YOUR 2012 TAXES

Don’t you just love living in a communist country?  Under the new health care bill – did you know that all real estate transactions are now subject to a 3.8% Sales Tax?  The bulk of these new taxes don’t kick in until 2013 (presumably after Obama’s reelection).  You can thank Nancy, Harry, Obama and your local Democrat Congressman or woman for this one.  If you sell your $400,000 home, there will be a $15,200 tax.  This bill is set to screw the retiring generation who often downsize their homes. 

Is that Hope & Change great or what?

Here’s more good news.  2011 W-2 Tax Forms and Obamacare.  If this doesn’t get to you, then check your pulse.  You may be a flatline.  Should you want to verify this, go to http://www.thomas.gov/, and enter “HR 3590” in the search box, highlight “Bill Number” 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).”

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 are 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 or $20,000 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 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 is a redefinition of your taxable income. 

Also, go to Kiplinger’s and read about the 13 tax changes for 2010 that could affect you.  Why am I sending you this?  The same reason I hope you forward this to every single person in your address book.  People have the right to know the truth because an election is coming in November.  So vote intelligently, based on your values.  But also adjust your tax withholding, or increase your savings so that you aren’t surprised and put in a jam when your federal income taxes are due on April 15, 2012. 

Fight organized crime!  Re-elect no one!