Obamacare strikes!
By Connie
@connierebel (1557)
United States
July 6, 2010 3:12pm CST
I just got this info in an email. Unfortunately I can't copy and paste the entire email because I don't have enough posts, but this is the gist of it.
Starting next year (2011) your W2 form from your employer will show a gross income far in excess of what you actually earned, because they will have to include the amount of money that they paid into your health insurance plan. This not only includes private companies, but government also, including Medicare. so you will be paying taxes based on a gross income far larger than what you actually earned. Go to pg. 25 of the summary to look this up for yourself (Title IX revenue provisions - subtitle A: revenue offset provisions: sec.9001 modified by sec. 10901). This extra tax money that will be stolen from us will be used to pay for all the lowlifes that never worked a day in their life and live off government handouts like Medicaid (I understand Medicaid can help people who are really in need, or unable to get insurance through no fault of there own, but the percentage of people who really need it is small compared to the ones who don't). This is also explained in the Kipliger Letters, but I'm not a subscriber so I can't link to that.
We must remember this when we go to the polls this November.
1 response
@spalladino (17891)
• United States
7 Jul 10
You should also remember to research information that you receive in emails because it is often wrong, as it is in this case. Snopes.com has this exact email and has determined that the information contained in it is wrong. There will be an excise tax, starting in 2018, on some of the employer provided "Cadillac" plans if they excede the threshold of $27,500. That threshold is currently well above the average of $13,400 for a family plan. By 2016, more than 80% of all family plans are projected to still fall below the threshold. You can read more here:
http://www.snopes.com/politics/taxes/hr3590.asp
@connierebel (1557)
• United States
8 Jul 10
The email contained the exact quote from the bill summary, that said that the employer contributions will be added onto the gross income on W-2 forms.
@spalladino (17891)
• United States
9 Jul 10
Did you go to the link I added above? It's very clearly explained there, including what the bill actually means. There will be an excise tax on expensive plans, known as "cadillac plans" if the employer contributions excede $27,500 per employee...and while this will show up on the employee's W-2, the excise tax will be paid by the insurance company...not the employee. Again, this amount is well above the average employer contribution, which is $13,400 per employee per year.
