Posted on 03/22/2010 4:01:43 AM PDT by lysie
What would be an example of passive income? thanks
Think passive income are things like rent from property and pensions. What else, Chair?
Pensions as in 401ks and Profit Sharing???
Yellow is sooo out...royal blue, sea foam or camo is the thing now...;-))
The following is an annotated version [with remarks shown in red] of a document provided by Congressman Dave Camp, Ranking Member of the House Ways and Means Committee.
The original is found here
Timeline of Major Provisions in the Communists' (nee: Democrats') Intolerable Acts (aka – Health Care Package)
2009
** 2-year tax credit (total cap of $1B) for new chronic disease therapy research (In other words, at a 35% corporate tax rate, the total research budget that can fit in this cap of a Phiser or similar pharaceutical corporation is limited to just a bit less than $3B, or $1.5B per year; that's the value the Communists place upon new drugs and therapies to make you better! And this is retroactive, so if there was large spending in 2009, it is encouraged to be cut back in 2010 – big blow to pharmaceutical companies!)
** Medicare cuts to hospitals begin (long-term care [7/1/09] and inpatient and rehabilitation facilities [FY10]) (In other words, Sarah Pallin was right, death panels! Don't get sick, be on medicare, and need to go to the hospital!)
2010
** State and Federal officials review premium increases (roll them back is what they are saying – which will cut payments to doctors – which will cut service – which will result in rationing...)
** FDA authorized to approve “follow-on” biologics
** Increase brand name pharmaceutical Medicaid rebates (from 15.1% to 23.1%) (This saves taxpayers money how?)
** Medicare payments to physicians in primarily rural areas increase (So, let's get this straight – while recognizing there is a shortage of doctors in rural areas, the solution is to move the shortage to urban and suburban areas, where there are more people?)
** Deny “black liquor” eligibility for cellulosic biofuel producers credit (STUPID! Black liquor is a byproduct of paper production and its use as a fuel would cut down on the use of other fuel sources.)
** Tax credits provided to certain small employers for health care‐related expenses
** Increase adoption tax incentives for 2 years
** Codify economic substance doctrine and impose penalties for underpayments (transactions on/after 3/23/10) (Basically – if you attempt to get a bargain, or if an insurer attempts to offer you a bargain, on your health insurance – YOU'RE IN TROUBLE!)
** Provide income exclusion for specified Indian tribe health benefits provided after 3/23/10 (I'm becoming an indigenous American! Where's the nearest reservation?)
** Temporary high‐risk pool and high‐cost union retiree reinsurance ($5 B each for 3.5 years) (6/23/10)
** Impose 10% tax on indoor UV tanning (7/1/10) (This is estimated to put out of business somewhere between 30 and 40 percent of all tanning salons, many of which are small businesses. There WILL be a collateral effect on commercial property owners that lease space to these businesses, obviously. Further, some commercial property owners may not renew leases on the knowledge that the businesses are likely, now, to fail.)
** Medicare cuts to inpatient psych hospitals (7/1/10) (Don't be demented and poor at the same time. But think about it – many inpatient psych folks are not self-sufficient so would likely be on the public dole. So what does this mean? A mass release of folks from psych hospitals like in the 1980s?)
** Prohibits lifetime and annual benefit spending limits (plan years beginning 9/23/10) (And on 9/24/10, your rates will go up because you will be FORCED into a more expensive plan!)
** Prohibits non‐group plans from canceling coverage (rescissions) (plan years beginning 9/23/10) (While it sounds nice, what this means is that the insurance company CANNOT control its own costs – and they WILL be passed along to ALL ratepayers – you!)
** Requires plans to cover, at no charge, most preventive care (plan years beginning 9/23/10) (TINSTAFL – There is no such thing as a free lunch! There are 30 million folks that potentially will flood the system Something has to give!)
** Allows dependents to stay on parents’ policies through age 26 (plan years beginning 9/23/10) (And if the dependent has a full-time job and cannot be claimed on the parent's tax return as a dependent, but works at a company employing less than 50 folks [such company being exempt from the requirement to issue health insurance], the parent gets hit with taxes on imputed income!)
