Monday, August 02, 2010

Tax Hike Misinformation

I have received four emails that begin with the below information. I have deleted the other things this email pointed out because there are numerous errors and I do not have time to go line by line.

The assertion that people will have to pay taxes on their employer provided health insurance is wrong unless in 2018 it is deemed to be a Cadillac plan. Employers will however have to include health insurance in W2s beginning 2011 but again employees will not pay taxes.

Do not forward these kind of emails. I would also be interested to know if you have received this. From what I can tell these emails are being sent without a signature and getting forwarded by recipients.

Scott Hauge
Small Business California
2311 Taraval Street
San Francisco, CA 94116


2011 TAX HIKES Read it and weep! Notice they thought they could put it in after this November election: Past this on to likely voters. Small business are smart people, they are not hiring or expanding because they see lower or no profits, increased cost and a worsening economy.

In just six months, the largest tax hikes in the history of America will take effect. They will hit families and small businesses in three great waves on January 1, 2011:

Biggest surprise to working Americans:

Now your insurance is INCOME on your W2's...... One of the surprises we'll find come next year, is what follows - - a little "surprise" that 99% of us had no idea was included in the "new and improved" healthcare legislation

Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company.

You will now be required to pay taxes on a large sum of money that you have never seen.

Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your Tax debt. That's what you'll pay next year. For many, it also puts you into a new higher bracket so it's even worse.

Here is an explanation of the rest.

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