Obamacare Repeal Coming Soon (financial, government, claim, constitutional)

[roysoldboy]

Originally Posted by Smash255

There is nothing in this bill that raises income taxes, nothing at all.

I think you need to look a bit closer since none of the Congress critters looked before passing it. Yep, some of those small business employers and employees have told me that what the employer pays will be considered income and you poor folks will get to pay it just like regular income.

[pommysmommy]

Originally Posted by Smash255

There is nothing in this bill that raises income taxes, nothing at all.

You are wrong. If you employer pays your health insurance that is taxable income under this bill.

[sanrene]

Originally Posted by Smash255

There is nothing in this bill that raises income taxes, nothing at all.

Yes, there is. I believe it increases the Medicare tax for those making over a certain amount. The consequences of this ill-conceived law will result in premium increases, those that liked their plan or doctor, won't get to keep it/him.

Let's not forget the tax increases in this bill, on tanning, on medical devices, on and a plethora of other taxes. It also limits HSA, which was one bright spot in our HC system.

[Kirdik]

Originally Posted by Smash255

Umm wrong it won't.

Really? Then how is it going to be paid for?

[sanrene]

Originally Posted by Smash255

Umm wrong it won't.

Are you aware that your HC benefits will be taxed now, included in your income?

[Katarina Witt]

Originally Posted by roysoldboy

All the people I have talked to about this one say their employers have told them to get ready.

Well, you haven't talked to me, b/c I haven't been told that.

[Smash255]

Originally Posted by sanrene

Are you aware that your HC benefits will be taxes now, included in your income?

They aren't, thats a lie. The amount of the benefit will show up on the W2, but it is NOT taxable.

[pommysmommy]

Originally Posted by Smash255

They aren't, thats a lie. The amount of the benefit will show up on the W2, but it is NOT taxable.

Could you post that link. I spoke with our CPA last week and he said the benefits are taxable now.

[Smash255]

Originally Posted by pommysmommy

Could you post that link. I spoke with our CPA last week and he said the benefits are taxable now.

Q: Does the new health care law require workers to pay income tax on the value of employer-provided health insurance?
A: No. The value will appear on employees’ W-2 forms for information purposes, but will not be considered taxable income.

Health Care Law and W-2 Forms | FactCheck.org

[Katarina Witt]

Originally Posted by pommysmommy

Could you post that link. I spoke with our CPA last week and he said the benefits are taxable now.

You need a new CPA. Yours is crazy.

Health Care Reform: 13 Tax Changes on the Way

3. A requirement that businesses include the value of the health care benefits they provide to employees on W-2s.

Employers may voluntarily report the value of health benefits they provide on 2011 W-2s, but this will not be mandatory until the 2012 forms. The amount reported is not considered taxable income.