Hi, help me please
Morgan and Maggie are married and have two dependent children. They also fully support Mary’s mother who lives with them and has no income. Their 2006 tax and other related information is as follows:
Total salaries 0,000
Bank account interest income 3,500
Municipal bond interest income 1,500
Value of employer provided medical insurance 3,500
Value of premiums for ,000 of group term life insurance provided by employer 0
Dividend income from ABC stock ,000
Loan from Morgan’s parents ,000
Gift from Morgan’s parents ,000
Gain from the sale of qualified small business stock held more than 5 years ,000
Total itemized deduction ,000
compute Morgan and Maggie’s taxable income

It must be, there are SO many hidden things in the new Pelosi-approved Plan:

Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<0,000), 2 percent (0,000-5,000), 4 percent (5,000-0,000), and 6 percent (0,000-0,000).
Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.
Medicine Cabinet Tax (Page 324)
Cap on FSAs (Page 325)
Increased Additional Tax on Non-Qualified HSA Distributions (Page 326)
Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327)
Surtax on Individuals and Small Businesses (Page 336)
Excise Tax on Medical Devices (Page 339)
Corporate 1099-MISC Information Reporting (Page 344)
Delay in Worldwide Allocation of Interest (Page 345)
Limitation on Tax Treaty Benefits for Certain Payments (Page 346)
Codification of the “Economic Substance Doctrine” (Page 349)
Application of “More Likely Than Not” Rule (Page 357)

http://hotair.com/archives/2009/10/30/house-obamacare-bill-here-comes-the-taxes/

This is just a small part….we are all about to be screwed

Remember when you bought your first used car and you got screwed by some wholly evil used car salesman, but you didn’t care because it was a CAR and it would be yours? This is kinda like that..we’ll wake up, but too late and have to pay for this lemon for a looooonngg time.
US veteran: You’re hilarious! And your thought was so intuitive into this whole healthcare thingie…night night sweetie’
Patriot: Have you ever wondered about that statistic you so happily quote about dead babies? The truth about that is most OTHER countries do not report certain deaths among children, so our numbers seem higher when in reality they are not…it is not a FACT, as you put it…it is biased reporting

http://www.atr.org/

So what say you! Like this deficit neutral bill? It will cost the people not the budget like Medicare etc…

BREAKING: Comprehensive List of Taxes
In House Democrat Health Bill
From Ryan Ellis on Thursday, October 29, 2009 12:20 PM
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H.R. 3962, the "Affordable Health Care for America Act" has been introduced–all 1990 pages of it. This gargantuan beast contains thirteen new tax hikes. Here they all are, with description and page number (PDF version):

***

Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers (measured by payroll size) have smaller payroll tax rates of 0 percent (<0,000), 2 percent (0,000-5,000), 4 percent (5,000-0,000), and 6 percent (0,000-0,000).

Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.

Medicine Cabinet Tax (Page 324): Non-prescription medications would no longer be able to be purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs). Insulin excepted.

Cap on FSAs (Page 325): FSAs would face an annual cap of 00 (currently uncapped).

Increased Additional Tax on Non-Qualified HSA Distributions (Page 326): Non-qualified distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent). This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.)

Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327): This would further erode private sector participation in delivery of Medicare services.

Surtax on Individuals and Small Businesses (Page 336): Imposes an income surtax of 5.4 percent on MAGI over 0,000 ( million married filing jointly). MAGI adds back in the itemized deduction for margin loan interest. This would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent—a new effective top rate.

Excise Tax on Medical Devices (Page 339): Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price. It excludes retail sales and unspecified medical devices sold to the general public.

Corporate 1099-MISC Information Reporting (Page 344): Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments. Current law limits to just persons for small business compliance complexity reasons. Also expands reporting to exchanges of property.

Delay in Worldwide Allocation of Interest (Page 345): Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act

Limitation on Tax Treaty Benefits for Certain Payments (Page 346): Increases taxes on U.S. employers with overseas operations looking to avoid double taxation of earnings.

Codification of the “Economic Substance Doctrine” (Page 349): Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related.

Application of “More Likely Than Not” Rule (Page 357): Publicly-traded partnerships and corporations with annual gross receipts in excess of 0 million have raised standards on penalties. If there is a tax underpayment by these taxpayers, they must be able to prove that the estimated tax paid would have more likely than not been sufficient to cover final tax liability.

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House Healthcare Bill Uses the Term "Tax" 87 Times
From John Kartch on Thursday, October 29, 2009 11:44 AM
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A word search of the 1,990-page House healthcare bill (H.R. 3962) reveals that the term “tax” is used 87 times, “taxable” is used 62 times, and “excise tax” is used 10 times.
Other terms of interest are as follows:

House Healthcare Bill (H.R. 3962)
Term

Number of uses
“Tax”

87 times
“Taxable”

62 times
“Excise tax”

10 times
“Taxes”

15 times
“Fee”

59 times
“Penalty”

113 times
“Require”

118 times
“Must”

58 times
“Shall”

3,424 times

Click here for a printable PDF of this document

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