Many people don’t know how the health care bill is really going to be financed. It will be through the Alternative Minimum Tax.
As a tax professional, I have been preparing 2010 federal tax projections for many of my clients. Their 2010 tax bills will be as much as $8,000 to $12,000 higher using the same income and deductions they had in 2009. This horrendous tax does not affect just high-income taxpayers. This tax can affect a single taxpayer earning $80,000, increasing their tax by $4,000, or a married couple earning just $85,000, increasing their tax by $5,500.
My congressman, Jerry McNerney, seems unconcerned about the plight of the taxpayer.
My husband contacted his Stockton office on March 3, and I e-mailed his D.C. office at the same time inquiring if there was any pending legislation to “fix” this tax by raising the AMT exemption. To date, we have had no response, and the April 15 estimated tax due date is quickly approaching.
In addition, I tried to contact the chairman of the House Ways and Means Committee, and again received no response. Are the American taxpayers once again going to be blindsided?
a course in basic accounting and economics might help change your grasp of financial reality.
"It only seems to be a issue to the party out of power when they can use it to invoke the futures of their kids and grandchildren, and then despite the promises that if elected things will change, they never do."
Like slavery, civil rights, lowered taxes etc. Continued Cluelessness.
MarkJ is right. The healthcare bill is bad 4 business. ChetW can pat himself and Jerry on the back, but the healyhcare bill does nothing to fix the problem except force me and other taxpayers to pay for others.
That's like paying for a cancer patient's cigars with OUR tax money.
Where are some of these bloggers coming from? Maybe we should tax the bloggers to generate taxes for the flag waving members of the T party. Remember No New Taxes.
http://online.wsj.com/article/SB20001424052748704107204575038733246595218.html
with the budget deficits the words
HAD ENOUGH?
at the bottom will make a great sign for the TEA Party event this year out at the Pleasanton Fairgrounds, this Thursday from 2pm - 7pm.
Free admission and free parking, if you are in the area, come on by.
http://www.pleasantonteaparty.com/
Americans will continue to get fatter and more sedentary in their life styles - this is a trend which the bill does nothing to address. A tanning tax? No offense intended, but a fat tax would be more apropos.
Market costs dictate insurance rates - it doesn't work the other way around. The lower the risk/exposure,the lower the premiums. If you own a home in a designated brush zone, you will pay 2 -4 times the premium of a house in a low risk zone. Simple, and the way it should be.
When all the claims start rolling in from all the people with pre-existing conditions, most of which were caused by the self induced neglect of their bodies, and the claims keep coming and coming and coming over their entire life with no caps - the system will collapse. Pooling and the sharing of risk is a basic principle of insurance but it is a fact that risk pools can become saturated with bad risks. At that point insurance companies can either raise rates, or pull out of that particular market segment. Again, simple and the way it should be.
This bill is a massive welfare program and it will eventually collapse, or the cost will sky rocket. There is nothing being done to reduce the causes of high healthcare cost and if premiums are forced down with not only no reduction in risk, but actually a massive increase, the situation will become untenable.
What this bill does accomplish, is taking away the motivation of people to get off their asses and take responsibility for themselves. Hey look at me, I can be an out of shape, smoking, drinking, sit on my butt, do nothing food stamp collector, and everyone else is paying for it. Thanks mom and dad, I'm on your dime until I'm 26 - yipeeee. Pathetic.
It only seems to be a issue to the party out of power when they can use it to invoke the futures of their kids and grandchildren, and then despite the promises that if elected things will change, they never do.
Your legacy thanks their socialist grandfather for the low standard of living.
I respect your opinion, but what lies?
There are an awful lot of out of work 26 year olds. Why should we have to pay their medical? When I was 26 I didn't want to purchase insurance. I pocketed the money instead. Many are uninsured by choice. Essentially your congress are cramming it down their throats to pay. Whether or not they wanted. Now they have no choice. If they refuse. They get financially penalized.
I thought I recall our congressman sitting in Tracy saying he wouldn't discriminate.
So what has our congressman done for Tracy?
YES we Can.
YES we DID!!!!!!
Thank you Jerry McNerney
In fact, the only way they can finance bad healthcare is through the AMT. I tried to tell our congressman that it would cost us more and that the jobs he told us it would create would be medical transcriptionist jobs that our congress would send (and is already) sending overseas. But would he listen?
Listen, there is no other way hto finance the bad healthcare that our congress voted on. And I just found out it won't even pay for the FD when they respond to an emergency 911 call.
Imagine. Our congressman missed an opportunity to improve the healthcare but didn't listen, why?
And can someone tell us ONE thing that our congressman has EVER done for Tracy?
Anyone?
Who does he think he is, RobinHood?
Implementation Schedule of Health Care Tax Increases, 2010-2018
Journal of Accountancy, Health Care Reform Reshapes Tax Code:
Implementation Schedule
2010
Adoption credit increase
Adoption-assistance program increase
Tanning excise tax
2011
Small business tax credit
Prescription drug coverage deduction eliminated
W-2 reporting
SIMPLE cafeteria plans
Restrictions on use of HSA and FSA funds for over-the-counter drugs
Tax on HSA distributions increase
2012 1099s required for payments to corporations
Adoption credit sunset
Adoption-assistance programs sunset
2013 Increase in medical deduction threshold for taxpayers under age 65
Additional hospital insurance tax on high-income taxpayers
Medicare tax on investment income
Fees on health plans (after Oct. 1, 2012)
Medical device excise tax
Flexible spending arrangement maximum imposed
2014 Premium assistance credit
Excise tax on uninsured individuals
Excise tax on applicable large employers
Insurer reporting requirements
Eligible premiums included in cafeteria plans
2017 Increase in medical deduction threshold for taxpayers age 65 and over
2018 Excise tax on high-cost employer plans