In related news, Obama offers Castro a real estate deal...
HT: Dan Riehl
Showing posts with label obamacare. Show all posts
Showing posts with label obamacare. Show all posts
Missouri Overwhelmingly Rejects Obamacare...
Let's just say I was really, really happy Missouri voted down Obamacare...
*sigh* This is what happens when you get your news from Ace of Spades...
You Can't AFFORD a Future...!
HT: ianswife
In just six months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011:
First Wave: Expiration of 2001 and 2003 Tax Relief
In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families.
These will all expire on January 1, 2011:
Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.
The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.
Higher tax rates on savers and investors. The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.
Second Wave: Obamacare
There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:
The “Medicine Cabinet Tax” Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).
The “Special Needs Kids Tax” This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States , and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington , D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education.
The HSA Withdrawal Tax Hike. This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.
Third Wave: The Alternative Minimum Tax and Employer Tax Hikes
When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. The major items include:
The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.
Small business expensing will be slashed and 50% expensing will disappear. Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases up to $250,000. This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be “depreciated.”
Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.
Tax Benefits for Education and Teaching Reduced. The deduction for tuition and fees will not be available. Tax credits for education will be limited. Teachers will no longer be able to deduct classroom expenses. Coverdell Education Savings Accounts will be cut. Employer-provided educational assistance is curtailed. The student loan interest deduction will be disallowed for hundreds of thousands of families.
Charitable Contributions from IRAs no longer allowed. Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA. This contribution also counts toward an annual “required minimum distribution.” This ability will no longer be there.
Now your insurance is INCOME on your W2's......
One of the surprises we'll find come next year is what follows - - a little "surprise" that 99% of us had no idea was included in the "new and improved" healthcare legislation . . . the dupes or dopes, who backed this administration will be astonished!
Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever 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? Therefore, 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 the 15% that don't have insurance and it's only part of the tax increases.
Not believing this??? Here is a research of the summaries.....
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 is above.
People have the right to know the truth because an election is coming in November.
In just six months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011:
First Wave: Expiration of 2001 and 2003 Tax Relief
In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families.
These will all expire on January 1, 2011:
Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to an expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%
Higher taxes on marriage and family. The “marriage penalty” (narrower tax brackets for married couples) will return from the first dollar of income. The child tax credit will be cut in half from $1000 to $500 per child. The standard deduction will no longer be doubled for married couples relative to the single level. The dependent care and adoption tax credits will be cut.
The return of the Death Tax. This year, there is no death tax. For those dying on or after January 1 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes and a retirement account could easily pass along a death tax bill to their loved ones.
Higher tax rates on savers and investors. The capital gains tax will rise from 15 percent this year to 20 percent in 2011. The dividends tax will rise from 15 percent this year to 39.6 percent in 2011. These rates will rise another 3.8 percent in 2013.
Second Wave: Obamacare
There are over twenty new or higher taxes in Obamacare. Several will first go into effect on January 1, 2011. They include:
The “Medicine Cabinet Tax” Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).
The “Special Needs Kids Tax” This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit). There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States , and many of them use FSAs to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington , D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education.
The HSA Withdrawal Tax Hike. This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.
Third Wave: The Alternative Minimum Tax and Employer Tax Hikes
When Americans prepare to file their tax returns in January of 2011, they’ll be in for a nasty surprise—the AMT won’t be held harmless, and many tax relief provisions will have expired. The major items include:
The AMT will ensnare over 28 million families, up from 4 million last year. According to the left-leaning Tax Policy Center, Congress’ failure to index the AMT will lead to an explosion of AMT taxpaying families—rising from 4 million last year to 28.5 million. These families will have to calculate their tax burdens twice, and pay taxes at the higher level. The AMT was created in 1969 to ensnare a handful of taxpayers.
Small business expensing will be slashed and 50% expensing will disappear. Small businesses can normally expense (rather than slowly-deduct, or “depreciate”) equipment purchases up to $250,000. This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment. In January of 2011, all of it will have to be “depreciated.”
Taxes will be raised on all types of businesses. There are literally scores of tax hikes on business that will take place. The biggest is the loss of the “research and experimentation tax credit,” but there are many, many others. Combining high marginal tax rates with the loss of this tax relief will cost jobs.
Tax Benefits for Education and Teaching Reduced. The deduction for tuition and fees will not be available. Tax credits for education will be limited. Teachers will no longer be able to deduct classroom expenses. Coverdell Education Savings Accounts will be cut. Employer-provided educational assistance is curtailed. The student loan interest deduction will be disallowed for hundreds of thousands of families.
Charitable Contributions from IRAs no longer allowed. Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA. This contribution also counts toward an annual “required minimum distribution.” This ability will no longer be there.
Now your insurance is INCOME on your W2's......
