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Health care law's massive, hidden tax change

drz-400 said:
Its not really a new tax, but I think that this will require a ridiculous amount of paper work. This is something I hope they get ironed out before 2012, otherwise each business is going to have to hire another accountant just to deal with the new paperwork.
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There, you see?..... it's really a hidden Jobs Bill.
 
devastating:

Four companies mulled dropping health insurance plans - Jennifer Haberkorn - POLITICO.com

verizon, deere, caterpillar and at&t

internal docs prepared by the megacorps, requested by waxman's energy and commerce (very instrumental in the process last summer, mike ross' emergence, the blue dogs first broadside)

the hearings were CANCELLED after henry READ the reports

LOL!

"if many employers drop coverage it would dramatically increase the cost of the overhaul plan," reports politico

at&t estimates its costs would shrink from 2.4B to 600M by DUMPING COVERAGE

verizon brings up the CADILLAC, expected to account them some 255M

it is what it is

no surprises

WE ALL KNEW WHAT WAS IN THE PIG
 
apdst said:
Anytime a 1099 is issued, some one paying taxes on it. More 1099's means more taxes on somebody.
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Yup. The devil is always in the details.

But with unemployment increasing to 9.9% this past week, the Administration has to do something to keep the gullible convinced they're creating jobs. So in addition to the tens of thousands of new IRS jobs to enforce the mandatory requirements of the bill, they'll need tens of thousands more to handle the new paperwork and tax structures. But hey it's creating jobs, right?

Just a few things buried in that bill:

Up to 40% new taxes on many OTC medications
Health care bill’s hidden tax on pain relievers, Pedialyte, and prenatal vitamins|OpenMarket.org

A 3.8% new tax on certain annuities
The Health Care Reform Law Contains a Hidden Tax on Annuities - DailyFinance

A 4% new tax on home sales
New excise taxes from 2.3% to 10% on everything from tanning salons to wheelchairs

3.8% new taxes on certain interest, dividends, capital gains, and other investment income.

Increase in payroll taxes for Medicare coverage

40% tax on certain health benefits

Then there is the $3 billion the pharmaceutical companies will be allowed to pass on to us as reward for supporting the healthcare bill.

And, when it all kicks in, if you itemize deductions, you will be able to deduct healthcare costs in excess of 10% of AGI rather than the 7.5% as it is now.
TheCypressTimes

So what's a few million more 1099's to manage?
 
drz-400 said:
Its not really a new tax, but I think that this will require a ridiculous amount of paper work. This is something I hope they get ironed out before 2012, otherwise each business is going to have to hire another accountant just to deal with the new paperwork.
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Then, why issue a 1099?
 
the right does substance

the left, personalities

and microscopic distinctions sans difference

in other words, libs don't like links

LOL!
 
apdst said:
Then, why issue a 1099?
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I'm not saying I necessarily agree with this, but the logic is they can better track business transactions, probably to improve compliance.

No new tax, just more paperwork.
 
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reefedjib said:
Really, nice going guys! Bastards will tax us to death. Discuss.

Health care law's hidden tax change to launch 1099 avalanche - May. 5, 2010
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reefedjib said:
Did you click the link and read the article? My headline does match the stories' headline. And the headline is accurate, the change is for tax reasons, although there are no new taxes.

You do not want to pick a fight with me on this.
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Funny how you had to change your tune...

I do stand corrected on the title of the article.
 
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apdst said:
Anytime a 1099 is issued, some one paying taxes on it. More 1099's means more taxes on somebody.
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You should research before you make claims like this.

What is a 1099 Form?

On a 1099 MISC Form, the income earned will be noted, but there will not be any deductions for federal and state income taxes, nor will any deferred compensation, social security, or medical deductions be taken. Since the 1099 recipient is not an employee of the business, the business is obligated only to tender the income to the contractor sans any deductions. This 1099 income is also reported to the Internal Revenue Service so it has the opportunity to track income from freelance workers. The freelancer will be obligated to make his or her own tax deductions and forward such payments to the IRS.
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meanwhile, adults (like waxman---LOL!) worry about megacorps preparing to DUMP
 
Redress said:
Many righties have an exaggerated rhetoric problem which makes it impossible to have a reasoned conversation with them. They also have a problem with rational thought, thinking any one who disagrees with them is somehow out to hurt America.
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One word: Liberty.

You want to take it away.
That hurts everyone over the long haul.
We want to stop the damage.

For a little rational thought from you now:
Tell me, what other grand socialist schemes do you want to inflict upon us and when is the end of your escapades?

.
 
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apdst said:
Right. A 1099 show income that hasn't been taxed and needs to have taxes paid on that income. New 1099's means new taxes on income.
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A 1099 tracks income, it does not charge a tax, or figure taxes due.
 
anyone got a microscope?

LOL!
 
Redress said:
A 1099 tracks income, it does not charge a tax, or figure taxes due.
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Right! If someone gets a 1099, that has never gotten one before, then that equates to a new tax.

from your source:

The freelancer will be obligated to make his or her own tax deductions and forward such payments to the IRS
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Redress said:
No, it's not a tax. It may be a cost, but it is not a tax. I suggest checking out the definition of the word tax before posting such foolishness.
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What was said, was that it is a tax change, not that it was a tax, not that it was a cost.

Obviously, it is indeed, a change in the tax reporting.
 
apdst said:
Anytime a 1099 is issued, some one paying taxes on it. More 1099's means more taxes on somebody.
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The way this reads, I will be getting 1099s from my suppliers over 600 dollars. Now those supplies are a material cost of doing the job, not an income cost.

I will write off those costs, and not pay tax on them, the same as we do now.

The only reason I see for this additional paperwork cost,that generates no income for the govt, yet costs them in wages to process, is that it is a precurser to a VAT. Soften us up, if you will.
 
Redress said:
Funny how you had to change your tune...

I do stand corrected on the title of the article.
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Yeah, I typed the OP too fast. I got too excited. I meant to say and should have said "The Bastards will regulate us to death."
 
pro-bipartisan said:
haha this proves why all you conservatives shouldn't have been complaining about the bill, you had no idea what is in it! For all you know there is a section that says "give everyone a million dollars". So stop complaining because you have no idea what is in this bill.
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No one knew what was in this bill when it was passed because:

1. It was not made available to the public before passage nor was it posted to the White House website before it was signed (contrary to one of President Barack Hussein Obama, Jr.'s promises)

2. The passed law is about as long as War and Peace and is taking a long time for any normal person to parce through the pages upon pages of Congressionalese...
 
apdst said:
Right. A 1099 show income that hasn't been taxed and needs to have taxes paid on that income. New 1099's means new taxes on income.
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Does this mean it will result in double taxation? After all, such sales will already be taxed as part of the profit of the corporation. If 1099s are also taxed, won't that result in double taxation?

i.e. -- Xerox sells a copier and the amount of that sale ends up on their bottom line, affecting their profit.

That copier is sold to a small business that now has to issue a 1099 to Xerox for that sale. Won't that mean the "income" from the 1099 will also be taxed, resulting in Xerox being taxed TWICE for the sale of said copier?

Or, is there something in this I am clearly missing?
 
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