TAX TSUNAMI #4, if you don't read my Tsunami 1-3 blogs, be sure you read this one. It's the worst yet because it will hit almost everyone.
Now, your employer paid health care will be reported as INCOME on your W-2's. I'll bet that all of you who supported Obama and were in favor of his takeover of health care will be astonished to hear about this little SURPRISE. Yes, buried in the "new and improved" Obamacare is this little known fact.
Starting in 2011 (next year, Folks, coming soon), your W-2 wage/tax form sent to you by your employer will be increased to include the value of whatever health insurance benefit you are given by your company. It does not matter if that's a private company or a government body. EVERYONE will get this little surprise.
If you're retired? If you're raising a family? If you're married or single?
So What!! Your gross will go up by the dollar amount of insurance you get from your employer.
All of us will be required to pay taxes on a very large sum of money that we have never seen.
If you want to know how this will affect you just take your tax return from 2009, add on $10,000 to $20,000 or whatever dollar amount your employer pays for you, and see what this additional gross does to your tax debt. That's what you will pay in taxes next year.
For many this will also put you into a new higher tax bracket so the situation is even worse that it appears.
Now we know how the government is going to buy insurance for the 15% of Americans who don't currently have it. They are doing it on the backs of every tax payer who has employer paid insurance.
This should make all of us scream and shout at anyone in Washington who voted for the travesty called Obamacare. Before you vote in November make sure you know how your representatives voted.
MERRY CHRISTMAS FROM BARACK AND THE CZARS.
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