Get ready to pay more taxes. Go to 27:00. Gruber explains the Cadillac tax will be applied to more and more plans (along with continuing to say people are too stupid to understand). [video=youtube_share;AqHz2XcUGok]http://youtu.be/AqHz2XcUGok[/video] Of course this will encourage employers to drop insurance.
http://www.irs.gov/uac/Form-W-2-Reporting-of-Employer-Sponsored-Health-Coverage Reporting the cost of health care coverage on the Form W-2 does not mean that the coverage is taxable. The value of the employer’s excludable contribution to health coverage continues to be excludable from an employee's income, and it is not taxable. This reporting is for informational purposes only The payment is reported but is NOT taxed. This is the same privilege enjoyed by Fortune 500 company employees for decades. Still another right wing myth exposed for the lie that it is.
I guess you didn't listen to Gruber. Right now it applies to the Cadillac tax but it is envisioned to eventually apply to all as it is not indexed to inflation.
That would be the IRS. Meanwhile, elite employees of Fortune 500 companies are still getting a freebie at taxpayer expense. And individuals may also deduct costs on their tax returns if they itemize - been that way for a long time. In fact, long term care insurance (LTCi) has been deductible to some extent since at least 1996. That's a luxury most cannot afford.
So it seems that not only are they going to tax you if your insurance covers too little, but they are also going to tax you if your insurance covers too much. It almost seems like they are trying to force the same health insurance on every person creating "equality" It's not fair if I have much better health insurance than you, can't let that happen.
Maybe this will be the one thing the new Republican Congress will actually deal with but probably not. Easy enough fix if it is really needed. My guess is they won't do anything since they would much rather have an imaginary future issue than a real time solution.
It's look like that health Insurance is becoming a hot business in upcoming days. Why didn't just government creates some health insurance department to facilitates the public.