** Provides limited protections to children with pre‐existing conditions (plan years beginning 9/23/10)
** Hospitals in "Frontier States" (ND, MT, WY, SD, UT ) receive higher Medicare payments (FY11) (14th AMENDMENT VIOLATION!)
** Hospitals in “low‐cost” areas receive higher Medicare payments for 2 yrs ($400 million, FY11) (What is a “low cost” area – and again, there's that 14th Amendment!)
2011
** Medicare Advantage cuts begin (They don't care if it's a good program, it's not their program!)
** No longer allowed to use FSA, HSA, HRA, Archer MSA distributions for over‐the-counter medicines (And the big reason for medical care savings accounts has now been flushed down the toilet resulting in – yes, you guessed it – a de facto middle class tax increase!)
** Medicare cuts to home health begin
** Wealthier seniors ($85k/$170k) begin paying higher Part D premiums (not indexed for inflation in Parts B/D) (Note the NOT INDEXED FOR INFLATION! Your rates WILL go up!)
** Medicare reimbursement cuts when seniors use diagnostic imaging like MRIs, CTscans, etc. (Can anyone say death panels? Let this sink in – if you are old, and on Medicare, you CANNOT have access to modern medical technology!!)
** Medicare cuts begin to ambulance services, ASCs, diagnostic labs, and durable medical equipment (Don't you dare take the elderly to the hospital!)
** Impose new annual tax on brand name pharmaceutical companies (Don't you dare produce new drugs!) ** Americans begin paying premiums for federal long‐term care insurance (CLASS Act) (Whether you like it or not! Yep – another rate hike!)
** Health plans required to spend a minimum of 80% of premiums on medical claims (They can reach this by laying off staff, resulting in slower claims processing, resulting in slower medical care decisions...)
** Physicians in "Frontier States" (ND, MT, WY, SD, UT ) receive higher Medicare payments (More? I'm moving to Utah! [That MUST have been the ONE Republican idea adopted in this entire package!] Seriously – say “14th Amendment!”)
** Prohibition on Medicare payments to new physician‐owned hospitals (Can't have any doctor aspiring to actually running his own hospital now, can we? Must crush that innovative spirit!)
** Penalties for non‐qualified HSA and Archer MSA distributions double (to 20%) (And, recall from above, that means OTC medications!)
** Seniors prohibited from purchasing power wheelchairs unless they first rent for 13 months (Which means don't get the power wheelchair! This WILL be expensive!)
** Brand name drug companies begin providing 50% discount in the Part D “donut hole” (And 50% less product; or 50% less effective product?)
** 10% Medicare bonus payment for primary care and general surgery (5 years) (So, if you're going to get sick, do it somewhere between 2011 and 2015!)
** Employers required to report value of health benefits on W‐2 (So the IRS knows how much to tax later!)
** Steps towards health insurance administrative simplification (reduced paperwork, etc) begins (5 yr process) (And since when has any government mandate resulted in LESS paperwork? Can I sell you some prime land west of Miami?)
** Additional funding for community health centers (5 years) (Boondoggle!)
** Seniors who hit Part D “donut hole "in 2010 receive $250 check (3/15/11) (And the POTUS will pay for my mortgage and car payment too!)
** New Medicare cuts to long‐term care hospitals begin (7/1/11) (Gotta pay for that donut hole filler somehow...)
** Additional Medicare cuts to hospitals and cuts to nursing homes and inpatient rehab facilities begin (FY12) (October 1, 2011)
** New tax on all private health insurance policies to pay for comp. eff. research (plan years beginning FY12) NEW TAX, NEW TAX, NEW TAX!!! And remember, you MUST buy a health insurance policy – talk about priming the tax pump!
2012
** Medicare cuts to dialysis treatment begins (Kidney disease has been outlawed – how nice!)
** Require information reporting on payments to corporations (Define corporation – these CAN be pretty small! For example, do they include LLCs?)
** Medicare to reduce spending by using an HMO‐like coordinated care model (Accountable Care Organizations) DEATH PANEL!
** Medicare Advantage plans with a 4 or 5 star rating receive a quality bonus payment (WAIT! How can this occur – we've cut back the program! Oh, wait, I know – you get a 4-star rating if you screw over 50% of the seniors you served previously, and a 5-star rating if you shut down! Must be it!)
