Posted by
Gabrielle Cusumano on Friday, November 20, 2009 10:36:44 PM
"Individual Mandate Tax (Page 324/Sec. 1501/$8 bil), Employer Mandate Tax (Page 348/Sec. 1513/$28 bil), Excise Tax on Comprehensive Health Insurance Plans (Page 1979/Sec. 9001/$149.1 bil), Employer Reporting of Insurance on W-2 (Page 1996/Sec. 9002/Min$), Medicine Cabinet Tax (Page 1997/Sec. 9003/$5 bil), HSA Withdrawal Tax Hike (Page 1998/Sec. 9004/$1.3 bil), FSA Cap (Page 1999/Sec. 9005/$14.6 bil), Corporate 1099-MISC Information Reporting (Page 1999/Sec. 9006/$17.1 bil), Excise Tax on Charitable Hospitals (page 2001/Sec. 9007/Min$), Tax on Innovator Drug Companies (Page 2010/Sec. 9008/ $22.2 bil), Tax of Medical Device Manufacturers (Page 2020/Sec. 9009/$19.3 bil), etc., etc., etc., (See complete List below under Note These)
BREAKING: Full List of Tax Hikes In Senate Democrat Health Bill (HR 3590)
Read the full bill HR 3590 http://www.atr.org/userfiles/ReidHealthBill.pdf
Read the tax revenue score from the Joint Committee on Taxation (JCT)
Read the budget and tax score from the Congressional Budget Office (CBO)
PDF of this Document
Individual Mandate Tax (Page 324/Sec. 1501/$8 bil): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the following schedule (capped at 8 percent of income):
==============> Check out this important piece, at ATR.org...
BREAKING: Full List of Tax Hikes
In Senate Democrat Health Bill
From Ryan Ellis on Wednesday, November 18, 2009 9:46 PM
Read the full bill
Read the tax revenue score from the Joint Committee on Taxation (JCT)
Read the budget and tax score from the Congressional Budget Office (CBO)
PDF of this Document
Individual Mandate Tax (Page 324/Sec. 1501/$8 bil): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the following schedule (capped at 8 percent of income):
| |
Single |
Single +1 |
Single +2 |
| 2014 |
$95 |
$190 |
$285 |
| 2015 |
$350 |
$700 |
$1050 |
| 2016, etc. |
$750 |
$1500 |
$2250 |
Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS).
Employer Mandate Tax (Page 348/Sec. 1513/$28 bil): If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $750 for all full-time employees. Applies to all employers with 50 or more employees.
If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).
Excise Tax on Comprehensive Health Insurance Plans (Page 1979/Sec. 9001/$149.1 bil): Starting in 2013, new 40 percent excise tax on “Cadillac” health insurance plans ($8500 single/$23,000 family). Higher threshold ($9850 single/$26,000 family) for early retirees and high-risk professions. CPI +1 percentage point indexed.
From 2013-2015, the 17 highest-cost states are 120% of this level.
Employer Reporting of Insurance on W-2 (Page 1996/Sec. 9002/Min$): Preamble to taxing health benefits on individual tax returns.
Medicine Cabinet Tax (Page 1997/Sec. 9003/$5 bil): No longer allowable to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin)
HSA Withdrawal Tax Hike (Page 1998/Sec. 9004/$1.3 bil): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.
FSA Cap (Page 1999/Sec. 9005/$14.6 bil): Imposes cap on FSAs of $2500 (now unlimited).
Corporate 1099-MISC Information Reporting (Page 1999/Sec. 9006/$17.1 bil): Requires businesses to send 1099-MISC information tax forms to corporations (currently limited to individuals), a huge compliance burden for small employers
Excise Tax on Charitable Hospitals (page 2001/Sec. 9007/Min$): $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS.
Tax on Innovator Drug Companies (Page 2010/Sec. 9008/ $22.2 bil): $2.3 billion annual tax on the industry imposed relative to share of sales made that year.
Tax of Medical Device Manufacturers (Page 2020/Sec. 9009/$19.3 bil): $2 billion annual tax on the industry imposed relative to shares of sales made that year. Exempts items retailing for <$100.
Tax on Health Insurers (Page 2026/Sec. 9010/$60.4 bil): $6.7 billion annual tax on the industry imposed relative to health insurance premiums collected that year.
