RSSStop the MADNESS…. Remember in November and pass this along … We must act now!
Hugo Frugiuele | July 28, 2010
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.
http://www.kiplinger.com/businessresource/forecast/archive/health-care -reform-tax-hikes-on-the-way.html
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