Get ready to pay a lot more taxes next year



Get ready to pay a lot more taxes next year


yogithebear

Jul 29, 10 at 10:13am
2011 W-2 Tax Forms--Surprise, surprise!
If this doesn't get to you, then check your pulse. You may be a flatline...
Should you want to verify this, go to http://www.thomas.gov/, enter "HR 3590"
In the search box and look for "CRS Summaries" (near the bottom of the page.) This is what you'll find.
Title IX Revenue Provisions—Subtitle A: Revenue Offset
"(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)."
Starting in 2011—next year—the W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are provided.

It doesn't matter if you're retired. Your gross income WILL go up by the amount of insurance your employer paid for. So you’ll be required to pay taxes on a larger sum of money that you actually received. Take the tax form you just finished for 2009 and see what $15,000.00 or $20,000.00 additional gross income does to your tax debt. That's what you'll pay next year.

For many it puts you into a much higher bracket. This is how the government is going to buy insurance for fifteen (15) percent that don't have insurance and it's only part of the tax increases, but it's not really a "tax increase" as such, it a redefinition of your taxable income.

Also, go to Kiplinger's and read about the thirteen (13) tax changes for 2010 that could affect you.

. People have the right to know the truth because an election is coming in November. So vote intelligently, based on your values.
But also adjust your tax withholding, or increase your savings, so that you aren't surprised and put in a jam when your federal income taxes are due on April 15, 2012.
Fight organized crime! Re-elect no one.
God Bless America!

cafhai

Jul 29, 10 at 02:27pm
Just another broken promise by King Obama regarding taxes.

Most of us here knew that he was lying right from the start regarding his not raising taxes. All we can do is hope that in 2012 elections, we have more than enough people in congress that will repeal Obamacare.

yogithebear

Jul 29, 10 at 03:43pm
Ya, this one's sneaky, not really a tax increase, they're just gonna start taxing something that wasn't taxed before. When I retired my healthcare was provided by contract till I reach 65. This is gonna bump my income for taxes by a bunch. Time to get even more active in voting out incumbants, at least anyone who voted for kenyancare.

radwhopperbob

Jul 29, 10 at 05:58pm
Wait until 2018 when they start a 40% tax on what is called "cadillac" insurance programs that are worth more than $10,000 dollars a year. I work for less money so I can have better benefits, but this crap will definitely put me in a higher tax bracket.

yogithebear

Jul 30, 10 at 04:09am
not if people wake up and start cleaning house starting in November. if enough of the assholes who voted this in (meaning the democraps)) get replaced by something else, maybe this mess can get cleaned up. Imagine a congressional majority of say independants who owe their allegience only to the voters who elected them. What a novel idea instead of to a political party with an agenda.

zepyer_1999

Jul 30, 10 at 06:37am
Wouldn't matter Yogi.
We have to start by fixing the attitude of the American people first and its obsessions with entitlements.

Which makes me a hypocrite I guess cause I receive military retirement, drove a city bus mainly funded by gov money, and now work at a hospital (how many pts use Medicare/aide). Part of my retirement will be based on Social Security and most of my health care is military retirement Tricare.

Get your electric from a rural co-op? That is often fed funded and covers areas that haven't been rural for years and make a good profit, why are they still funded by the gov?

Gov funds are decreasing and the demand for programs are growing. Even when I was in school over 40 years ago I had a teacher telling us SS wouldn't hold up mathmatically. But, this year there wasn't suppose to be an increase but, Obama and crew gave SS a $250 bounus.

Look at our Congress (yes I'm back on that soapbox). Serve two years and get retirement for life and don't have to pay a penny into it.
Same with all Fed Gov retirements as far as I know; no Gov employee has to pay a dime into it. No high pay federal judge, post office carrier, none.
Did you know that when a General retires from the Military he too gets full pay for life? FUCKING WHY? I was enlisted and got cut 50% upon retirement.

