while extra money for the wealthier individuals may or may not be used to support our economy.
Phases II and III in this article don't affect me, so I don't know much of the ins and outs of each of these tax changes, but I'll give you one that sparked my curiousity and led me to look it up.
And Worse Yet?
Now, your insurance will be INCOME on your W2's!
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 employees gross income."
Until the author reaches the quoted part of the legislation, this is totally a lie. (What's up the with the pg 25 of 29?? -- the law is like 850 pages long.)
Yes, the PPACA includes a section specifying that the amount paid by your employer for health insurance be included in the information provided on your W2. But, it does not include that amount in your income and for some people, will be an irrelevant piece of information. My W2 includes a box for taxable state income, but that doesn't mean I pay a tax on this amount, only that it is required that my employer report it on the W2.
And so, you rightly wonder why they would want this information added to the W2 if it's not going to affect your taxes. The reason is that the preceding section of the PPACA (sec 9001) sets up a tax on individuals who have "high cost employer-sponsored health coverage." For more info on who this refers to, I'd have to keep reading, but it's not anyone and everyone as the Rense article suggests and the tax is only imposed on the amount in excess, not the entire amount paid for health insurance.
The article is correct in stating that these funds will be part of the money used to pay for insuring the uninsured.
Topic: Three Devastating Tax Waves will Destroy Many: (Read 939 times)