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A List of New Taxes From Harry Reid--Welcome to Socialism Biatch
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chainpin
Nov 19, 09 17:50
Post #1 of 28 (459 views)
A List of New Taxes From Harry Reid--Welcome to Socialism Biatch
Can't Post
This is going to be a fucking disaster for our economy.
Say goodbye to healthcare as you know it.
Get in line bitch.
Individual Mandate Tax
(Page 324/Sec. 1501/$8 bil)
: Starting in 2014, anyone not buying “qualifying” health insurance must pay an income surtax according to the following schedule (capped at 8 percent of income):
Single Single +1 Single +2 2014 $95 $190 $285 2015 $350 $700 $1050 2016, etc. $750 $1500 $2250
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
): 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)
: Starting in 2013, new 40 percent excise tax on “Cadillac” health insurance plans ($8500 single/$23,000 family). Higher threshold ($9850 single/$26,000 family) for early retirees and high-risk professions. CPI +1 percentage point indexed.
From 2013-2015, the 17 highest-cost states are 120% of this level.
Employer Reporting of Insurance on W-2
(Page 1996/Sec. 9002/Min$)
: Preamble to taxing health benefits on individual tax returns.
Medicine Cabinet Tax
(Page 1997/Sec. 9003/$5 bil)
: 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)
: 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
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Page 1999/Sec. 9005/$14.6 bil
): Imposes cap on FSAs of $2500 (now unlimited).
Corporate 1099-MISC Information Reporting
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Page 1999/Sec. 9006/$17.1 bil
): Requires businesses to send 1099-MISC information tax forms to corporations (currently limited to individuals), a huge compliance burden for small employers
Excise Tax on Charitable Hospitals
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page 2001/Sec. 9007/Min$
): $50,000 per hospital if they fail to meet new "community health assessment needs," "financial assistance," and "billing and collection" rules set by HHS.
Tax on Innovator Drug Companies
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Page 2010/Sec. 9008/ $22.2 bil
): $2.3 billion annual tax on the industry imposed relative to share of sales made that year.
Tax of Medical Device Manufacturers
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Page 2020/Sec. 9009/$19.3 bil
): $2 billion annual tax on the industry imposed relative to shares of sales made that year. Exempts items retailing for <$100.
Tax on Health Insurers
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Page 2026/Sec. 9010/$60.4 bil
): $6.7 billion annual tax on the industry imposed relative to health insurance premiums collected that year.
Eliminate tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D
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Page 2034/Sec. 9012/$5.4 bil
)
Raise "Haircut" for Medical Itemized Deduction from 7.5% to 10% of AGI
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Page 2034/Sec. 9013/$15.2 bil
) : Waived for 65+ taxpayers in 2013-2016 only
$500,000 Annual Executive Compensation Limit for Health Insurance Executives
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Page 2035/Sec. 9014/$0.6 bil
)
Hike in Medicare Payroll Tax
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Page 2040/Sec. 9015/$53.8 bil
): Current law and changes:
Wages (Employer/Employee) Self-Employment Net Income Current Law and New Rate on First $200,000 ($250,000 MFJ) 1.45%/1.45% 2.9% New Rate on Amount Which Exceeds $200,000 ($250,000 MFJ) 1.45%/1.95% 3.4%
The 0.5% new rate addition is not deductible for the self-employment tax adjustment.
Blue Cross/Blue Shield Tax Hike
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Page 2044/Sec. 9016/$0.4 bil
): The special tax deduction in current law for Blue Cross/Blue Shield companies would only be allowed if 85 percent or more of premium revenues are spent on clinical services
Tax on Cosmetic Medical Procedures
(
Page 2045/Sec. 9017/$5.8 bil
): New 5% excise tax on elective cosmetic surgery to be paid by the surgery patient.
"I really wish you would post more often. You always have some good stuff to say. I copied it below just in case someone missed it." BarryP to Chainpin on 10/21/06
"I really wish you would post more often. You always have some good stuff to say. I copied it below just in case someone missed it." BarryP to Chainpin on 10/21/06
bhauser
Nov 19, 09 18:55
Post #2 of 28 (427 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [chainpin]
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Can't Post
Come on - they took an oath to uphold and defend the constitution. They would never do anything to hurt this nation. This is for our own good.
fucking asshats - next november won't come fast enough
Mito Chondria
Nov 19, 09 19:18
Post #3 of 28 (414 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [chainpin]
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Why do you hate America ;)
“The greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it.” -Michelangelo
MoodBoost Drink : Mood Support + Energy.
scorpio516
Nov 19, 09 19:33
Post #4 of 28 (405 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [chainpin]
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Where's the socialism?
