Join Date: Feb 2010
Location: Cartersville, GA
Re: Here comes the VAT tax........
3. A requirement that businesses include the value of the health care benefits they provide to employees on W-2s, beginning with W-2s for 2011.
A new tax?
6. A limit on the amount that employees can contribute to health care flexible spending accounts to $2,500 a year. Under the House package of changes, the cap won't take effect until 2013.
This will be an increase in tax for us. We have a child that is on maintainence drugs that equates to $275 a month. Our taxes will go up with this provision as we use the spending accounts to save a little on taxes.
9. A hike in the 7.5% floor on itemized deductions for medical expenses to 10%, beginning in 2013. But taxpayers age 65 and over are exempt from the cutback through 2016.
Yet again, this will increase my tax liability as we run between 8.5% & 9% each year in medical costs. Over the last 5 years we have only hit the 10% mark once.
And for the record I make less than half of the $200k they set as the bench mark for no new taxes.
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