Thanks to the Americans for Tax Reform for getting this information out so we the people can read it and see all the wonderful new taxes that we were promised not to get. And we thought this year was bad for the economy?
COMPREHENSIVE LIST OF ALL TAX HIKES IN HOUSE GOVERNMENT HEALTH BILL
Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single
employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<$500,000), 2 percent ($500,000-$585,000), 4 percent ($585,000-$670,000), and 6 percent($670,000-$750,000).
Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.
Medicine Cabinet Tax (Page 324): Non-prescription medications would no longer be able to be
purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health
reimbursement arrangements (HRAs). Insulin excepted.
Cap on FSAs (Page 325): FSAs would face an annual cap of $2500 (currently uncapped).
Increased Additional Tax on Non-Qualified HSA Distributions (Page 326): Non-qualified
distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent). This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.)
Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page
327): This would further erode private sector participation in delivery of Medicare services.
Surtax on Individuals and Small Businesses (Page 336): Imposes an income surtax of 5.4 percent on MAGI over $500,000 ($1 million married filing jointly). MAGI adds back in the itemized deduction for margin loan interest. This would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent—a new effective top rate.
Excise Tax on Medical Devices (Page 339): Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price. It excludes retail sales and unspecified medical devices sold to the general public.
Corporate 1099-MISC Information Reporting (Page 344): Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments. Current law limits to just persons for small business compliance complexity reasons. Also expands reporting to exchanges of property.
Delay in Worldwide Allocation of Interest (Page 345): Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act
Limitation on Tax Treaty Benefits for Certain Payments (Page 346): Increases taxes on U.S.
employers with overseas operations looking to avoid double taxation of earnings.
Codification of the “Economic Substance Doctrine” (Page 349): Empowers the IRS to disallow a
perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related.
Application of “More Likely Than Not” Rule (Page 357): Publicly-traded partnerships and
corporations with annual gross receipts in excess of $100 million have raised standards on penalties. If there is a tax underpayment by these taxpayers, they must be able to prove that the estimated tax paidwould have more likely than not been sufficient to cover final tax liability.
10/29/09 For more information, contact ATR Tax Policy Director Ryan Ellis at rellis@atr.org
Showing posts with label bill. Show all posts
Showing posts with label bill. Show all posts
Thursday, October 29, 2009
Tuesday, October 20, 2009
Congratulations America! Senate Finance Health Care Bill Raises Taxes in January
Are you ready for this little nugget of gold found in the Senate Finance Committee Health Care Bill? If I am reading this correctly with all of the "ands" and the mention of the IRS......
According to Section 6002, page 1435, Taxable income will be revised to include employer sponsored coverage. And it takes effect after December 31, 2009.
So, for all of you who really want the health care bill to pass, get ready for the feds to tax you on your current benefits. So nice of you to be so very happy and supportive of higher taxes.
And for those of us who are against mandated health care, get ready to grimace as we have to determine how to make less money go farther everyday.
Yep, it's a nugget. Just kind of depends on which side of the equation you are on as to how to define nugget-- gold or not.
According to Section 6002, page 1435, Taxable income will be revised to include employer sponsored coverage. And it takes effect after December 31, 2009.
So, for all of you who really want the health care bill to pass, get ready for the feds to tax you on your current benefits. So nice of you to be so very happy and supportive of higher taxes.
And for those of us who are against mandated health care, get ready to grimace as we have to determine how to make less money go farther everyday.
Yep, it's a nugget. Just kind of depends on which side of the equation you are on as to how to define nugget-- gold or not.
Finally, a Health Care Bill We the People can Read Online
The Senate Finance Committee has released their 1500 page version of Health Care Reform. It's going to take a while to read it all. At first glance, I saw lots of subsections which I must read to see if I can determine what they really mean.
Have fun reading it. Have more fun trying to understand it all.
Maybe we'll have ample oppportunity to read it before the vote happens. Maybe our elected officials will also read the bill. Oh, sorry. I must be dreaming.....
http://finance.senate.gov/press/Bpress/2009press/prb101909.pdf
Have fun reading it. Have more fun trying to understand it all.
Maybe we'll have ample oppportunity to read it before the vote happens. Maybe our elected officials will also read the bill. Oh, sorry. I must be dreaming.....
http://finance.senate.gov/press/Bpress/2009press/prb101909.pdf
Tuesday, August 25, 2009
Saving Health Care Money without Passing a Bill?
If the Obama administration's plan is to pay for universal health coverage by identifying and taking out wasteful spending in health care , and if they have already identified them, then why do we need a bill passed which would spend a whole lot more money? Can't the current government minions slam the door shut on wasteful spending now? And if not, why?
Just wondering.
Just wondering.
Tuesday, August 11, 2009
Are You Listening? Support of Health Care Reform Bill Down- Again
VWV Note: All recent and new polls continue to show Americans do not want the current health care reform bill passed. Will Congress listen to those who elected them? The recent interest in town hall meetings and record numbers of Americans showing up in vain to try and get their questions answered demonstrates the passion of both sides of the debate. Some Congressmen won't even have public forums on the subject. The big question is "Of whom are they afraid?"
Why does the White House think they have to continue to sell the bill with more campaign-like strategies? If the health care bill is good, it will stand on its own two feet.
