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Taxed on your Co's Health Insurance Plan


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Co-Worker sent me this found it kinda interesting.

I don’t feel like cross referencing and looking up the facts, but I know you guys eat this stuff up so have at it.

How much of this is true?

 

 

 

Starting in 2011 (next year folks) your W 2 tax form sent by your employer will be increased to show the value of what ever health insurance you are given by the company. It does not matter if that's a private concern or governmental body of some sort. If you're retired ? So what; your gross will go up by the amount of insurance you get.

 

The dollar value (cost of what the company pays for your insurance) will be considered income

and added to your gross pay. You will be taxed on the total

 

You will be required to pay taxes on a large sum of money that you have

Never seen.

 

Take your tax form you just finished and see what $15,000 or $20,000

Additional gross does to your tax debt. That's what you'll pay next year.

For many it also puts you into a new higher bracket so it's even worse.

 

This is how the government is going to buy insurance for 15 % that don't

Have insurance and it's only part of the tax increases.

 

Not believing this I researched the summaries and here's what I'm reading:

 

On page 25 of 29 :

 

TITLE IX REVENUE PROVISIONS- SUBTITLE A: REVENUE OFFSET PROVISIONS-(sec .

9001 , as modified by sec. 10901)

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 employees gross income."

 

Joan Pryde is the senior tax editor for the Kiplinger letters. Go to

Kiplingers and read about 13 tax changes that could affect you. Number 3 is

What I just told you about.

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Anything that takes the money out of the obnoxiously wealthy people's hands is just fine by me, I am sick and tired of the rich getting richer, the poor suffering, and the middle class becoming non existent. If changing that means socialism then *edited*ing bring it on.

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inb4 this was a chain email to scare the american people. Definitely taken out of context.

 

"go look at the bill....I like how the email doesn't include all the details... like if youre on a individual plan anything that the COMPANY pays that is over $8500 is taxed... (yes the company not the individual)...I don't know about you but my company's portion is nowhere near $8500 and if you on a family plan anything over $23000 is then tax.

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why is being taxed on a luxury a bad idea?

 

or is it a bad idea just because you are money hungry?

This is another part of the "insurance tax on everyone". If you have insurance as a company benefit, you get taxed on it. If you can't afford insurance, you get taxed for not having it. The only way to win here is to buy your own, oh wait, once this starts you can't buy any new private plans, you have to get a government sponsored plan.

 

Anything that takes the money out of the obnoxiously wealthy people's hands is just fine by me, I am sick and tired of the rich getting richer, the poor suffering, and the middle class becoming non existent. If changing that means socialism then *edited*ing bring it on.

This takes money out of EVERYONE'S hands, from the Bill Gates' of the world down to the toilet scrubbers making mimimum wage. You say it's good to have a tax on EVERYONE that directly hurts the middle class then complain about the middle class disappearing. Well no *edited* the middle class is dying, it's because of the throngs of voters like you that think *edited* like this only affects the wealthy.

 

And talk about bashing the poor, if you can't afford insurance you get taxed $695 or 2.5% of your gross (pre-taxed) income for it. Obama cares about the poor so much he created a new tax just for them...

 

Why is it that 2/3 of Americans are in favor of repealing Obamacare? Maybe because it doesn't do *edited* for another 4 years and sticks the middle class, yes the average ordinary middle class workers, with the entire *edited*ing bill.

 

Ever stop to think why almost every state is broke? They raised the taxes on the wealthy thinking that alone would solve their problems. If your elected leader has a (D) beside his name that's short for "dumbass that doesn't know economics or history" because both history and economics classes will tell you that lowering taxes on the wealthy RAISES the tax income and raising taxes on the wealthy LOWERS the tax income. Something to do with the wealthy spending their money in the US economy, creating jobs, forming companies, that sort of thing.

 

inb4 this was a chain email to scare the american people. Definitely taken out of context.

