I had not heard that the employer insurance benefit will be counted as income. That is a big tax bite, even for those of us who have free employer provided insurance! Wow!
this year's 1099, his insurance premium benefit paid by the employer will be reported as INCOME!
*** I had not heard that the employer insurance benefit will be counted as income. That is a big tax bite, even for those of us who have free employer provided insurance! Wow! ***
Yes. That was part of 'the original' House Bill, HR 3200. And is why 'organized labor' had a fit, and got an exemption to 2013(?).
It wasn't just the 'cadillac plan tax' thing, it was the 'income tax' that got them in a huff. And the new 'Income' thing was one of the first things I spotted and knew 'Labor' wouldn't go along. In the Union Construction Trades in Chi Metro Area, 'Health & Welfare' (Insurance) is about $10.00 an hour, $400 a week and $20,000 a year (50 weeks). So now their yearly income is about $100K with H&W insurance as income.
Taxes on that 'unearned' $20K would be HUGH using the tax rates for $100K Total income. And a lot of these guy's wives work too. Add that in and they'd pay almost the highest tax rates. So once again the white middle class is the target of the Dems. The Rich Dems like Pelosi won't be affected and neither will the poor 'Obama Voter'.
Obama has declared war on Americans with this.