Here’s how your income will “increase” and so will your taxes, under the new Patient Protection and Affordable Care Act, or health care reform/Obamanationcare.
(Also, you should know that the DOJ is defending against the the 20 states’ suit against the above Act, saying it is a TAX, and Congress has the unlimited right to tax you for any reason.)
Should you want to verify this, go to <http://www.thomas.gov/>http://www.thomas.gov/, enter “HR 3590.” Or you can also search the Patient Protection and Affordable Care bill for Title IX Revenue Provisions-Subtitle A: Revenue Offset “(Sec. 9002) that 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).”
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 30,000,000 (including illegal aliens) who don’t have insurance and it’s only part of the tax increases. Also, you can go to Kiplinger’s and read about the thirteen (13) tax changes for 2010 that could affect you.
This change is a redefinition of your taxable income.
Maybe you remember that Mr. Obama as a candidate swore not to raise taxes on anyone making less than $250,000 a year, and iironically, one of the main reasons Obama was elected over McCain was that Democrats pointed out that McCain would tax medical insurance if elected.
Remember the words of Nancy Pelosi: “We have to hurry and pass this HealthCare Bill ‘so we will know what is in it.” NOW YOU KNOW.