Title IX revenue provisions 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.
What this means for you and me, boys and girls, is starting in 2011 (next year) your W-2 sent by your employer will be increased to show the value of whatever health insurance you are given by the company. 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 amount of money you have never seen. (Isn't Obama care just great?)
Take your tax form this year and add 15 to 20 thousand additional gross pay to it and see what your tax debt will be for next year. For many it will throw you into a higher tax bracket so the pain will be even worse. This is how the supreme leader will pay for the 15 percent of people in this country who do not have health insurance.
You and I, brothers and sisters, are going to pay for it. Hope all you Obama zombies have a nice day.
Sorry, Gary, sometimes when you get bad news you just don't feel like being nice. Have a nice day.
Lonnie Slone
Warsaw, via e-mail
Editor's Note: The following is from factcheck.org:
Q: Does the new health care law require workers to pay income tax on the value of employer-provided health insurance?
A: No. The value will appear on employees' W-2 forms for information purposes, but will not be considered taxable income.