 

"go look at the bill....I like how the email doesn't include all the details... like if youre on a individual plan anything that the COMPANY pays that is over $8500 is taxed... (yes the company not the individual)...I don't know about you but my company's portion is nowhere near $8500 and if you on a family plan anything over $23000 is then tax.

So you combat chainmail with another chainmail?

 

How about you go find the provision that specifically states those limitations on who this tax hike affects. I couldn't find them, and Adobe Reader's search feature looked really *edited* hard too. I also found the numbers you were talking about, only they weren't the numbers you listed so I don't know if the OP "chain letter" is a lie or not, maybe it is, but whoever you got your quote from was definately lying.

 

Here's a biggie that makes absolutely no sense at all. Flexible insurance plans, like HSAs, are an extremely smart move because it forces you, the consumer, to shop around for the best prices on doctors and drugs. Obama was extremely pushy on this subject and spoke at length about making prescriptions drugs cheaper and getting people to buy over-the-counter meds if they do the same thing. So why is that people on flexible insurance plans are now banned from filling claims on over-the-counter drugs? Obama has now made it more beneficial for me to get a $200 bottle of allergy medicine on a prescription than a $5 box of Claritin D. How *edited*ed up is that?

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Something to do with the wealthy spending their money in the US economy, creating jobs, forming companies, that sort of thing.

 

BULL*edited*!

 

Every time someone says this a goose lays a golden egg that some rich *edited*er eats for breakfast. Bring me the small business owners who are creating jobs, *edited* the CEO wealthy *edited*es who are making 600% more than their employees, it used to be maybe 60% which is more understandable, I didn't vote for Obama FYI, and like I said "IF THIS WORKS" thing bring it on, I don't know what it is that will fix our broken system, if you don't think this is it that is fine that is your opinion. But I think we can at least agree on something needs to be done, the 1 % of America that has houses built out of the American dollar need to give more to the country that they built their wealth in, stop riding the back of the poor and middle class.

 

Rich people are greedy as *edited*, it is a curse, my Uncle who used to be a CEO and is a millionaire still, retired now, has houses all over the *edited*ing planet, yet he is worried because his wife is going to have to pay $750 for insurance. Where my parents together with my dad's 10$/hr job and my Mom barely making enough to hold up the house will have to pay over $1500.

 

As Warren Buffet said, you have to *edited*ing take it from Rich people because they are not going to give it up. I don't think people should have hand outs, I also don't think that people should have to barely make it, that student's trying to start a new life should start with $50-$100k in debt from student loans, it is wrong, 50 years ago no one had student loans. I don't understand why you are fighting for a broken system, I may not agree with everything that Obama and the Democrats want to do, but there are a few things that I do.

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inb4 masterp's response: "Oh it's perfectly okay that 1% of America owns 95% of everything. That's capitalism at it's finest, they'll bless us with their good morals, cause lord knows those uber rich *edited*s are morally sound and just people who have been blessed by the gods to trickle down little bread crums to everyone."

 

*edited* that, revolution *edited*es.

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Yup it's time to stand up, I've sat back quietly for too long. I don't dream of being on of those rich *edited*ers, I know that I never will be because it isn't in me to be a greedy *edited* bag.

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dude this tax will affect me and I make a measly $43k supporting me and my wife and her thousands of dollars in student loan debt.

 

Adding the cost of the insurance to gross income hurts the unwealthy more than the wealthy. For instance, adding $5000 to the income of someone making $50k is a 10% increase, while adding $5000 to someone making $500k is only a 1% increase. Guess who is hurting more from this tax?

 

Hate to say it but MP was right on this one.

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I don't think all the player's have played their hands yet, to be quite honest.

 

If it is just as you say you are right it sucks, but I still don't think all the cards are on the table yet.

Edited by Bitey
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dude this tax will affect me and I make a measly $43k supporting me and my wife and her thousands of dollars in student loan debt.

