Skip to comments.Section 9002 of the Healthcare bill raises your reported gross income liability (Vanity)
Posted on 03/30/2010 3:01:18 PM PDT by Sneakyuser
Example: You receive $5000.00 in medical insurance from your employer. At a 25% tax rate you will owe an additional $1250.00 in taxes.
Won't people notice this "little" change next year?
“At a 25% tax rate...”
I’m not near that, yet.
We need to gain the house in november and defund this f n bill! Then set our sights on the rest of these scumbags
Yep one insulin pump for a type one diabetic will now cost more than a thousand dollrs more because of this and the medical device tax. Lovely huh?
Then set our sites on possibly ammending our Constitution so no one could ever do this again to the American people. As far as I’m concerned they could outlaw communism also.
-Sen. Barack Hussein Obama, 2008
All fed employees, especially the congress criminals and their families, must live under the laws they foist on us - including mandatory attendance in public schools and state colleges.
Has anyone been able to find anywhere that the entire bill can be read? My local paper had all these letters to the editor in support of this mess yet I can’t believe a single soul in the US has read the bill.
I have searched and I can’t find it anywhere.
Kind of strange that it is the law but not available for review.
Im not near that, yet.
Whew. I guess everything is fine then.
I don’t think we will ever be able to see the bill to read it’s contents. Some rat politician made the statement that they make up the rules as they go. This thing was passed with no one reading it. It could possibly be that they are really making up the rules as they go.
You have to know the league we are playing in. It ain't child's play. To wit:
"Did you really think we want those laws observed?" said Dr. Ferris. "We want them to be broken. You'd better get it straight that it's not a bunch of boy scouts you're up against... We're after power and we mean it... There's no way to rule innocent men. The only power any government has is the power to crack down on criminals. Well, when there aren't enough criminals one makes them. One declares so many things to be a crime that it becomes impossible for men to live without breaking laws. Who wants a nation of law-abiding citizens? What's there in that for anyone? But just pass the kind of laws that can neither be observed nor enforced or objectively interpreted and you create a nation of law-breakers and then you cash in on guilt. Now that's the system, Mr. Reardon, that's the game, and once you understand it, you'll be much easier to deal with."
- Ayn Rand, 'Atlas Shrugged' 1957
Can you provide page and paragraph number where this can be found?
“”Can you provide page and paragraph number where this can be found?””
Be careful - you need to know the BILL # they are referring to. There were three bills being debated and you can go crazy looking for a page number given when you aren’t looking at the same bill they are.
Ask for the bill #......and it does make a difference regardless of what a freeper told me last week!!!!
These links should help for bill HR 3590:
Is the Healthcare bill you will have to look us the reconciliation bill there yourself because I don’t have it’s number handy and don’t feel lke searching for it right now. :)
COMPREHENSIVE LIST OF ALL TAX HIKES IN SENATE GOVERNMENT HEALTH BILL: H.R. 3590
The following information is provided by Americans for Tax Reform
Read the full bill Read the tax revenue score from the Joint Committee on Taxation (JCT)
Read the budget and tax score from the Congressional Budget Office (CBO) PDF of this Document
Individual Mandate Tax (Page 324/Sec. 1501/$8 bil): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the following schedule
(capped at 8 percent of income)
Single Single +1 Single+2<
2014 $95 $190 $285
2015 $350 $700 $1050
2016 etc. $750 $1500 $2250
Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS).
Employer Mandate Tax (Page 348/Sec. 1513/$28 bil): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $750 for all full-time employees. Applies to all employers with 50 or more employees.
If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).
Excise Tax on Comprehensive Health Insurance Plans (Page 1979/Sec. 9001/$149.1 bil):
Starting in 2013, new 40 percent excise tax on “Cadillac” health insurance plans ($8500 single/$23,000 family). Higher threshold ($9850 single/$26,000 family) for early retirees and high-risk professions. CPI +1 percentage point indexed.
From 2013-2015, the 17 highest-cost states are 120% of this level.
Employer Reporting of Insurance on W-2 (Page 1996/Sec. 9002/Min$): Preamble to taxing health benefits on individual tax returns.
Medicine Cabinet Tax (Page 1997/Sec. 9003/$5 bil): No longer allowable to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin)
HSA Withdrawal Tax Hike (Page 1998/Sec. 9004/$1.3 bil): Increases additional tax on nonmedical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.
FSA Cap (Page 1999/Sec. 9005/$14.6 bil): Imposes cap on FSAs of $2500 (now unlimited).
Corporate 1099-MISC Information Reporting (Page 1999/Sec. 9006/$17.1 bil): Requires businesses to send 1099-MISC information tax forms to corporations (currently limited to individuals), a huge compliance burden for small employers
Excise Tax on Charitable Hospitals (Page 2001/Sec. 9007/Min$): $50,000 per hospital if they fail to meet new “community health assessment needs,” “financial assistance,” and “billing and collection” rules set by HHS.
Tax on Innovator Drug Companies (Page 2010/Sec. 9008/$22.2 bil): $2.3 billion annual tax on the industry imposed relative to share of sales made that year.
Tax on Medical Device Manufacturers (Page 2020/Sec. 9009/$19.3 bil): $2 billion annual tax on the industry imposed relative to shares of sales made that year. Exempts items retailing for <$100.
Tax on Health Insurers (Page 2026/Sec. 9010/$60.4 bil): $6.7 billion annual tax on the industry imposed relative to health insurance premiums collected that year.
Eliminate tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Page 2034/Sec. 9012/$5.4 bil)
Raise “Haircut” for Medical Itemized Deduction from 7.5% to 10% of AGI (Page 2034/Sec. 9013/$15.2 bil): Waived for 65+ taxpayers in 2013-2016 only
$500,000 Annual Executive Compensation Limit for Health Insurance Executives (Page 2035/Sec. 9014/$0.6 bil)
Hike in Medicare Payroll Tax (Page 2040/Sec. 9015/$53.8 bil): Current law and changes:
Current Law and New
Rate on First $200,000
New Rate on Amount
Which Exceeds $200,000
The 0.5% new rate addition is not deductible for the self-employment tax adjustment.
Blue Cross/Blue Shield Tax Hike (Page 2044/Sec. 9016/$0.4 bil): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services
Tax on Cosmetic Medical Procedures (Page 2045/Sec. 9017/$5.8 bil): New 5% excise tax on elective cosmetic surgery to be paid by the surgery patient
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