[MedicalConspiracies] Snopes.com lied again! Re: W-2 Tax Forms...surprise, surprise!!!]

-------- Original Message --------

Date:	Sun, 22 Aug 2010 04:43:56 -0700 (PDT)
From:	Susan Kelly <susan34k@yahoo.com>

 

Well, after following the link provided by snopes.com, and cross-checking it with the final bill as passed by both house and senate at thomas.loc.gov, which in turn required checking the relevant section of the Internal Revenue Code at    http://www.law.cornell.edu/uscode/26/usc_sec_26_00006051----000-.html  it looks like truthorfiction.com is correct - at least on the W2 issue.  I did not check their other findings.  This one kept me busy enough!      However, snopes.com contains statements that are both misleading and outright false (surprise - not!).  The tax begins in 2013, not 2018.  Also, the threshold that they report is an oversimplification.  For an employee with self-only coverage the threshold is $8500 and for employees with anything other than self-only coverage it is $23000.  The higher figure stated by snopes applies only to the latter group who live in one of 17 (unspecified) "high-cost states" - and by 2015 that figure drops to $24500.  What happens after that is not specified in the bill.       The assumption is that those who have health plans with such high premiums are either very wealthy or very well off.  This is not the case.  Many people have such high premiums because they or a family member is seriously and chronically ill.    Following some rosy speculation and unreasonable assumptions snopes concludes with      "Most likely, insurers will drop their premiums just below the threshold. They could do that by setting higher deductibles and co-payments, managing access to care more tightly, or reducing benefits." Drop their premiums?  Dare to dream.  More likely they will raise their premiums, AND set higher deductibles and co-payments, AND manage access to care more tightly, AND reduce benefits - recouping the tax and then some.  After all, they would only pay 40% of the higher premium. Employers will then likely respond by cutting the workforce and increasing workloads on remaining employees.  I would bet that many of those who lose their jobs will be those with seriously ill family members.  "Cadillac Health Plan" - a term cooked up by those with Rolls Royce health plans. Take care, Susan This is truthorfiction's take:  http://www.truthorfiction.com/rumors/h/health-plan.htm     Here is what I found out: http://www.snopes.com/politics/taxes/hr3590.asp Yvonne --- In TheMulti-DimensionalNewsPortal@yahoogroups.com, "Janis Gilbreath" <wayfarer@...> wrote: > > Taxing money you don't receive beginning in 2011...... > CONGRESS is the body doing this, friends, NOT the President > Janis > > ONLY LOVE PREVAILS > > From: Sunbear > > > FW: W-2 Tax Forms--Surprise, surprise! A must read! > This is somewhat redundant to a previous post, but... > > > FYI… And guess who sponsored the bill.. None other than your good buddy Charles Rangel â€" What a surprise! > > this is only the start ......get em out ! > > DO NOT VOTE FOR ANY INCUMBENTS OTHER THAN DENNIS KUCHINICH! > > > CHECK IT OUT ... A MUST READ!!! > 2011 W-2 Tax Forms--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." This is what you'll find. > > Scroll down to Title IX Revenue Provisionsâ€"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 2011â€"next yearâ€"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 with your vote! > > VOTE OUT THE INCUMBENTS! >