** New Medicare cuts to inpatient psych hospitals (7/1/12) (This is really going to be tough, since most of us will qualify for admittance by this point!)
** Hospital pay‐for‐quality program begins (FY13)
** Medicare cuts to hospitals with high readmission rates begin (FY13)(Florida – this is aimed RIGHT at you!)
** Medicare cuts to hospice begin (FY13) (How nice, we've outlawed death – that's one way around those death panels!)
2013
** Impose $2,500 annual cap on FSA contributions (indexed to CPI) (Stealth tax increase)
** Increase Medicare wage tax by 0.9% and impose a new 3.8% tax on unearned , nonactive business income for those earning over $200k/$250k (not indexed to inflation) (The non-indexing was fixed somewhat in Wreckonciliation – but the 0.9% wage tax increase is on ANYONE making ANY amount of money. A blatant tax increase on the middle class!)
**Generally increases (7.5% to 10%) threshold at which medical expenses, as a % of income, can be deductible
** Eliminate deduction for Part D retiree drug subsidy employers receive (Those nasty corporations, they just don't pay enough tax. Don't think this will result in layoffs? Think again! It will also result in companies being encourage to lay off older workers TODAY!)
** Impose 2.3% excise tax on medical devices (This includes band-aids, really!)
** Medicare cuts to hospitals who treat low‐income seniors begin (Whoa! Wait a minute! I thought the whole point was to HELP low-income people!
** Post‐acute pay for quality reporting begins
** CO‐OP Program: Secretary awards loans and grants for establishing nonprofit health insurers (Just so everyone understands what this is – this is the toe through the door of a public option!)
** $500,000 deduction cap on compensation paid to insurance company employees and officers
** Part D “donut hole” reduction begins, reaching a 25% reduction by 2020
2014
** Individuals without gov't‐approved coverage are subject to a tax of the greater of $695 or 2.5% of income (Note the words “Government Approved!)
** Employers who fail to offer "affordable" coverage would pay a $3,000 penalty for every employee that receives a subsidy through the Exchange
** Employers who do not offer insurance must pay a tax penalty of $2,000 for every fulltime employee (I just checked my pay stub. My plan is 1/3 me, 2/3 employer. With that the total annual rate to my employer is $7,800 [300x26]. Let's see, $7,800 or $2,000 – choice is simple! Insurance companies are headed for a train wreck. Can you say “public option”? Sure, I knew you could! BTW – there's no distinction here between individual and family plans. Family plans GET SCREWED! Finally, looking at this from the other direction, if a plan costs more than $75 per pay period, being paid every two weeks, the company is better off paying the fine!)
** More Medicare cuts to home health begin (More cuts!)
** States must have established Exchanges
** Employers with more than 200 employees can auto‐enroll employees in health coverage, with opt‐out (Opt out? To what?)
** All non‐grandfathered and Exchange health plans required to meet federally mandated levels of coverage
** States must cover parents /childless adults up to 138% of poverty on Medicaid, receive increased FMAP (This will be DEATH to state budgets!)
** Tax credits available for Exchange‐based coverage, amount varies by income up to 400% of poverty
** Insurers cannot impose any coverage restrictions on pre‐existing conditions (guaranteed issue/renewability)
** Modified community rating: individual or family coverage; geography; 3:1 ratio for age; 1.5 :1 for smoking
** Insurers must offer coverage to anyone wanting a policy and every policy has to be renewed (See above regarding the car wreck!)
** Limits out‐of‐pocket cost‐sharing (tied to limits in HSAs, currently $5,950/$11,900 indexed to COLA)
** Insurance plans must include government‐defined "essential benefits " and coverage levels
** OPM must offer at least two multi‐state plans in every state
** Employers can offer some employees free choice vouchers for health insurance in the Exchange (who are the “some employees”??)
** Government board (IPAB) begins submitting proposals to cut Medicare (we're going to squeeze those nasty elderly...)
** Impose tax on nearly all private health insurance plans (The people will just love us when we offer that public option!!)