Giant Steps
Nov 19, 09 21:13
Post #5 of 28 (378 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [scorpio516]
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I agree, I don't see the socialism but I do see sheer fucking stupidity in this bill.
"When you're at a biker party and they start playing Steppenwolf, it's time to leave the party. " - an ancient Ocean Beach proverb
justgeorge
Nov 20, 09 3:05
Post #6 of 28 (358 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [scorpio516]
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The socialism is where they use all this new tax money to give free health care and/or health insurance to people. You know, "redistribution of wealth".
I like their plan to limit executive pay in the health insurance industry to $500,000.
Yeah, that will draw top executives who are good at running a huge business.
chainpin
Nov 20, 09 5:08
Post #7 of 28 (331 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [justgeorge]
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In Reply To:
The socialism is where they use all this new tax money to give free health care and/or health insurance to people. You know, "redistribution of wealth".
I like their plan to limit executive pay in the health insurance industry to $500,000.
Yeah, that will draw top executives who are good at running a huge business.
Thanks George, I couldn't have said it better myself.
I'm really pissed off about the Medicine Cabinet tax of all things!
This is not about cutting costs.
Everything in that bill is going to raise the cost of medicine, equipment, and drugs, because all those taxes are going to be passed through.
A 40% tax on premium plans--and people bitch about credit card companies pricing practices.
Oh yeah, and how many incremental employees is a company going to be hiring under this piece of shit legislation--I'll tell you, fucking zero, that's how many.
"I really wish you would post more often. You always have some good stuff to say. I copied it below just in case someone missed it." BarryP to Chainpin on 10/21/06
MJuric
Nov 20, 09 6:47
Post #8 of 28 (290 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [justgeorge]
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Yeah, that will draw top executives who are good at running a huge business.
I don't disagree with you but it's getting to the point of "where are they going to go?"
At present there are limitations or an attempt at limitations on any bank that took TARP, 2 out 3 of the automotive companies and this would bring in an additional 1/7 of GDP. All told a completely PFA guess if this went thru the US government would control "Executive salaries" of close to 1/5 or more of the entire private sector.
Now consider the fact that we are looking at "Government", federal state and local, spending 35-40% of GDP as is, controlling the executive salaries of another 20%, ALL of these high paid executives are starting to get squeezed into smaller and smaller markets.
My question would be, when are they going to start controlling the "Salaries" of Attorneys, Professional sports athletes and actors? I can't afford to buy tickets for a Bears game and going to the movies is almost out of the questions. I absolutely NEED legal advice to protect myself from other people with attorneys....so get to congress.
~Matt
rick_pcfl
Nov 20, 09 7:19
Post #9 of 28 (270 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [MJuric]
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Agreed. Instead of spending time studying and trying to educate themselves, they should have learned how to run a football or shoot a basketball.
I agree that some compensation packages reward a greedy CEO who is willing to cut 5000 jobs in order to make an extra XX million dollars. But I would say that most earn it more so than some thug who is as dumb as the football he is carrying.
As to the extra fee for the executive health care packages. Care to bet that the American citizens will be paying for about 600 of those a year?
bhauser
Nov 20, 09 7:31
Post #10 of 28 (255 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [MJuric]
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In Reply To:
Yeah, that will draw top executives who are good at running a huge business.
I don't disagree with you but it's getting to the point of "where are they going to go?"
They are going to go outside of the US, and very likely, take the businesses with them. Either that or just plain retire and tell this government to f-off.
Boudreaux
Nov 20, 09 7:32
Post #11 of 28 (257 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [rick_pcfl]
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I agree that some compensation packages reward a greedy CEO who is willing to cut 5000 jobs in order to make an extra XX million dollars
Jeez...the company exists for one reason only. Care to guess what that is?
