I got this from a friend and thought I would
pass this along..NO MORE REFUNDS sounds like.
Get ready, this is only the beginning!
I contacted my Congressman about House bill HR3590
the health care bill Just passed. I asked for a summary of changes.
The aid directed me 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.
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 I researched the summaries and here’s what I’m reading: 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. 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.
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