[StBernard] HERE COME DA CHANGE

[Westley Annis]

>   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. It does not matter if that's a
private concern or governmental body of some sort.

already proved false

JY




	-----------------------------------------------------
	       In just six months, on January 1, 2011, 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, here's what happens... (read it to the
end, so
	you see all three waves)...
	
	
	
	       First Wave:
	
	
	       Expiration of 2001 and 2003 Tax Relief
	
	       In 2001 and 2003, the GOP Congress enacted several tax cuts
for
	investors, small business owners, and families.
	
	       These will all expire on January 1, 2011.
	
	
	
	       Personal income tax rates will rise.
	
	       The top income tax rate will rise from 35 to 39.6 percent
(this is
	also the rate at which two-thirds of small business profits are
taxed).
	
	       The lowest rate will rise from 10 to 15 percent.
	
	       All the rates in between will also rise.
	
	
	       Itemized deductions and personal exemptions will again phase
out,
	which has the same mathematical effect as highermarginal tax rates.
	
	
	       The full list of marginal rate hikes is below:
	
	               *       The 10% bracket rises to an expanded 15%
	               *
	               *       The 25% bracket rises to 28%
	               *
	               *       The 28% bracket rises to 31%
	               *
	               *       The 33% bracket rises to 36%
	               *
	               *       The 35% bracket rises to 39.6%
	
	
	
	
	               Higher taxes on marriage and family.
	
	               The "marriage penalty" (narrower tax brackets for
married
	couples) will return from the first dollar of income.
	
	
	               The child tax credit will be cut in half from $1000
to $500
	per child.
	
	
	               The standard deduction will no longer be doubled for
married
	couples relative to the single level.
	
	
	               The dependent care and adoption tax credits will be
cut.
	
	
	               The return of the Death Tax.
	
	               This year only, there is no death tax.  (It's a
quirk!) For
	those dying on or after January 1, 2011, there is a 55 percent
	               top death tax rate on estates over $1 million.  A
person
	leaving behind two homes, a business, a retirement account, could
easily
	pass along a death tax bill to their loved ones.  Think of the
farmers who
	don't make much money, but their land, which they purchased years
ago with
	after-tax dollars, is now worth a lot of money.  Their children will
have to
	sell the farm, which may be their livelihood, just to pay the estate
tax if
	they don't have the cash sitting around to pay the tax.  Think about
your
	own family's assets.  Maybe your family owns real estate, or a
business that
	doesn't make much money, but the building and equipment are worth $1
	million.  Upon their death, you can inherit the $1 million business
tax
	free, but if they own a home, stock, cash worth $500K on top of the
$1
	million business, then you will owe the government $275,000 cash!
That's
	55% of the value of the assets over $1 million!  Do you have that
kind of
	cash sitting around waiting to pay the estate tax?
	
	
	
	               Higher tax rates on savers and investors.
	
	               The capital gains tax will rise from 15 percent this
year to
	20 percent in 2011.
	
	               The dividends tax will rise from 15 percent this year
to
	39.6 percent in 2011.
	
	               These rates will rise another 3.8 percent in 2013.
	
	
	
	               Second Wave:
	
	               Obamacare
	
	
	               There are over twenty new or higher taxes in
Obamacare.
	Several will first go into effect on January 1, 2011.  They include:
	
	
	
	               The "Medicine Cabinet Tax"
	
	               Thanks to Obamacare, Americans will no longer be able
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).
	
	
	               The "Special Needs Kids Tax"
	
	               This provision of Obamacare imposes a cap on flexible
	spending accounts (FSAs) of $2500 (Currently, there is no federal
government
	limit). There is one group of FSA owners for whom this new cap will
be
	particularly cruel and onerous: parents of special needs children.
	
	               There are thousands of families with special needs
children
	in the United States, and many of them use FSAs to pay for special
needs
	education.
	
	               Tuition rates at one leading school that teaches
special
	needs children in Washington , D.C. ( National Child Research Center
) can
	easily exceed $14,000 per year.
	
	               Under tax rules, FSA dollars can not be used to pay
for this
	type of special needs education.
	
	
	               The HSA (Health Savings Account) Withdrawal Tax Hike.
	
	               This provision of Obamacare increases the additional
tax on
	non-medical early withdrawals from an HSA from 10 to 20 percent,
	disadvantaging them relative to IRAsand other tax-advantaged
accounts, which
	remain at 10 percent.
	
	
	
	
	               Third Wave:
	
	               The Alternative Minimum Tax (AMT) and Employer Tax
Hikes
	
	               When Americans prepare to file their tax returns in
January
	of 2011, they'll be in for a nasty surprise-the AMT won't be held
harmless,
	and many tax relief provisions will have expired.
	
	               The major items include:
	
	
	               The AMT will ensnare over 28 million families, up
from 4
	million last year.
	
	               According to the left-leaning Tax Policy Center,
Congress'
	failure to index the AMT will lead to an explosion of AMT taxpaying
	families-rising from 4 million last year to 28.5 million.  These
families
	will have to calculate their tax burdens twice, and pay taxes at the
higher
	level.  The AMT was created in 1969 to ensnare a handful of
taxpayers.
	
	
	               Small business expensing will be slashed and 50%
expensing
	will disappear.
	
	               Small businesses can normally expense (rather than
	slowly-deduct, or "depreciate") equipment purchases up to $250,000.
	
	               This will be cut all the way down to $25,000.  Larger
	businesses can currently expense half of their purchases of
equipment.
	
	               In January of 2011, all of it will have to be
"depreciated."
	
	
	               Taxes will be raised on all types of businesses.
	
	               There are literally scores of tax hikes on business
that
	will take place.  The biggest is the loss of the "research and
	experimentation tax credit," but there are many, many others.
Combining high
	marginal tax rates with the loss of this tax relief will cost jobs.
	
	
	               Tax Benefits for Education and Teaching Reduced.
	
	               The deduction for tuition and fees will not be
available.
	
	               Tax credits for education will be limited.
	
	               Teachers will no longer be able to deduct classroom
	expenses.
	
	               Coverdell Education Savings Accounts will be cut.
	
	               Employer-provided educational assistance is
curtailed.
	
	               The student loan interest deduction will be
disallowed for
	hundreds of thousands of families.
	
	
	               Charitable Contributions from IRAs no longer allowed.
	
	               Under current law, a retired person with an IRA can
	contribute up to $100,000 per year directly to a charity from their
IRA.
	
	               This contribution also counts toward an annual
"required
	minimum distribution."  This ability will no longer be there.
	
	
	
	               PDF  Version  Read more:
	<http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171>;
	
http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#%23ixzz0sY8waP
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<http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#%23ixzz0sY8wa
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:/www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#%23ixzz0sY8waPq1>

	
	
	               And worse yet?
	
	
	               Now, your insurance will be 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 . . . those who backed
this
	administration will be astonished!
	
	               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. It does not matter if that's
a
	private concern or governmental body of some sort.
	
	               If you're retired?  So what... your gross will go up
by the
	amount of insurance you get.
	
	               You will 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.
	
	
	
	               This is how the government is going to buy insurance
for
	the15% that don't have insurance and it's only part of the tax
increases.
	
	               Not believing this???  Here is a research of the
	summaries.....
	
	               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 gross income."
	
	
	
	               - Joan Pryde is the senior tax editor for the
Kiplinger
	letters.
	               - Go to Kiplingers and read about 13 tax changes that
could
	affect you.  Number 3 is what is above.
	
	
	
	               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!