Eliminate tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Page 2034/Sec. 9012/$5.4 bil)
Raise "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI (Page 2034/Sec. 9013/$15.2 bil) : Waived for 65+ taxpayers in 2013-2016 only
$500,000 Annual Executive Compensation Limit for Health Insurance Executives (Page 2035/Sec. 9014/$0.6 bil)
Hike in Medicare Payroll Tax (Page 2040/Sec. 9015/$53.8 bil): Current law and changes:
| |
Wages (Employer/Employee) |
Self-Employment Net Income |
| Current Law and New Rate on First $200,000 ($250,000 MFJ) |
1.45%/1.45% |
2.9% |
| New Rate on Amount Which Exceeds $200,000 ($250,000 MFJ) |
1.45%/1.95% |
3.4% |
The 0.5% new rate addition is not deductible for the self-employment tax adjustment.
Blue Cross/Blue Shield Tax Hike (Page 2044/Sec. 9016/$0.4 bil): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services
Tax on Cosmetic Medical Procedures (Page 2045/Sec. 9017/$5.8 bil): New 5% excise tax on elective cosmetic surgery to be paid by the surgery patient.
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(Excerpt) Read more at http://www.atr.org/breaking-full-list-tax-hikesbr-senate-a4227#
This is IMPORTANT news, with the key vote coming up tomorrow!!
PLEASE help share this information ASAP - Let's kill this bill now!
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Note These:
Individual Mandate Tax (Page 324/Sec. 1501/$8 bil)
Employer Mandate Tax (Page 348/Sec. 1513/$28 bil)
Excise Tax on Comprehensive Health Insurance Plans (Page 1979/Sec. 9001/$149.1 bil)
Employer Reporting of Insurance on W-2 (Page 1996/Sec. 9002/Min$)
Medicine Cabinet Tax (Page 1997/Sec. 9003/$5 bil)
HSA Withdrawal Tax Hike (Page 1998/Sec. 9004/$1.3 bil)
FSA Cap (Page 1999/Sec. 9005/$14.6 bil)
Corporate 1099-MISC Information Reporting (Page 1999/Sec. 9006/$17.1 bil)
Excise Tax on Charitable Hospitals (page 2001/Sec. 9007/Min$)
Tax on Innovator Drug Companies (Page 2010/Sec. 9008/ $22.2 bil)
Tax of Medical Device Manufacturers (Page 2020/Sec. 9009/$19.3 bil)
Tax on Health Insurers (Page 2026/Sec. 9010/$60.4 bil)
Eliminate tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D (Page 2034/Sec. 9012/$5.4 bil)
Raise “Haircut” for Medical Itemized Deduction from 7.5% to 10% of AGI (Page 2034/Sec. 9013/$15.2 bil)
$500,000 Annual Executive Compensation Limit for Health Insurance Executives (Page 2035/Sec. 9014/$0.6 bil)
Hike in Medicare Payroll Tax (Page 2040/Sec. 9015/$53.8 bil)
Blue Cross/Blue Shield Tax Hike (Page 2044/Sec. 9016/$0.4 bil)
Tax on Cosmetic Medical Procedures (Page 2045/Sec. 9017/$5.8 bil)
Rush Limbaugh's Take On The Democrats and Obamacare
Democrats are the equivalent of political suicide bombers. They have strapped political bombs to themselves and they are hell-bent on taking out as many Americans as they can with them. This is how this must be looked at. There is nothing remotely good about any of this. There's nothing compassionate about any of this. Just before they detonate their political bombs -- which is what their votes against the wishes of the people they serve are -- they may as well shout "Death to freedom!" They may as well shout "Death to freedom!" as they cast their vote....
http://www.rushlimbaugh.com/home/daily/site_112009/content/01125106.guest.html
Apt Comment on HR 3590:
I read this and all I see is loopholes, fraud, payback and deals made. What have all of our legislators done for the last 6 months? Instead of looking for ways to save and create jobs in this country they spend it on thinking of ways to spend more money. This administration has yet to lend a hand to small businesses, the smallest cog in the big machine. Instead they are making big deals with big companies, so they can make more money. I wish they, (legislators would spend as much time trying to make our government more efficient, trustworthy and accountable. I think I'll have Timmy do my taxes when this goes into effect, if me and my company are still around.
>> Ken O'Dell Thursday, November 19, 2009 9:20 PM
http://www.atr.org/breaking-full-list-tax-hikesbr-senate-a4227#