"Now, your insurance will be INCOME on your W2's!
One of the surprises we'll find come next year, is what follows - - a little "surprise" that 99% of us had no idea was included in the "new and improved" healthcare legislation . . . the dupes, er, dopes, who backed this administration will be astonished!
Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company. It does not matter if that's a private concern or governmental body of some sort.
If you're retired? So what... your gross will go up by the amount of insurance you get.
You will be required to pay taxes on a large sum of money that you have never seen. Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your tax debt. That's what you'll pay next year.
For many, it also puts you into a new higher bracket so it's even worse."
Will it be included in your gross or will it be merely reported as a separate line item for now? I think that is associated with the extra tax on "Cadillac" insurance plans in the future, but is not being taxed yet.
Actually I don’t have this on my plate yet. I don’t have any kind of health insurance and just pay as I go. Guess that unless the Pubs can repeal and replace I’ve got to plan for it.
You know, what can happen here is that people will be forced into bankfuptcy or to sell off their assets. Who will be able to buy? Who will want to?
How much aggregated stupidity has to be displayed before average Joe American gets the idea things might need to change back????
Where does this information come from?