House Democrats to raise income taxes by $400 Billion.?

Question

H.R. 666, would tax employer paid healthcare premiums on individuals W-2's. Would it effect you if it became law?

Dinodino
H.R. 666 is a change to the IRS code. You better check your source again.

lltrix
The healthcare premium becomes taxable income on your W-2. Therefore, a tax increase. The pols won't use the word tax, they like the word investment.

lltrix
I believe you are right about not being taxed. However, this opens a door for them to tax a portion of it at a later time.
Watch your pay check.

Answer 1

This is H.R. 666 Healthcare Disclosure Act of 2007. Where did you read that this would raise taxes. The sources I went to didn't say anything about this bill raising taxes. It just stated that the Health care provided by the employer would be on the w-2's but it didn't say that it would be taxable. If anything, It would seem the opposite would be true because most people who receive health care from their employer pay into every month already. Please provide links of your proof, because I'm not finding what you said to be entirely true. Here's the bill. Please point out where it says that it will be taxed. It says it will be excludable from gross income under section 106:
SECTION 1. SHORT TITLE.

This Act may be cited as the `Healthcare Disclosure Act of 2007'.


SEC. 2. AMOUNTS PAID FOR EMPLOYER-PROVIDED COVERAGE UNDER ACCIDENT OR HEALTH PLANS INCLUDED ON W-2 FORMS.

(a) In General- Subsection (a) of section 6051 of the Internal Revenue Code of 1986 (relating to receipts for employees) is amended by striking `and' at the end of paragraph (12), by striking the period at the end of paragraph (13) and inserting `, and', and by inserting after paragraph (13) the following new paragraph:

`(14) the total amount paid for coverage under an accident or health plan (determined under section 4980B(f)(4)) which is excludable from gross income under section 106.'.

(b) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2006.


It says nothing about it being an 'investment' either. It would be in an untaxable column.

Answer 2

No, the insurance companies will just raise the cost of employer provided healthcare again, but they do that every tuesday, so it's not really that big a shocker to the employers, and doesn't affect the employees at all.

By the way, there is currently no H.R. 666 in the federal government- it was a Republican bill designed to circumvent judicial search & seizure requirements, and the fourth amendment to the constitution, but was killed in senate committee in 1995 by the justice department. It never had anything to do with healthcare or tax hikes. Here's the full text of the proposed bill: http://thomas.loc.gov/cgi-bin/query/D?c104:4:./temp/~c1041AkUym::

And employer paid healthcare premiums don't appear on W-2's, because they're employer paid. What kind of underhanded B.S are you trying to pull here? A tax that wouldn't matter, appearing in a place it doesn't exist, written on a non-existant bill? There's enough to whine about without making crap up!

Answer 3

It would have an effect on EVERY taxpayer Newt Gingrich published this:::::::::::::::::::::::::::::::::: Largest Tax Increase in History
Americans take tax increases personally -- and so do I. Liberal tax-and-spend policies helped motivate Americans to elect a new center-right House majority for the first time in 40 years.
But guess what? Liberals are at it again.
Just three months into their majority, Democrats are once again proposing the biggest tax increase in history.
This month, the House of Representatives will debate the Democrats' 2008 proposed budget. If it is passed, this budget will impose the largest tax increase in history on American taxpayers -- totaling nearly $400 billion over five years. Families with children, low-income families, and small businesses all would be hit with hundreds if not thousands of dollars in increased taxes.
Just what taxes will be raised? Here are some of the specifics of the liberal proposal:
The 10% Tax Bracket Will Become 15%: More than five million families and individuals who previously owed no taxes will become subject to taxation.
Marriage Penalty Relief Will Be Eliminated: 23 million Americans will owe an average of $466 in additional taxes in 2011.
The Child Tax Credit Will Be Cut in Half: 31 million Americans will pay an average of $859 more in taxes in 2011.
The Liberal Tax Increase: How Much More Will You Pay?
But enough cold, impersonal statistical analysis. How much more in taxes will you and your family pay if this massive liberal tax increase is passed?
The Republicans on the Senate Budget Committee crunched the numbers and came up with some results that should frighten all of us, regardless of whether we're Democrats, Republicans or Independents.
You Know You're Going to Pay More Under the Liberal Tax Increase When ...
... You're a family of four earning $60,000 a year: Your income-tax bill will rise 61% in 2011, from $3,030 to $4,893.
... You're an elderly couple earning $40,000 a year: Your taxes will go up by 156% in 2011, from $583 to $1,489.
... You're a woman: You could be one of the 83 million American women who could see their taxes rise by an average of $2,068.
... You're married: You could be one of the 48 million married couples who will pay an average of $2,899 more under the liberal tax increase.
... You have kids: 42 million families with children will pay an average of $2,181 more in taxes.
... You're a small-business owner: 26 million small-business owners will get a tax bill for an average of $3,960 more than before.
Which one are you?

Answer 4

Yea Right. Now tell the whole story. They are readjusting the rates to lower middle income earners tax burdens and eradicating some loopholes for the rich and famous.

Considering Bush's war will tally $1 trillion, who did anyone expect to pay for it, the tooth fairy? I know that neo-cons like to live vicariously through the lives of their corporate nobles. I'd rather live in reality instead.

Answer 5

Absolutely and I am sick of the Dems mantra of tax, tax, tax! Whenever they are in control, they inherit a healthy economy and in 4 years in begins to take a downturn because of the high taxes they impose. They will never learn that we can manage our own money better than they can!

Answer 6

Largest Tax hike in History, I will have to invest less, thus less profit to improve infrastructure that then increases profits that then increase wages. But the Left knows best when it comes to wealth re-distribution.....

Answer 7

Let me take out the blocks for you. How do you suppose Congress will balance the budget and erase the most astounding deficit in history? Perhaps with more tax cuts? Fasten your seat belt, cause we're all going to pay the price for Bush's gross incompetence.

Answer 8

That's what the dems do,along with giving away our money to the welfare frauders and the other liberal giveaway programs,that they wholeheartedly promote. Also, let's not forget they're hoping to leave our troops without any backing!! You liberal dems are DISGUSTING!!

Answer 9

ONLY 400 billion? Chump change!

Answer 10

I already pay too much on taxes, I guess I have millions on welfare to support, so keep working hard.