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    New Obamacare Tax Form Mandates Americans Report Personal Health ID Info to IRS

    Carol
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    New Obamacare Tax Form Mandates Americans Report Personal Health ID Info to IRS  Empty New Obamacare Tax Form Mandates Americans Report Personal Health ID Info to IRS

    Post  Carol on Thu Nov 01, 2012 8:35 pm

    This is bloody outrageous!
    Six million of these families will end up paying Obamacare’s individual mandate non-compliance tax penalty.
    New Obamacare Tax Form Mandates Americans Report Personal Health ID Info to IRS
    Read more: http://atr.org/new-obamacare-tax-form-mandates-americans-a7285#ixzz2B1b8b200
    Here's why the IRS will require Americans to disclose their personal health ID information starting in 2014 When Obamacare’s individual mandate takes effect in 2014, all Americans who file income tax returns must complete an additional IRS tax form. The new form will require disclosure of a taxpayer’s personal identifying health information in order to determine compliance with the Affordable Care Act’s individual mandate. As confirmed by IRS testimony to the tax-writing House Committee on Ways and Means, “taxpayers will file their tax returns reporting their health insurance coverage, and/or making a payment”. So why will the Obama IRS require your personal identifying health information? Simply put, there is no way for the IRS to enforce Obamacare’s individual mandate without such an invasive reporting scheme. Every January, health insurance companies across America will send out tax documents to each insured individual. This tax document—a copy of which will be furnished to the IRS—must contain sufficient information for taxpayers to prove that they purchased qualifying health insurance under Obamacare. This new tax information document must, at a minimum, contain: the name and health insurance identification number of the taxpayer; the name and tax identification number of the health insurance company; the number of months the taxpayer was covered by this insurance plan; and whether or not the plan was purchased in one of Obamacare’s “exchanges.” This will involve millions of new tax documents landing in mailboxes across America every January, along with the usual raft of W-2s, 1099s, and 1098s. At tax time, the 140 million families who file a tax return will have to get acquainted with a brand new tax filing form. Six million of these families will end up paying Obamacare’s individual mandate non-compliance tax penalty.






    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol
    Carol
    Carol
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    Post  Carol on Thu Nov 01, 2012 9:53 pm

    Top Five Obama-Biden Tax Hikes Burying the Middle Class
    Read more: http://atr.org/top-five-obama-biden-tax-hikes-a7223#ixzz2B1ceTdfL
    The following are the top five tax increases on the middle class signed into law by the Obama-Biden administration:

    1. The Obamacare Individual Mandate Non-Compliance Tax:
    Starting in 2014, anyone not buying “qualifying” health insurance – as defined by President Obama’s Department of Health and Human Services -- must pay an income surtax to the IRS. The Congressional Budget Office recently estimated that six million American families will be liable for the tax, and as pointed out by the Associated Press: “Most would be in the middle class.”

    In addition, 100 percent of Americans filing a tax return (140 million filers) will be forced to submit paperwork to the IRS showing they either had “qualifying” health insurance for every month of the tax year or they obtained an exemption to the mandate.

    2. The Obamacare Tax on Union Member and Early Retiree Health Insurance Plans:
    Obamacare imposes a new 40 percent excise tax on high cost or “Cadillac” health insurance plans, effective in 2018. This tax increase will most directly affect union families and early retirees, who are likely to be covered by such plans. This Obamacare tax will be levied on insurance policies whose premiums exceed $10,200 for an individual and $27,500 for a family. Middle class union members tend to be covered by such plans in states like Ohio, Pennsylvania, Wisconsin, and Michigan.

    3. The Obamacare Flexible Spending Account Tax – a.k.a. “Special Needs Kids Tax”:
    The 30-35 million Americans who use a Flexible Spending Account (FSA) at work to pay for their family’s basic medical needs will, starting in 2013, face a new government cap of $2,500 (currently the accounts are unlimited under federal law, though employers are allowed to set their own cap).
    There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are several million middle class families with special needs children in the United States, and many of them use pre-tax FSA dollars to pay for special needs education. Tuition rates at one leading school that teaches special needs children in Washington, D.C. (National Child Research Center) can easily exceed $14,000 per year. Under tax rules, FSA dollars can be used to pay for this type of special needs education. This $13 billion Obamacare tax hike will severely limit the options available to these families

    4. The Obamacare Medicine Cabinet Tax:
    This $20 billion Obamacare tax increase prevents Americans from being able to use their pre-tax health accounts to purchase non-prescription, over-the-counter medicines.
    According to a study by the Kaiser Family Foundation, 11 percent of Americans who receive health insurance from their workplace are enrolled in a Health Savings Account qualifying health insurance plan. This amounts to an estimated 16 million covered lives. Using data from the Employee Benefit Research Institute, it is estimated that 30-35 million Americans take advantage of FSAs at work.

    The Obamacare Medicine Cabinet tax prevents these tens of millions of middle class families from being able to purchase everyday medicines using these accounts. Examples of items no longer able to be purchased with pre-tax dollars without a prescription include pain relievers, cold and flu medicines, antacids, nasal sprays, and children’s vitamins.

    5. The Obamacare High Medical Bills Tax:
    Currently, those Americans facing high medical expenses are allowed a deduction to the extent that those expenses exceed 7.5 percent of adjusted gross income (AGI). Beginning in 2013, this $15 billion tax increase imposes a threshold of 10 percent of AGI. By limiting this deduction, Obamacare widens the net of taxable income for the sickest Americans. This tax provision will most harm near retirees and middle class families with modest incomes but high medical bills.



    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol
    Jenetta
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    Post  Jenetta on Fri Nov 02, 2012 3:48 am

    https://www.youtube.com/watch?v=VKB-w179PIQ

    [youtube]<iframe width="640" height="360" src="https://www.youtube.com/embed/VKB-w179PIQ?feature=player_detailpage" frameborder="0" allowfullscreen></iframe>[/youtube]

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    New Obamacare Tax Form Mandates Americans Report Personal Health ID Info to IRS  597754
    Carol
    Carol
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    New Obamacare Tax Form Mandates Americans Report Personal Health ID Info to IRS  Empty Re: New Obamacare Tax Form Mandates Americans Report Personal Health ID Info to IRS

    Post  Carol on Fri Nov 02, 2012 5:43 am

    I'm afraid the American population has become so apathetic they don't even know what revolution means. After all 50% of them are voting for Obama and many of them are basically out of work, under-educated and/or on the government dole. In fact, a recent statistic now shows that 47% of women giving birth are unmarried. Who pays for this? The tax payer because the fathers are so irresponsible that they abandon their financial responsibility as parents and leave this to the general public to take care of. Only there are less and less responsible people left to deal with caring for those who refuse to stand up at the plate and shoulder their responsibility as adults. If people can't afford health care what makes anyone think this 47% can do it - let alone the unemployed. Instead they are being penalized by an illegal tax along with all the others (most likely 20% of the population out of work) who hardly have any money to get on by either. The under-educated have no clue what's coming down the road when it comes to being bilked once this outrages tax is initiated.

    As I see it one of the major problems is the middleman (Insurance Companies). If all the money that was paid to health insurance companies instead went directly to medical health facilities and clinics - health care could easily be free service for everyone.


    _________________
    What is life?
    It is the flash of a firefly in the night, the breath of a buffalo in the wintertime. It is the little shadow which runs across the grass and loses itself in the sunset.

    With deepest respect ~ Aloha & Mahalo, Carol

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