** Medicare payment cuts for hospital‐acquired infections begin (FY15) (DO NOT get a secondary illness in the hospital. What this really hits, again, are the elderly, who, at the end of life, are likely to get secondary infections.)
2015
** More Medicare cuts to home health begin (We want you in that hospital where we can keep an eye on you!)
2016
** States can form interstate insurance compacts if the coverage [has] HHS approval (2016) (And all this time I thought interstate competition was supposed to be a big part of this. Apparently, it's interstate competition only if the Federal Government gives you permission! Ken Cuccinelli ALERT – If there's no Interstate Commerce unless the Fed allows it, then there isn't anything to regulate under Article I, Section 8?)
2017
** Physician pay‐for‐quality program begins for all physicians (If there are any doctors left by this point; this may make this the cheapest part of the program! Seriously – WHO is determining the quality, and WHO is determining the rate of pay? Yes, the Government! At this point, the doctors are NATIONALIZED!)
** States may allow large employers and multi‐employer health plans to purchase coverage in the Exchange. ** States may apply to the Secretary for a limited waiver from certain federal requirements (Who will promptly say “NO!”)
2018
•Impose "Cadillac tax on “high cost” plans, 40% tax on the benefit value above a certain threshold: ($10,200 individual coverage, $27,500 family or self‐only union multi-employer coverage) (OK, but by this point, the Insurance companies will likely be out of the insurance line of work and angling for their ability to distribute and track costs in the public option as a contractor to the Government.)
Active income is what you earn with your own sweat off the brow. Your wages from work, or your earnings from your business.
Passive income is what you earn from someone else's sweat. This would include such things as interest on your savings account, dividends for stocks and bonds, real estate investment trusts, and the like.
See #285.
Actually rent may be active or passive. It depends on how the property is set up and your role in managing it.
Generally, it is active income if you manage and passive if someone else does. (Again, the whose sweat test.)
What is the definition of Indian? I have liniage that goes back into the 1600's in this continent. Tha make me more "natural born citizen" then the Communist in Chief.
More Doctors Giving Up Private Practices
This all makes me ill...wait...better not get ill...
Isn't it someone from Indiana? ;)
Will be $10T rather than the $8.8T that the POTUS estimates.
Worse -
THE FEDERAL DEFICIT WILL RISE FROM 40% OF ANNUAL GDP IN 2008 TO NEARLY 90% OF ANNUAL GDP IN 2020!
Also -
The National Debt has increased from $6.3T to $8.2T since the POTUS has been in office, about a 30% increase.
Not bad for one years' work.
Yes, so this is where they tax and discourage investment. Lenin would be so proud.
...The POTUS has admitted the last mortgage foreclosure bailout has not quite worked as well as planned, so...
...We'll follow it with ANOTHER program run by the same folks!
Yes, he would be. And Fidel baby is real proud of the POTUS for getting health care.
What a shining moment for the People's Republic of Amerika!
I was a widow with an one year old child when I purchased my first home. I put at least 30% down on a 15 year mortgage. No handouts were expected back then when a downpayment was required to prove I was finacially capable of making payments. Plus, my 1st husband had no life insurance due to a mix up with his labor union...no handout there.
I went back to work in order to make ends meet and put myself on a strict budget.
Hehehe...um...forget what I said the other day, Chair, your posts are magnificent. Don’t change a thing...;-))
Heck, I think I’m doing pretty good in getting 2,700 pages distilled down to 7. :)
Wow, does that look good. Another appetizer party later this afternoon here, this time combined with a Goodbye Party for our neighbors who are moving elsewhere.
Tomorrow is a Redneck party, everybody is to dress as a redneck and there will be food, dancing etc. I don’t know, I’m not too much into costuming. The only thing I can think to do is put a sign on an old t-shirt that says “Proudly Clinging to My Guns and My Religion”.
Think that would tick anybody off? LOL!
We are going to the American Legion for fine fish and music. We haven't been there in a few weeks.
That’s serious. Up until now, they had merely been lobbing shells back and forth at each other, usually NoKo provoking and SoKo responding. But this is destruction. I haven’t seen any headlines about this. Thanks for the heads-up.
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