 

Adding the cost of the insurance to gross income hurts the unwealthy more than the wealthy. For instance, adding $5000 to the income of someone making $50k is a 10% increase, while adding $5000 to someone making $500k is only a 1% increase. Guess who is hurting more from this tax?

 

Hate to say it but MP was right on this one.

 

Section 9001 consists of an excise tax on "Cadillac" health plans. It goes on to explain how tax increases will be done to cover this new plan that the government wants to impose. Basically stating that if you have provided your family with the very best in health coverage you get to be taxed extra. This tax is not very lenient either; they want to impose a 40 percent tax on the portion of insurance premiums exceeding $8,500 a year for individuals and $23,000 a year for family plans.

 

you have to pay more than 165 dollars a week as an individual or 450 as a family to even be considered for this tax. Its a tax on high-premium insurance plans, the big GOLD and PLATINUM plans. you won't be touched nickname. the only people who can afford those retarded plans are the uber rich. I say tax away.

Edited by NuRayZ
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I don't think all the player's have played their hands yet, to be quite honest.

 

If it is just as you say you are right it sucks, but I still don't think all the cards are on the table yet.

What wouldn't be played yet? The more time goes by the more this gets worse. There's nothing new getting put in this bill so there are no new cards to be played. All we can do is learn about the cards currently in play and every other week something new and downright devastating for the middle class gets brought to light because now ordinary people have the time to actually read the legislation.

 

What does student loans have to do with insurance? Sorry you went to a public school, sorry you didn't have the money so some rich guy gave you the money and let you pay him back over time, sorry you aren't happy that you got $50,000-100,000 in charges for education from the GOVERNMENT. I love how everyone gets all upset about this whole student loan thing and blames rich people and the banks when the GOVERNMENT is the one that is continually raising the price of public education. Sure 50 years ago no one had student loans, you think it's the fault of rich people and banks that the price is now higher than it was then? Also remember that 50 years ago if you couldn't afford college, you didn't go. Back then you didn't need a college degree to be successful in life, it just meant you had to work your *edited* off with your hands instead of your mind. Guess what's changed since then? Nothing. If you work your *edited* off you don't need a college degree, not then, not now, not ever.

 

This whole "screw the rich" is just a smoke screen that I'm honestly surprised so many are getting lost in. The richest are the ones LEAST hurt by this provision and the poorest amoung us are absolutely devastated. About six years ago that was my family down at the poverty line, my parents spending almost half their income on the family's insurance, so I know *edited* well how bad the current system sucks. The difference? Instead of *edited*ing about how bad things were my dad started his own company, worked his *edited* off, and now has a company worth 15-20 million. You going to say my dad is a greedy *edited*? Btw, guess what kind of college degree he has? Oh wait, he doesn't have one, he just worked his *edited* off...

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For the record, almost nothing I said had anything to do with this, I was just raging on the fact of rich people getting richer.

 

Glad the lucky few have it so easy. If he had enough money to start his own company than he wasn't in any position to complain. We have to work every day to not have everything we own torn out from under us, be in that position and then say, "Oh no you just work your *edited* off and then everything is fine". Bull*edited* again, you're family is not mine, is not anyone elses. I am happy that your dad was able to have the know how, will power, e-peen size, whatever, to start his own company and get something done. Six years ago my Dad still had a job didn't have to worry about *edited* and the economy was not in the state it currently is in. Defend rich people all you want, but until I see CEOs that make 600% more than their employees working on the front lines I don't give two *edited*s about them.