How many schools would have to close or greatly change if the Fed tit dried up? College? You know I use to think states that required colleges to accept anyone who applied were pretty smart but, after seeing a bunch of party hard, lazy bums and professional students I'm having second thoughts. My wife gave me a limited peak at one students that gets a "stipend" for doing research work at the college.
This person pays no taxes on it and make more than I do with my job and my retirement.

And jut try and close a military base!

Sorry Yogi, your partly right but, until we change our attitudes were in for some HUGH tax increases in the future.

radwhopperbob

Jul 30, 10 at 07:37am
There is a difference between working your entire life and paying into a pension fund, social security, etc. and expecting to be paid what was promised and owed to you when you retire, vs. someone who never worked a day gettting all types of government assistance and feeling like it is owed to them. Even with the outrageous amount of non-workers getting social security, it still would be solvent if Congress hadn't raided all the money from it, (like DOE is doing to our pension fund now).
Also as much as I hate to say it, something has to be done about the rich getting richer at the expense of the middle class. The poor are just poor, but the middle class in this country is shrinking at an alarming rate. And its NOT because they are moving up. There is un-paralleled greed in this country now and if it continues un-abated it will eat it up.

cafhai

Jul 30, 10 at 02:32pm
First off, I don't consider social security a true entitlement because we as individuals pay into it every paycheck. With that being said though, I do feel that as life expectancy goes up, then so should the retirement age, or the longer you work, the more money you can collect when you do retire. For example, if you retire at 65 and every year you work beyond that, you should get a little bit more money per month when you do retire. I don't feel that there should be a maximum age either, like I think there is not. Of course, if congress would keep their grubby hands off social security and not fill it up with IOU's then maybe it would be in better shape now than it is.

As to the politicians getting these benefits, well, that's just crap (Unless they pay into it like a 401k/TSP plan). None of them should be getting these benefits, other than health care while they are in office. The best way to take care of that is to enforce term limits, to lets say, Representatives to 3 terms max and senators to 2 terms max.

Like I have said before, I have no real problem with military, FD and PD people having retirement packages because they all put their life on the line, in some cases everyday. They do deserve some type of reward for that type of public/national service.

Regardless though, we have to get as many of the progressives out of office as possible over the next two election cycles to begin the repair process of this country, like repeal the Obamacare, repeal parts if not all of the new financial bill, defund the EPA, fire every single czar with ZERO replacements, etc...etc. This cycle, the democrats MUST lose control of at least the house, if not both. In 2012, Obama must be shown that he's a one term president with hopefully a strong conservative to replace him who's not afraid to tell the people what they need to hear instead of what the people want to hear.

zepyer_1999

Jul 30, 10 at 05:49pm
NO! Everyone has got to give something up.
Some public servants are getting 95% of their pay (cops and some others). Many states in a few years won't be able to pay their retirements because they have given their people so much.

Even career military can kick in a little bit. Answer me Cafhai, why do General get full pay after retirement and enlisted only get half?

Get off the Democrats, lets get them all cause all of them are sucking off the tax tit.

cafhai

Jul 30, 10 at 10:01pm
Zep,

I won't argue with you about any officers or enlisted about getting 100% of their pay as a pension. I feel that they all should receive the same % of 50% of their average highest 3 years base pay, which is probably what you're getting.

I feel that PD and FD should get the same benefits as our servicemen. Definitely, no one should be getting 95% pension, and if they are, then those rules should be changed so that it cannot continue, at least for future hires. Not sure if there's a legal way to stop the ones already receiving their pensions.

I'm also not against them paying into the pension programs, but I do know though that in the service, that pension after 20 years is a big selling point that recruiters use to get people to join and to re-enlist. I know of quite a few sailors that I served with that wouldn't go the 20 if their wasn't a pension plan. O can't say for certain that's the same with PD and FD, but military I'm pretty sure that if you stopped that practice, recruiting would drop and re-enlistments would definitely drop by quite a bit.

Just FYI though, it's harder to do the 20 now than it was 7 years ago because you have to attain a certain rank to continue military service, otherwise they will force you out. For example, I think that E-5 can go max of 12 years and E-6 can go max of 20 years before they force you out, unless you make khaki.