2011 W-2 Tax Forms - Why does this not surprise me???

Should you want to verify this, go to http://www.thomas.gov/ , enter "HR 3590" in the search box and look for "CRS Summaries." 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)."

(Sec. 9003) Restricts payments from health savings accounts, medical savings accounts, and health flexible spending arrangements for medications to prescription drugs or insulin.

(Sec. 9013) Increases the adjusted gross income threshold for claiming the itemized deduction for medical expenses from 7.5% to 10% beginning after 2012. Retains the 7.5% threshold through 2016 for individual taxpayers who have attained age 65 before the close of an applicable taxable year.

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.

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

There are many important issues facing our country today but unless we get the money thing right all else is futile.  RIGHT ON THE MONEY

So vote intelligently and remember to either adjust your tax withholding, or increase your savings.

Fight organized crime - vote them out of office in November!  http://www.goooh.com/