 

I honestly don't think we live in a country anymore where you can "Work your *edited* off and be fine". I work my *edited* off for 10/hr too because I have no choice, just because I don't get to control my salary doesn't mean I am working any less hard than your dad did 6 years ago. What he probably had that both I and my father lack was a reserve of money, and the knowledge of something to put it into to create his own business. I don't know if your Dad is a greedy*edited*, how many houses does he have, how many vacations does he take, how many things does he own that are considered luxuries? Answer these questions and you will have your answer. Hit me with the classic republican response of he made it so he can do what he wants with it and I will say, yeah point proven he is a greedy *edited*. Because what I would want to do with my wealth is make sure I am taken care of, I don't need a lot. Notice I said need, I made spoil myself a bit but everything else I had would go into charities, scholarships, things like this. Your Dad might do that and that is great if he does, but one guy doing it doesn't make a difference.

 

I don't blame rich people for high student loans, I also don't blame rich people or the banks for the price of going to college, it obviously is not their fault. However when you have the board and CEO of a company making 600% more than their employees that tells me that they are probably paying their employees about 10/hr. Why, is that? What did the CEO do to gain that? Oh he created jobs you say? So why is America in it's highest state of unemployment since the depression, but CEOs continue to get richer? Why do banks like Bank of America receive money from the American people and then go out and BUY *edited* THEY DON't *edited*ING NEED AND PAY THEIR CEOs MORE *edited*ING MONEY! This is what I rage about. So yes I can blame the rich people and the banks for some things, and these are the things I blame them for.

Edited by Bitey
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However when you have the board and CEO of a company making 600% more than their employees that tells me that they are probably paying their employees about 10/hr.

That would mean the CEO makes 70/hr * 40 hr/wk * 52 wk/yr = 145600/yr, which is actually very modest for a CEO.

 

Just throwing this out, Jamarcus Russell made $39 million for being a crappy NFL QB and getting cut after 3 seasons. It would take said hypothetical CEO over 300 years to make that much money on his hypothetical salary.

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However when you have the board and CEO of a company making 600% more than their employees that tells me that they are probably paying their employees about 10/hr.

That would mean the CEO makes 70/hr * 40 hr/wk * 52 wk/yr = 145600/yr, which is actually very modest for a CEO.

 

Just throwing this out, Jamarcus Russell made $39 million for being a crappy NFL QB and getting cut after 3 seasons. It would take said hypothetical CEO over 300 years to make that much money on his hypothetical salary.

 

JaMarcus Russell is best bust ever

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However when you have the board and CEO of a company making 600% more than their employees that tells me that they are probably paying their employees about 10/hr.

That would mean the CEO makes 70/hr * 40 hr/wk * 52 wk/yr = 145600/yr, which is actually very modest for a CEO.

 

Just throwing this out, Jamarcus Russell made $39 million for being a crappy NFL QB and getting cut after 3 seasons. It would take said hypothetical CEO over 300 years to make that much money on his hypothetical salary.

 

I realize that I am in the completely wrong thread and sorry for screwing up the OP, but I had to get this off my chest.

 

Why is it OK for the CEO to make 600% more than the employee? Why is that necessary?

 

Also now multiply that by every employee they have, then you have the right number. Not to mention the bonuses and freeby things that CEOs get for being..... a CEO.... again the whole idea that they deserve something better? I just don't get it.

 

Here is an average CEOs pay for 2009 :

 

Salary $1,041,012

Bonus $203,714

Stock Awards $2,630,574

Option Awards $2,284,595

Non-Equity Incentive Plan Compensation $1,790,703

Pension and Deferred Compensation Earnings $1,060,867

All Other Compensation $235,232

Total $9,246,697

 

It looks like the average percentage came down in 2008 and is hanging out around 319, not sure what it is today or was in 2009.

 

It is stuff like this:

 

The average CEO pay in North Carolina is $ 3,679,332.

The average annual income of all occupations in North Carolina in 2008 was $ 38,230.

The unemployment rate at the end of March in North Carolina was 11.1%.

 

If you down cut a CEO making about that much money so they make $1,500,000 instead, you just opened up about 55 more jobs for people making $38,000, I mean my God! Imagine what that would do for the economy and unemployment rate.

