{"id":1312,"date":"2009-10-31T07:45:53","date_gmt":"2009-10-31T07:45:53","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=1312"},"modified":"2009-10-31T07:45:53","modified_gmt":"2009-10-31T07:45:53","slug":"new_taxes_in_the_healthcare_re","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=1312","title":{"rendered":"New Taxes In The Healthcare Reform Proposal"},"content":{"rendered":"<p><a href=\"http:\/\/docs.house.gov\/rules\/health\/111_ahcaa.pdf\">HR 3962<\/a>&nbsp;&#8220;Affordable Health Care For America&#8221; was introduced in the House of Representatives on Thursday.&nbsp; On Thursday, <a href=\"http:\/\/www.atr.org\/breaking-comprehensive-list-taxesbr-house-democrat-a4113\">Americans For Tax Reform<\/a>&nbsp;printed a list of the new taxes the bill would create.&nbsp; <\/p>\n<ul>\n<li><em>Employers who do not pay 72.5 percent of a single employees&#8217; health care premium or 65 percent of a family employee must pay an excise tax.&nbsp; The percentage of the tax increases according to the amount of the payroll of the company.&nbsp;&nbsp;<strong> <\/strong>(Page 275)<\/em><\/li>\n<li><em>If a person fails to obtain acceptable private healthcare coverage, he must pay a tax of 2.5 percent of modified adjusted gross income (MAGI) or the average premium.&nbsp; (Page 296)<\/em><\/li>\n<li><em>Health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs) could no longer be used to cover non-prescription medications (with the exception of insulin).&nbsp; That means that over-the-counter allergy medicine or cough drops, etc. would no long be included.&nbsp; (Page 324)<\/em><\/li>\n<li><em>There would be an annual cap on FSAs of $2500 (currently uncapped).&nbsp; (Page 325)<\/em><\/li>\n<li><em>Non-qualified distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent).&nbsp; This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.).&nbsp; (Page 326)<\/em><\/li>\n<li><em>No tax deduction for employer health plans coordinating with Medicare Part D.&nbsp; (Page 327)<\/em><\/li>\n<li><em>Surtax on individuals and small businesses that would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent&#8211;a new effective top rate.&nbsp; (Page 336)<\/em><\/li>\n<li><em>Excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price.&nbsp; (Page 339)<\/em><\/li>\n<li><em>Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments.&nbsp; Current law limits to just persons for small business compliance complexity reasons.&nbsp; Also expands reporting to exchanges of property.&nbsp;(Page 344)<\/em><\/li>\n<li><em>Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act.&nbsp; (Page 345)<\/em><\/li>\n<li><em>Increases taxes on U.S. employers with overseas operations looking to avoid double taxation of earnings.&nbsp; (Page 346)<\/em><\/li>\n<li><em>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.&nbsp; (Page 349)<\/em><\/li>\n<li><em>Publicly-traded partnerships and corporations with annual gross receipts in excess of $100 million have raised standards on penalties.&nbsp; 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.&nbsp; (Page 357)<\/em><\/li>\n<\/ul>\n<p>I apologize for the length of this list, but actually I think Congress should apologize for the length of this list.&nbsp; This is a disgusting&nbsp;government money and power grab that needs to be stopped in its tracks.&nbsp; It took about twenty pages to create the American government, if Congress can&#8217;t reform healthcare in less than&nbsp;fifty pages, they shouldn&#8217;t call it reform.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HR 3962&nbsp;&#8220;Affordable Health Care For America&#8221; was introduced in the House of Representatives on Thursday.&nbsp; On Thursday, Americans For Tax Reform&nbsp;printed a list of the new taxes the bill would create.&nbsp; Employers who do not pay 72.5 percent of a &hellip; <a href=\"https:\/\/www.rightwinggranny.com\/?p=1312\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1312","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/1312","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1312"}],"version-history":[{"count":0,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/1312\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}