"you know, aero trumps training ;-) "
R10C 10/09
MJuric
Nov 20, 09 7:33
Post #12 of 28 (253 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [rick_pcfl]
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I believe many upper level, hell even middle management, positions are WAY over paid.
I use the same "Sports" analogy except it's even more extreme for business because it's not the difference between winner and loser, it's the difference between 10% profit and 9.99% profit.
You have football players in college that make zero dollars one year, the next they are making millions. No problem there until you realize there was a guy that was "Almost as good" that didn't make the draft that is still making "Zero dollars". Is the guy making millions "Worth it", of course he is because some goof ball is willing to pay it. Is the guy making millions "Producing" or capable of "Producing" that much more than the guy making zero, not a chance.
Same goes for Execs, except as stated, potentially worse. Are these people "worth it", yes because some dumb ass board is willing to sign the contract. Can these people actually "Produce" that much more than the other guys that interviewed for the job but didn't get and ended up getting a job in a much smaller company for a fraction of the income, not a chance.
In fact I have seen, on more than one occasion, a top ranked "Executive" drive a company into the ground and then move to the next company. At least in the NFL if you completely fail you get benched.
Of course I'm completely against someone stepping in and saying "Your not worth it", despite the fact that I believe they are not, if they can get someone to voluntarily cough up the money, they are by definition, worth it.
~Matt
rick_pcfl
Nov 20, 09 7:42
Post #13 of 28 (244 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [Boudreaux]
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I agree that some compensation packages reward a greedy CEO who is willing to cut 5000 jobs in order to make an extra XX million dollars
Jeez...the company exists for one reason only. Care to guess what that is?
Maybe I wasn't clear. I'm wasn't referring to the CEO cutting the jobs because it would make the company more profitable - I'm referring to his incentive being that HE received the extra millions because he was able to use the numbers to work in his favor. No, I can't recite any cases of this happening, but wouldn't you agree that it does/has happened?
Like I said, I've got no problems with CEO's earning big money, but I do have a problem when incentives can cause a greedy person to make greed based decisions that negatively impact the financial well being of a significant number of employees.
MJuric
Nov 20, 09 7:43
Post #14 of 28 (241 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [bhauser]
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They are going to go outside of the US, and very likely, take the businesses with them.
I'm guessing that "Executive pay" in most countries doesn't come close to that of what the US pays and that the multiplier of CEO salary to "Floor worker" is much lower than it is in the US. I don't see that as an option for 99% of them.
Either that or just plain retire and tell this government to f-off.
That might happen but I doubt it for a couple reasons. First these people aren't the type to "Sit around", in most cases. Despite the fact that I think many are way over paid, I've yet to meet an "Upper management" person that was not a "Type A" personality to the max. Some might "Pack it in" if they are up in years, but the 30-50'ish crowd, not likely.
I'm guessing they will either A) take the cut and stay or more likely B) head into the smaller market and compete. or C) start their own companies :-)
In the case of B they will still take a pay cut because competition will be stronger in the smaller market.
In the case of C they might try to drive a nail into the government programs....which would be fun, fun and more fun :-)
~Matt
MJuric
Nov 20, 09 7:46
Post #15 of 28 (239 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [Boudreaux]
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Jeez...the company exists for one reason only. Care to guess what that is?
The problem is that we no longer look "Long term". Yes companies exist to make a profit. However making a profit for this quarter, maybe next, for a loss in all quarters from year 2-5 or lowered profit in all those quarters is simply not worth it.
Many current CEO's will lay off 5K people to make an "instant profit" but end up crippling the company long term because they really don't care what happens in 5 years.
~Matt
Boudreaux
Nov 20, 09 7:51
Post #16 of 28 (233 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [rick_pcfl]
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No, I can't recite any cases of this happening, but wouldn't you agree that it does/has happened?
I dunno. I'm not as bright as many here. I can't imagine any soul manipulating figgers to benefit himself.
Need coffee. Think I'll go to Recovery.Gov to look at the latest Govt. figgers on jobs saved/created.
"you know, aero trumps training ;-) "
R10C 10/09
chainpin
Nov 20, 09 8:03
Post #17 of 28 (223 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [MJuric]
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Jeez...the company exists for one reason only. Care to guess what that is?