One of the surprises we'll find come next year is what follows - - a little "surprise" that 99% of us had no idea was included in the "new and improved" healthcare legislation . . . the dupes or dopes, who backed this administration will be astonished!
Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever 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? Therefore, 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 the 15% that don't have insurance and it's only part of the tax increases.
Not believing this??? Here is a research of the summaries.....
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 is above.
People have the right to know the truth because an election is coming in November.
Tea Party Tax Protest Woodland Hills CA April 15th, 2010
I'd say maybe 250 people showed up by the end of the event. No sinister sophisiticated lefty infiltrators or counterprotestors noted.
Free Guaranteed Obamacare Check Right Here! A Three Beers Later Exclusive!
Yes, whether you're a private citizen or a public corporation, one of the really charming things about the Obama health care plan is the way its benefits don't start 'til 2013 but its costs to you start right now! So Three Beers Later, givers that we are, we thought this was a noble, public spirited gesture:
Click on Check for Hi-Resolution Copy!
Yes, it's your 100% Guaranteed Free Obamacare Check! You may be supicious. You may be skeptical. But seriously, how good is this check? Just watch this testimonial to previous Obama financial plans:
Still not convinced? Still suspicious of the rock-solid backing for this 100% Guaranteed Free Obamacare Check? Well, Three Beers Later has carefully researched the 100% Guaranteed Free Obamacare Check's financial soundness:
Folks, you can't argue with financial expertise of that quality. So act NOW! Get YOUR 100% Guaranteed Free Obamacare Check TODAY!
And once you've got it, what do you do with it?
1. OBEY THE LAW. None of you are Friends of Barry, even if you voted for him, even if you -- brace yourselves -- donated to him. So fill out the right forms, include all the right attachments, and pay it if you owe it. This year, anyway.
2. THEN, after you fill out your proper and lawful taxes, and send them in, take a new form, a blank 1040A, 1040EZ, whatever you filed in the first place, and fill it out as follows:
Just scrawl it across the page, as in the previous post, attach your Guranteed Free Obamacare Health Check, and mail it to the SAME IRS PO box you sent your return to. They're opened mechanically and scanned, but every one of them that does not register has to be reviewed manually. Let's show them how much we appreciate the gift Obama, Nancy and Harry have given us!
BTW: You still probably want to leave your return address off the envelope. Just sayin'...
Stupak sells out entire pro-life movement for under a million dollars...
How's that for fiscal responsibility?
What the hell can you build at three airports for $750,000.00?
"Great news, constituents! We're killing your babies but now
you can get a Pepsi and a slice at the new Sbarro's in the food court!
Vote for me again!"
Tea Party: Defend Democrats Who Vote No On Obamacare.
Works for me.
We can send them the money we would have spent on Phil 'Lets Make a Deal' Graham...
"The enemy of my enemy is my enemy, nothing more..." but right now, I can deal with that.
We can send them the money we would have spent on Phil 'Lets Make a Deal' Graham...
"The enemy of my enemy is my enemy, nothing more..." but right now, I can deal with that.
Measure Blocking “Slaughter Solution” Introduced by Former Democrat......
Heads up, folks!
+GOP Members To Force Vote Tomorrow on Measure Blocking “Slaughter Solution” |
Say Hi! to your Congressthing Today with These Free Fax Services!
Take your pick here. Unlike Obamacare, I offer choice of service!
Find any Congressthing here: house.gov
Find any Senator here: senate.gov
How to Talk to Your Congressman on March 16th... Feel Free to Print this out and fax it.
You do not have the money to pay for this.
It can not work the way you say it will.
You don't even know what's in it.
You will hand this country back to the Republicans WITH your new Slaughter Rule to play with. What will THEY do with it?
Vote NO.
A National Health Care Triumph!
'Lazy' Nurses Kill Patient by Thirst
The good news though, is that that universal national health service is about to close hundreds of wards...
BREAKING NEWS! "CADILLAC" HEALTH CARE FAILS TO CURE CORRUPT, ENTITLED KLEPTOCRAT!
Lavish Congressional Health Plan cannot keep John Murtha alive: White House calls it a clear sign that bureaucratic, inefficient Obamacare is needed for the rest of us.
According to WH Spokesman Robert Gibbs: "The President feels very strongly that under Obamacare we could have killed Congressman Murtha for a lot less money and resources and made a significant contribution to reducing both the VA budget crisis and the deficit with the balance, as well as creating a job in the late Congressman's district."
Gibbs went on to say an Obama t-shirt had been sent to the Murtha family for the viewing.
"What the hell was I not paying you people for?"
According to WH Spokesman Robert Gibbs: "The President feels very strongly that under Obamacare we could have killed Congressman Murtha for a lot less money and resources and made a significant contribution to reducing both the VA budget crisis and the deficit with the balance, as well as creating a job in the late Congressman's district."
Gibbs went on to say an Obama t-shirt had been sent to the Murtha family for the viewing.
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