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Life & Events > 2011 W2's Surprise, Surprise
 

2011 W2's Surprise, Surprise



Should you want to verify this, go to http://www.thomas.gov/, enter "HR 3590"
in the search box and look for "CRS Summaries" (near the bottom of the page.) 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.

God Bless America!




________________________________________



posted on Sept 19, 2010 1:30 PM ()

Comments:

The whole health insurance thing burns my furry bum. The media talks about uninsured people who either can't afford their employer's plans or just don't bother. What if your employer offers a plan that's not worth having? Are they going to make me pay through the nose for Starbridge?
comment by zillahkatt on Nov 11, 2010 7:12 AM ()
Everything our government touches goes from bad to worse. This is going to get a lot worse before it gets better if we are not bankrupt before then. If this is such a great plan for the people, then every Senator and Congressman needs to forfeit their plan and join the one they are forcing down our throats.
reply by gapeach on Nov 19, 2010 6:47 PM ()
The UK have recently had our 'Elections' . . . the country on the whole, aren't too happy, to say the least
comment by febreze on Oct 9, 2010 10:40 AM ()
Hmmm.
comment by elderjane on Sept 29, 2010 7:05 PM ()
Go take a look at this issue on Snopes.com: http://www.snopes.com/politics/taxes/hr3590.asp

It has a kernal of truth, but has been misinterpreted, and applies only to small percentage of the population: those with the expensive 'cadillac' health plans.
comment by troutbend on Sept 19, 2010 5:57 PM ()
Will do, thanks. This had me worried...I definitely don't have a cadillac health plan. At my age, no one would give me one.
reply by gapeach on Sept 19, 2010 6:15 PM ()
eek.
comment by kristilyn3 on Sept 19, 2010 3:00 PM ()
Why don't any of the news media bring this out? This bill was written by Charles Rangel, a "gentlemen" who does not even pay his own income taxes.
reply by gapeach on Sept 19, 2010 3:03 PM ()

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