Prepare to pay higher taxes in 2011

Let's see Obamacare and taxes for 2011.

CRS Summary of the bill

(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).

That means, if your employer gives you health insurance, then it will add the cost to your gross income, EVEN IF YOU ARE RETIRED, making you pay more taxes.

Let's say you earn 40.000$ and your employer pays 10.000$/year for your health care. Well in 2011, your gross income is gonna be 50.000$ and you gonna pay higher taxes.

That means that your employer will pay less taxes... so it's just changing who's gonna pay at the end. That means more money for the CEOs and less money for the average worker.

Why? Because the CORPORATION GROSS INCOME GOES DOWN, WHILE THE WORKER GROSS INCOME GOES UP.

Now that wouldn't be a big deal if we lived in a world where CEOs used that money to help their workers, hire more people and make more research... but of course we live in a world where that money ends up in the CEO's bank account and with it, he buys hookers and blow.

And you thought Obama and the democrats helped the average people uh?

Ain't that nice uh?

[edit on 27-6-2010 by Vitchilo]

I am not surprised in the least...I don't understand how greed could warp the world to be this way...these people that are super rich and hell bent to get more rich must lead some hollow and sad lives...I pity them

On top of that the Bush tax cuts expire at the end of the year.

That's for everyone, right? Not just certain incomes. I think a lot of people forget about that, since it isn't talked about a lot in the MSM.

Cause, allowing a tax break to expire is the same as increasing taxes. Hmm.

This could really add up, huh?


[edit on 27-6-2010 by Libertygal]

I honestly support taxes, however in a way that tax payers can vote with there dollars.. the current system is in no way representative of the voters wishes.. I don't for one support welfare healthcare system they passed, or the bank bail outs, or the auto industry bail outs ect.. and I refuse to support them.. the current tax system is partial slavery in my opinion, taxes should be based on spending not income.. if its based on incme its slavery.. I am not a slave!

I have on many occasions been very tempted to drop out of the working slave system.. work just enough to be under the minimum to be taxed and raise most my food barter allot and buy as little as possible to avoid sales taxes ect.. this may be the straw that break my camels back.

Currently if you figure it our most Americans spend over 50% of there total income on taxes of one kind or another.. that makes you a half slave.. are you a slave?

How about this, voting is mandatory, when you vote, if your guy gets in you pay the taxes for that term.. that would one incentives proper representation of the voters and also make the reps accountable for there actions.. and it would also make voters get educated on who there voting for and the government in general.

America voted a Democrat into office, remember? Did anybody actually believe the tax rhetoric the anointed one preached during the campaign trail? Is the average American ignorance really that bad?

America got what it craved. Change. Are any of you who voted for Obama feeling sorry for yourselves, yet?

obama defies classification

[edit on 27-6-2010 by Zeta Reticulan]

Thank you for making this thread. I see how things really are now in this corrupt world. Thank you all for your posts and ability to share your knowledge and the time I have been here. This site has opened my mind. You will all be missed, farewell.

Are you lot calling obama a lier ?

He said it a hundred times during the election campaign that anyone earning less than $220k p.a will not see any tax rises.

Your president does not control your country, he's a puppet and we know who the puppet masters are don't we.

The W2 reporting does not affect your gross taxable income, it is for reporting purposes only. It is no different than reporting 401k deferrals.

Beginning with the 2011 tax year, employers must report the value of employer-sponsored health care coverage on employee Form W-2s. Employers will not be required to provide a specific breakdown of the various types of coverage, but must only report an aggregate cost. For example, if an employee enrolls in medical, dental, and prescription drug coverage, the employer only has to report one lump sum value, not a value for each individual benefit.

Note: This is only a reporting requirement. The employee’s gross income is not increased by the value of the employer-sponsored health care coverage. In other words, the employee is not taxed on the value of this coverage as part of his or her regular earnings.

www.hrbits.com...


[edit on 6/27/2010 by Phage]