Sunday, July 11, 2010

Ready to pay higher income taxes? You're going to!

 2011 W-2 Tax Forms and Obamacare ---On your 2011 W-2, your employer will be required to report what they pay for your health insurance as additional gross INCOME for you.  At this point, you won't be taxed but it will be listed as 'additional information'.   It will NOT be taxed as 2010 income. However, depending on how mid-term elections turn out, it may very well change in 2011.  If the present majority remains in power, we will most assuredly be paying higher income taxes... this is how our government plans for us to  provide for those who cannot, or will not, pay for their own health care.   Please contact your representative(s) and ask if they are aware of this portion of the bill.  My guess is...most are not.  It's cleverly hidden in HR 3590. Source:   Title IX Revenue Provisions—Subtitle A.. Further reading if you're still interested: --oh one more kick in the knees:  Congress is exempt from having to pay the additional income tax.