8/23/10

"No new taxes"?

The Religious Right is at it again,sending another panic email around:

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
grossincome."


What does that mean?

It means that whatever your employer is paying for your healthcare is now going to show up on your W-2 form as 'income'.

See what adding several thousand bux to your income does to your 'tax picture'.

Boy howdy, ain't that enough to getcher dander up? Especially since Obama probably is a Muslim and probably ain't even a red-blooded American? And probably not even a "Christian" to boot?

Well.

Take a read:

Health Care Law and W-2 Forms

An excerpt:

The e-mail’s author correctly quotes a Congressional Research Service summary of the bill that became law (H.R. 3590), noting that Section 9002 "Requires employers to include in the W-2 form of each employee the aggregate cost of applicable employer-sponsored group health coverage." But the author then goes on to conclude — quite incorrectly — that this amount will be "added to your gross pay" and that "[y]ou will be taxed on the total." The CRS did not say that, and neither does the legislation itself. In fact, the value will continue to be untaxed, just as in the past.

The e-mail’s author also claims that an article written by Joan Pryde, a senior editor of the Kiplinger letters, backs up the claim: "Go to Kiplingers and read about 13 tax changes that could affect you. Number 3 is what I just told you about." But the truth is that the Kiplinger letters actually contradicts the claim.