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...And We All Get Screwed.....!!
[As harry reid is indicating, we're all in for a Helluva Screwin'!!! About all we have to look forward to is VOTING THE BASTARDS OUT IN 2010!! I have recently joined "We Surround Rochester" [NY]; You MUST CONSIDER joining one in your area. To do so, go to www.meetup.com {for example, there are 822 like organizations within 25 miles of Arlington, Tx!!!} I check the "We Surround Rochester" site regularly. Recently, I found the information listed below: posted there by Lisa & Greg from Clarence {Buffalo area}, NY-Many thanks to them for all the research!!!
Remember when that "slimy prick" in the White House said "no more taxes on those earning less than $250,000??
How's that "hope-and-change" workin' for ya, now?!?!?!]
Comprehensive List of Tax Hikes in reid-obama Health Bill – Updated for Manager’s Amendment(Page numbers reference ORIGINAL rEID-oBAMA BILL unless noted):
Individual Mandate Tax (Page 324/Sec. 1501/$15 bil/Jan 2014):
- Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following (page 71 of manager’s amendment updates reid bill):
- ------------ Single------------------ 2 People---------------3+ People
- 2014----$495/0.5% AGI--------$990/0.5% AGI-------- $1485/0.5%/AGI
- 2015----$495/1.0% AGI--------$990/1.0% AGI-------- $1485/1.0%/AGI
- 2016+---$495/2.0% AGI--------$990/2.0% AGI-------- $1485/2.0%/AGI
- If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $750 for all full-time employees.
- Applies to all employers with 50 or more employees.If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).
- Starting in 2013, new 40 percent excise tax on “Cadillac” health insurance plans ($8500 single/$23,000 family).
- Higher threshold ($9850 single/$26,000 family) for early retirees and high-risk professions. CPI +1 percentage point indexed.
- Longshoremen have been exempted (page 362 of the manager’s amendment)From 2013-2015, the 17 highest-cost states are 120% of this level.
- Preamble to taxing health benefits on individual tax returns
- No longer allowable 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)
HSA Withdrawal Tax Hike (Page 1998/Sec. 9004/$1.3 bil/Jan 2011):
- Increases 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.
- Imposes cap on FSAs of $2500 (now unlimited).
- Indexed to inflation after 2011 (added on page 363 of manager’s amendment)
- Requires businesses to send 1099-MISC information tax forms to corporations (currently limited to individuals), a huge compliance burden for small employers
Excise Tax on Charitable Hospitals (page 2001/Sec. 9007/Min$/immediate):
- $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS (updated on page 364 of manager’s amendment).
- $2.3 billion annual tax on the industry imposed relative to share of sales made that year.
- $2 billion annual tax on the industry imposed relative to shares of sales made that year.
- Exempts items retailing for <$100.
- Rises to $3 billion annually in 2017 (updated by page 364 of manager’s amendment).
- $10 billion annual tax on the industry imposed relative to health insurance premiums collected that year.
- Phases in gradually until 2017. Fully-imposed on firms with $50 million in profits (updated on page 365 of manager’s amendment)
- Eliminate tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Page 2034/Sec. 9012/$5.4 bil/Jan 2011)
- Waived for 65+ taxpayers in 2013-2016 only$500,000
- Annual Executive Compensation Limit for Health Insurance Executives (Page 2035/Sec. 9014/$0.6 bil/Jan 2013)
- ---------------------------First $200,000------------------ Employer/Employee ---------------------------Employer/Employee------------- All Remaining Wages --------------------------- ($250,000 Married)
- Current Law------------- 1.45%/1.45% ----------------------1.45%/1.45%----------------------------------2.9% self-employed ---------2.9% self-employed
- Reid-Obama Tax Hike-1.45%/1.45%-------------------1.45%/2.35%-------------------------------------2.9% self-employed ----------3.8% self-employed
- The 0.9% new rate addition is not deductible for the self-employment tax adjustment. Updated by page 372 of manager’s amendment.
Blue Cross/Blue Shield Tax Hike (Page 2044/Sec. 9016/$0.4 bil/Jan 2010):
- The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services
- STRICKEN: Tax on Cosmetic Medical Procedures (Page 2045/Sec. 9017/$5.8 bil/Jan 2010): New 5% excise tax on elective cosmetic surgery to be paid by the surgery patient.
- REPLACED BY: Tax on Indoor Tanning Services (Page 373 of Manager’s amendment/$2.7 billion/July 1, 2010): New 10% excise tax on indoor tanning salons
List of tax hikes in original Reid bill
Manager’s Amendment http://democrats.senate.gov/reform/managers-amendment.pdf
JCT Score of Manager’s Amendment http://jct.gov/publications.html?func=startdown&id=3641
Americans for Tax Reform is a non-partisan coalition of taxpayers and taxpayer groups who oppose all tax increases.
Til Nex'Time....
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