The problem is that we no longer look "Long term". Yes companies exist to make a profit. However making a profit for this quarter, maybe next, for a loss in all quarters from year 2-5 or lowered profit in all those quarters is simply not worth it.
Many current CEO's will lay off 5K people to make an "instant profit" but end up crippling the company long term because they really don't care what happens in 5 years.
~Matt
No, CEO's layoff workers because keeping them when it is uneconomical to do so immediately destroys shareholder value.
A company that destroys shareholder value in the short term, will not be around in the long term.
"I really wish you would post more often. You always have some good stuff to say. I copied it below just in case someone missed it." BarryP to Chainpin on 10/21/06
Mike Lamb
Nov 20, 09 8:22
Post #18 of 28 (210 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [bhauser]
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Oh noes! The people that helped create the worst fiscal crisis since the Great Depression are going to leave?? How will us serfs survive?
f/k/a mclamb6
efernand
Nov 20, 09 9:11
Post #19 of 28 (193 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [Mike Lamb]
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Oh noes! The people that helped create the worst fiscal crisis since the Great Depression are going to leave?? How will us serfs survive?
No, most of those guys are working in Washington now.
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Mike Lamb
Nov 20, 09 9:15
Post #20 of 28 (192 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [efernand]
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Oh noes! The people that helped create the worst fiscal crisis since the Great Depression are going to leave?? How will us serfs survive?
No, most of those guys are working in Washington now.
.
Unfortunately, it's true. Goldman alums are viral.
f/k/a mclamb6
bhauser
Nov 20, 09 9:27
Post #21 of 28 (180 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [Mike Lamb]
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Isn't it ironic your use of the term serfs to argue this point when the politicians driving the side of the argument you are supporting are doing their best to put us all in serfdom? Keep drinkin the koolaid.
Mike Lamb
Nov 20, 09 9:32
Post #22 of 28 (176 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [bhauser]
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Step one, remove tinfoil hat...
f/k/a mclamb6
MJuric
Nov 20, 09 9:37
Post #23 of 28 (172 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [chainpin]
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A company that destroys shareholder value in the short term, will not be around in the long term.
But that's my point and in several cases has proven to be true. However by the time everyone realizes the damage that has been done, the CEO that caused the damage is long gone as well as many of the share holders that made money off the layoffs.
You can look at union contracts the same way. CEO's make the decision based on "Short term economical gain". If we fight the contract we lose profit now. So they sign the contract for a couple quarters of profit. 10, 20 or 30 years later they are screwed.
~Matt
efernand
Nov 20, 09 10:05
Post #24 of 28 (156 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [MJuric]
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You can look at union contracts the same way. CEO's make the decision based on "Short term economical gain". If we fight the contract we lose profit now. So they sign the contract for a couple quarters of profit. 10, 20 or 30 years later they are screwed.
I would argue it is the unions that are short-sighted. They want to get all they can right now, and don't care if it slowly kills the company over the long term.
Also, management really doesn't have a lot of choice. A drawn out strike can easily put a company out of business in the short and long term, and even a short term strike is going to cost market share and mind share. Not to mention thatk, since the law is on the unions side, they eventually have to settle, they can't chose to get their labor somewhere else.
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bhauser
Nov 20, 09 10:08
Post #25 of 28 (153 views)
Re: A List of New Taxes From Harry Reid--Welcome to Socialism Biatch [Mike Lamb]
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Ok - thanks. Hat is off.
Look - I'm sure there are a number of "overpaid" CEO's. However, I would also posit the vast majority of CEO's are not. It would be interesting to know the % of CEO's who would even fall under the proposed $500k limit today. I bet it's well over half. Also, there are going to be some of them who really are evil and are only looking out for #1. As someone posted earlier (or maybe it was even another thread??) for the companies that are publicly traded, the vision is so short sighted, it's amazing any of these companies are still in business.
What I do object to is the federal government putting arbitrary limits on private enterprise. I guess they get around that issue by turning it into a government bureaucracy though, don't they? Nevermind that little detail called the constitution. But see here's the thing - if there's a company that is run in such a way you don't agree with, you can very easily leave that organization and find employment elsewhere or choose not to purchase their products or services. When the government begins changing all the rules, taking over the private sector, and fundamentally changing the entire model the country was built on, what are you going to do?
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