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Health Care to raise the taxes of the middle class


capologist
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Debunk it if you can and if so, I'll be relieved otherwise, just a case of more lying from politicians in Washington: (yes, this is an email)

REGARDING 2011 W-2 Tax Forms and HR3590

I contacted my Congressman about House Bill 3590, the Health Care bill and asked for a summary of changes. The Aid directed me to go to http://www.thomas.gov/, enter "HR 3590" in the search box and look for "CRS Summaries."

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 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.

Not believing this I researched the CRS Summary and here's what found:

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 excludable from the employee's gross income (excluding the value of contributions to flexible spending arrangements)."

Joan Pryde, is the Senior Tax Editor for the Kiplinger Letters. Go to Kiplinger's <http://www.kiplinger.com/businessresource/forecast/archive/health-care-refo

rm-tax-hikes-on-the-way.html>

and read about the thirteen (13) tax changes for 2010 that could affect you.

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Never, ever, ever believe what you get in a chain email.

Except the ones from Ethiopian millionaires needing someone to hold onto their money for awhile. Those are true.

I usually don't but this one was from someone that usually checks it out before sending. I got lazy... :lol:

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