If not, revisit the drawing board and devise a health care reform bill that doesn't make the majority of Americans "sick" when they read it.
Support for Dems’ Government Takeover of Health Care Continues to Plummet
The more the American people learn about the Democrats’ proposed government takeover of health care that will increase costs, destroy jobs, and put bureaucrats in charge of medical decisions instead of patients and doctors, the more they oppose it. No fewer than five polls released at the end of July showed increasing concern, if not outright, opposition to the Democrats’ government-run health care plan. A Quinnipiac University Poll last week also indicates that a majority disapprove (52) of the President’s handling of health care, while only 39 approve - a 10 percentage point jump in the last month alone.
Today, a new Rasmussen poll shows Americans’ opposition to the Dems’ government-run health care plan is still increasing:
“Public support for the health care reform plan proposed by President Obama and congressional Democrats has fallen to a new low as just 42% of U.S. voters now favor the plan. That’s down five points from two weeks ago and down eight points from six weeks ago.”
“A new Rasmussen Reports national telephone survey shows that opposition to the plan has increased to 53%, up nine points since late June.”
“More significantly, 44% of voters strongly oppose the health care reform effort versus 26% who strongly favor it. Intensity has been stronger among opponents of the plan since the debate began.”
The American people support real health care reform – a plan that reduces costs and expands access to quality care. The Democrats’ proposal does neither, and that’s why they are seeing the mounting opposition firsthand back in their congressional districts. House Republicans have offered a better solution that addresses Americans’ concerns about out-of-control health care costs. The House GOP plan would make quality health care coverage more affordable and accessible for every American, regardless of pre-existing health conditions. For example, the plan:
•Lets small businesses band together through associations and purchase health insurance for workers at a lower cost just like large corporations and unions do.
•Offers incentives to help Americans who do not have access to quality health care get the coverage they can afford.
•Make coverage more affordable for everyone by giving states new tools to design innovative health care programs.
•Reduce health care costs by reforming medical liability rules that cost families millions each year – millions that line the pockets of trial lawyers at the expense of patients and doctors.
•Reforms regulations so insurance companies compete for your business and you can shop around for the best coverage and price.
•Roots out health care waste, fraud, and abuse that cost taxpayers billions.
Isn’t it time for Democrats to scrap their costly plan and work with Republicans on a proposal that will make health care more affordable and accessible for the American people?
Source: http://republicanleader.house.gov/
Why does the White House think they have to continue to sell the bill with more campaign-like strategies? If the health care bill is good, it will stand on its own two feet.
If not, revisit the drawing board and devise a health care reform bill that doesn't make the majority of Americans "sick" when they read it.
Support for Dems’ Government Takeover of Health Care Continues to Plummet
The more the American people learn about the Democrats’ proposed government takeover of health care that will increase costs, destroy jobs, and put bureaucrats in charge of medical decisions instead of patients and doctors, the more they oppose it. No fewer than five polls released at the end of July showed increasing concern, if not outright, opposition to the Democrats’ government-run health care plan. A Quinnipiac University Poll last week also indicates that a majority disapprove (52) of the President’s handling of health care, while only 39 approve - a 10 percentage point jump in the last month alone.
Today, a new Rasmussen poll shows Americans’ opposition to the Dems’ government-run health care plan is still increasing:
“Public support for the health care reform plan proposed by President Obama and congressional Democrats has fallen to a new low as just 42% of U.S. voters now favor the plan. That’s down five points from two weeks ago and down eight points from six weeks ago.”
“A new Rasmussen Reports national telephone survey shows that opposition to the plan has increased to 53%, up nine points since late June.”
“More significantly, 44% of voters strongly oppose the health care reform effort versus 26% who strongly favor it. Intensity has been stronger among opponents of the plan since the debate began.”
The American people support real health care reform – a plan that reduces costs and expands access to quality care. The Democrats’ proposal does neither, and that’s why they are seeing the mounting opposition firsthand back in their congressional districts. House Republicans have offered a better solution that addresses Americans’ concerns about out-of-control health care costs. The House GOP plan would make quality health care coverage more affordable and accessible for every American, regardless of pre-existing health conditions. For example, the plan:
•Lets small businesses band together through associations and purchase health insurance for workers at a lower cost just like large corporations and unions do.
•Offers incentives to help Americans who do not have access to quality health care get the coverage they can afford.
•Make coverage more affordable for everyone by giving states new tools to design innovative health care programs.
•Reduce health care costs by reforming medical liability rules that cost families millions each year – millions that line the pockets of trial lawyers at the expense of patients and doctors.
•Reforms regulations so insurance companies compete for your business and you can shop around for the best coverage and price.
•Roots out health care waste, fraud, and abuse that cost taxpayers billions.
Isn’t it time for Democrats to scrap their costly plan and work with Republicans on a proposal that will make health care more affordable and accessible for the American people?
Source: http://republicanleader.house.gov/
Wednesday, July 15, 2009
Government to Censor Pastors Reading the Bible?
Included in the proposed hate crime bill in Washington is severe censorship of pastors preaching the Gospel of our Lord and on free speech. Let your representatives know your thoughts on free speech now.
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