Two thoughts about your taxes and health care benefits under Obamacare.
First, your employer may decide to pay the fine instead of paying their share for your company-sponsored health insurance. Once the option kicks in, you can make the call for your employer. Here’s AT&T, for example. They paid $2.4 billion in 2009 to cover 283,000 qualified employees. If they drop their health plan and pay the penalty, the fines would be $600 million, leaving them a tidy profit of $1.8 billion. You will be enrolled in the highly-subsidized health insurance exchange. But, you will either pay the premium or also pay the penalty until you get sick and need insurance, then pay the penalty. Remember, your President told you and other Americans the plan will not change your relationship with your doctor. If your employer opts to get out of the employee health insurance benefit business, you may find you either have no insurance or your doctor doesn’t honor the exchange insurance plan.
But let’s not worry about that until 2012. Let’s look at 2011 when your employer still covers you under your current plan.
Here’s how that will work.
(from an Internet e-mail I received)
Subject: Your Taxes Next Year
This is part of the new Health Care Bill.
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 ; enter HR3590 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.
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.
” When injustice becomes law, then Rebellion becomes duty!”
> — Thomas Jefferson–
