Top 6 Health Care Reform Tax Myths

Since the health reform debate continues, it seems like TV ads and email blasts go out to the left and right, either promote or to discredit the bill. Helping people confuse some of the claims, made in these advertisements, please enjoy the following list of top tax myths about the healthcare reform bill.

1. The bill is full Funded
President Obama has repeatedly asserted that health care is paid for the overhaul, and that he was not a change, no impact "on the deficit." The plan to increase the taxes for upper income, is expected to be $ 239 billion in additional federal revenue over the next ten years to generate. However, the reform likely will cost more than $ 600 billion U.S. dollars. Obama said that his team was identified to pay cuts for the remainder of the Act, including cuts in Medicare and payments to the insurers and doctors. However, these cuts are very unpopular in their history and have never come to a conclusion. This has many asking whether Obama will go back on his promise and signed a bill that increases the national debt and ultimately lead to additional tax increases.

2. U.S. taxpayers pay for Heath Care for Illegal Immigrants
Although it is speculation that more than 5 million illegal immigrants are covered by the health care Obama's plan, it is almost entirely a fabrication. The bill creates the House of Representatives, says explicitly that no money to give health care to illegal immigrants. HR 3200: § 246 claims "nothing in this subtitle is federal grants for affordable loans on behalf of persons who are not lawfully present permit in the United States."

3. The government health agency, you have free access to financial information, tax identification number
The myth that the government will be the new health care agency access to financial information are all Americans, has been doing the rounds for a few weeks. The legislation does not actually allow the government to certain information about taxpayers trying to get the health benefits into question. However, the Act has information that can be obtained from (i) taxpayer identity information with respect to such taxpayer, (ii) the filing of such a restricted status taxpayer, (iii) a change in adjusted gross income of such taxpayer (within the meaning of section 59B (e) (5)), (iv) the number of members of the taxpayer, (v) such other information as prescribed by the Secretary of the regulation, how could indicate whether the taxpayer qualifies for the affordability of loans in question ( and) the amount thereof. "Furthermore, the law also limits the use of the information only for the establishment and review of its loan, and repayment of loans, which was such an appropriate amount of any such."

4. Employers who are not public offering of the option is an additional 8% pay taxes
This myth is actually something based in fact, with the exception has been slightly exaggerated. The current health care bill will require employers to offer health benefits, either private or public assistance to pay option for additional taxes. Employers with annual wage and salary over $ 400,000 will be paid at 8%, and the wage and payroll between $ 250,000 and $ 400,000 will pay a lesser amount. However, employers with wage and salary under $ 250,000 will not pay an additional tax or be forced to offer health benefits.

5. Taxpayers with no Acceptable HealthCare will pay 10% or more in taxes
As part of the health care package is a mandate requiring everyone to be insured. Therefore, they have no acceptable range, pay a penalty. There are dozens of rumors floating around that this penalty could exceed 10% or more, however the actual law calls for a penalty of 2.5% of adjusted gross income of taxpayers who are not above the national average premium for individual coverage areas .

6. Estate taxes will be locked before a taxpayer Death
This claim, along with others, the suicide of the Council have any misinterpretation of a provision to maintain the accounts of the House, that Medicare covers voluntary end-of-life counseling sessions between the elderly and their doctors. These sessions may include topics such as hospice creating a living will, etc. There is no evidence to force the taxpayers, in their property taxes, while on his deathbed to block.

Editor Tips

Perhaps, if the senators and congressmen actually trying to make a life with so much money in the real world, they can raise that amount and to stop the taxation that they call "the rich".
This only applies to the purchase of vehicles after 16 February 2009 and submitted before 1 January 2010. So get out there and buy a new car!

The second purpose of the tax audit motivate "taxpayers who comply with the tax rules. Frankly, the IRS is happy, you and I are the prospects of a fear that audited. Why? Because we are much more likely to pay every penny we owe each year. In other words, corresponding revenue afraid!

Remember to come, taxes do not have to if not also be detected by the transaction must be illegal or illegitimate for this penalty applies. The only proof from the IRS requires that the person does not set properly and timely open to a transaction that the IRS believes the person should be disclosed.