Healthcare bill details starting to leak..

[bkg]

Dropped the bowtox-tax... added a 10% tax on tanning machines. Expect it will raise $230+ B over 10 years.

Unbelievable how fawked this thing is.

[thundley4]

Lot's of taxes included in this bill.

NEWS: Comprehensive List of Tax Hikes in
Reid-Obama Health Bill UPDATED

(Page numbers reference ORIGINAL REID-OBAMA BILL unless noted):

Individual Mandate Tax (Page 324/Sec. 1501/$15 bil/Jan 2014): Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the higher of the following (page 71 of manager’s amendment updates Reid bill):
    Single   2 People   3+ People
2014   $495/0.5% AGI   $990/0.5% AGI   $1485/0.5%/AGI
2015   $495/1.0% AGI   $990/1.0% AGI   $1485/1.0%/AGI
2016+   $495/2.0% AGI   $990/2.0% AGI   $1485/2.0%/AGI
 
Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS).

Employer Mandate Tax (Page 348/Sec. 1513/$28 bil/Jan 2014):  If an employer does not offer health coverage, and at least one employee qualifies for a health tax credit, the employer must pay an additional non-deductible tax of $750 for all full-time employees.  Applies to all employers with 50 or more employees.

If the employer requires a waiting period to enroll in coverage of 30-60 days, there is a $400 tax per employee ($600 if the period is 60 days or longer).

Excise Tax on Comprehensive Health Insurance Plans (Page 1979/Sec. 9001/$149.1 bil/Jan 2011): Starting in 2013, new 40 percent excise tax on “Cadillac” health insurance plans ($8500 single/$23,000 family).  Higher threshold ($9850 single/$26,000 family) for early retirees and high-risk professions.  CPI +1 percentage point indexed.  Longshoremen have been exempted (page 362 of the manager’s amendment)

From 2013-2015, the 17 highest-cost states are 120% of this level. 

Employer Reporting of Insurance on W-2 (Page 1996/Sec. 9002/Min$/Jan 2011): Preamble to taxing health benefits on individual tax returns.

Medicine Cabinet Tax (Page 1997/Sec. 9003/$5 bil/Jan 2011): No longer allowable 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)

HSA Withdrawal Tax Hike (Page 1998/Sec. 9004/$1.3 bil/Jan 2011): Increases additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent, disadvantaging them relative to IRAs and other tax-advantaged accounts, which remain at 10 percent.

FSA Cap (Page 1999/Sec. 9005/$13.3 bil/Jan 2011): Imposes cap on FSAs of $2500 (now unlimited).  Indexed to inflation after 2011 (added on page 363 of manager’s amendment)

Link

I know several people that will be hurt by the cap on flexible spending accounts.

[bkg]

Obama is talking..

Says this bill will cut deficite $132B in first 10 years, $1.2T in second decade. And made a snide remark.

Better covereage for seniors, Medicare solventcy, lower costs all around.

What a fawking liar. 

[thundley4]

Obama is talking..

He's lying.

This buffoon should never have been elected. He has taken no rock hard stand on any of the health care bills so far. He just praises which ever one seems the most popular with congress. He has shown almost zero leadership on anything. He is doing his damnedest to vote present just like he did as a senator. 

[IassaFTots]

Exemptions for religious objectors, undocumented immigrants, prisoners, those earning less than the poverty line, members of Indian tribes, and hardship cases (determined by HHS).

Did I read that right?

[rich_t]

Did I read that right?

Don't worry.  They will take care of that next year with the new amnesty bill.

[bkg]

bye-bye construction indusrty.

update yesterday, supposedly AFTeR cloture.... a construction company must provide health ins if they have over 5 employees. This was reduced from 50 which is the cut-off for other industries. bye-bye small business.

Few callers suggested flipping all employees to 1099. apparently MN doesn't allow 1099, per one caller, because the were losing tax money. Now all subs must be a corp.

how many construction companies will survive this? unemployment through the roof. no pun intended.

[debk]

bye-bye construction indusrty.

update yesterday, supposedly AFTeR cloture.... a construction company must provide health ins if they have over 5 employees. This was reduced from 50 which is the cut-off for other industries. bye-bye small business.

Few callers suggested flipping all employees to 1099. apparently MN doesn't allow 1099, per one caller, because the were losing tax money. Now all subs must be a corp.

how many construction companies will survive this? unemployment through the roof. no pun intended.

MN doesn't allow any 1099's or just not in specific businesses?

Reason I ask is Realtors are independent contractors. We are affiliated with a brokerage, but we independently contract to them..we are not employees of the realty company.... only support staff are employees. I believe it's that way all over the country.

[bkg]

MN doesn't allow any 1099's or just not in specific businesses?

Reason I ask is Realtors are independent contractors. We are affiliated with a brokerage, but we independently contract to them..we are not employees of the realty company.... only support staff are employees. I believe it's that way all over the country.

According to the gentleman that called in, they don't allow them in construction anymore. I wasn't very specific - sorry!

So basically, if you can't 1099, that means you have to have a corp, which means you're paying payrool taxes... which means theyr'e going to get you one way or another.

FAWK EM.