I contacted my Congressman about House bill HR3590 the health care bill
Just passed. I asked for a summary of changes.
The aid directed me to go to www: Thomas.gov <
http://Thomas.gov/> ; enter H.R.3590 in the search
Box and look for summaries.
Starting in 2011 (next year folks) your W 2 tax form sent by your employer
Will be increased to show the value of what ever 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.
The dollar value (cost of what the company pays for your insurance) will be considered income
And added to your gross pay. You will be taxed on the total
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.
This is how the government is going to buy insurance for 15 % that don't
Have insurance and it's only part of the tax increases.
Not believing this I researched the summaries and here's what I'm reading:
On page 25 of 29 :
TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec .
9001 , as modified by sec. 10901)
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 employees gross income."
Joan Pryde is the senior tax editor for the Kiplinger letters. Go to
Kiplingers and read about 13 tax changes that could affect you. Number 3 is
What I just told you about.
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.