 

If you can justify for me why one man ever deserves to sit at the top and make that much money I will shut up. As far as I can tell though we have a country of kings and peasants, I thought we left the monarchy... Instead now we just have hundreds of little kingdoms for singular men/women.

 

Statistics come from : http://www.aflcio.org/corporatewatch/paywatch/pay/index.cfm

Edited by Bitey
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However when you have the board and CEO of a company making 600% more than their employees that tells me that they are probably paying their employees about 10/hr.

That would mean the CEO makes 70/hr * 40 hr/wk * 52 wk/yr = 145600/yr, which is actually very modest for a CEO.

 

Just throwing this out, Jamarcus Russell made $39 million for being a crappy NFL QB and getting cut after 3 seasons. It would take said hypothetical CEO over 300 years to make that much money on his hypothetical salary.

 

i believe it's 600% more than their employees combined. hypothetically speaking, your CEO only has one dude employed lol. bring that number up to about 50 and yeah, he makes a *edited*load.

 

 

i don't think all rich people are evil. I know a millionaire, who started a glass/window company from scratch. He did small repair jobs around Houston at first. My aunt directs an office management company which manages a couple office buildings downtown. After the hurricane a few years back (Ike i think), he placed a bid on a million dollar job (20 story building, replaced all windows with hurricane resistant ones) and landed it. Made his first million. He is definitely a hard working man, and deserves every penny, and is extremely gracious too. pays all his workers graciously, and full benefits. He even rents them places to stay when they are *edited* out of luck (one of his employees got thrown out by his wife lol). Another employee had 4 DWI's and he bought the best lawyer for him and got them all whiped from history. He's an extremely loyal, rich, gracious man. I'm pretty sure there are more guys like him, but most richies aren't that cool.

Edited by NuRayZ
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However when you have the board and CEO of a company making 600% more than their employees that tells me that they are probably paying their employees about 10/hr.

That would mean the CEO makes 70/hr * 40 hr/wk * 52 wk/yr = 145600/yr, which is actually very modest for a CEO.

 

Just throwing this out, Jamarcus Russell made $39 million for being a crappy NFL QB and getting cut after 3 seasons. It would take said hypothetical CEO over 300 years to make that much money on his hypothetical salary.

 

i believe it's 600% more than their employees combined. hypothetically speaking, your CEO only has one dude employed lol. bring that number up to about 50 and yeah, he makes a *edited*load.

 

 

i don't think all rich people are evil. I know a millionaire, who started a glass/window company from scratch. He did small repair jobs around Houston at first. My aunt directs an office management company which manages a couple office buildings downtown. After the hurricane a few years back (Ike i think), he placed a bid on a million dollar job (20 story building, replaced all windows with hurricane resistant ones) and landed it. Made his first million. He is definitely a hard working man, and deserves every penny, and is extremely gracious too. pays all his workers graciously, and full benefits. He even rents them places to stay when they are *edited* out of luck (one of his employees got thrown out by his wife lol). Another employee had 4 DWI's and he bought the best lawyer for him and got them all whiped from history. He's an extremely loyal, rich, gracious man. I'm pretty sure there are more guys like him, but most richies aren't that cool.

 

Yeah I don't think rich people are evil, but most need to be more generous with their money, just flat out. Otherwise they are a greedy *edited*er, there is no nice way to put it. You have enough money to buy your own *edited*ing island, but you can't give someone 300k, teach him how to invest it and say good luck. I am just saying.

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You cant hate on all CEOs; that website you used Bitey is for >300 companies, all of which are on S&P 500 list.

There are hundreds of thousands of companies in the country, all of which have a CEO (just might not call him that), and the vast majority do not make nearly that much money. See http://www.payscale.com/research/US/Job=Chief_Executive_Officer_%28CEO%29/Salary and http://swz.salary.com/salarywizard/layouthtmls/swzl_compresult_national_ex05000001.html

 

But I agree that making that much money is a little ridiculous.

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