Sunday, 10 October 2010

2011 W-2 Tax Forms...............

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


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 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
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.

Fight organized crime! Re-elect no one who voted for this Bill.

Rico writes:

If you believed Dear Reader when he said "no one making under $250,000 will pay any increased taxes" you've been 'had'...yes, played for a sucker!

Best VOTE in a few weeks and pink-slip every single Congressional asshole who voted for this TAX INCREASE!
- It would be advisable to increase your withholding, or start setting aside some extra cash, because these political porkers have made bacon out of your paycheck!

Stand by for more tax increases, too! As long as you have a red cent left, the Reds on the Left [read: Democrats] want it.
- Every. last. cent.

3 comments:

Mark said...

Not that I like any of our health care "reform" law, but this reporting requirement doesn't get added to employee's gross income. It used to determine the tax on "excess benefits" of a Cadillac plan.

It's still a tax hike for anyone who's single plan is over $8.5K or a family plan over $23K.

Anonymous said...

Mark is correct. The additional amount on your W-2 does not increase your gross income and, unless you have a Cadillac plan and are non-union, won't result in extra taxes. Yet.

Anonymous said...

Is this Snopes entry talking about the same thing your article said?
http://www.snopes.com/politics/taxes/HR3590.asp