New Taxes in the Senate Healthcare bill

• 40% excise tax on health coverage in excess of
$8,500/$23,000 indexed for inflation by CPI-U
plus 1% and increased thresholds for over age 55
retirees or certain high-risk professions; levied at
insurer level; employer aggregates and issues
information return for insurers indicating amount
subject to the excise tax; nondeductible; high 17
state transition relief

• Conform the definition of medical expenses for
health savings accounts, Archer MSAs, health
flexible spending arrangements, and health
reimbursement arrangements to the definition of the
itemized deduction for medical expenses (excluding
over-the-counter medicines prescribed by a
physician)

• Increase the penalty for nonqualified health
savings account distributions to 20%

• Limit health flexible spending arrangements in
cafeteria plans to $2,500

• Require information reporting on payments to
corporations

• Additional requirements for section 501(c)(3)
hospitals

• Impose annual fee on manufacturers and importers
of branded drugs
• Impose annual fee on manufacturers and importers
of certain medical devices

• Impose annual fee on health insurance providers

• Eliminate deduction for expenses allocable to Medicare Part D subsidy

• Raise 7.5% AGI floor on medical expenses deduction to 10%; AGI floor for individuals age 65 and older (and their spouses) remains at 7.5%
(sunset 12/31/16).

• $500,000 deduction limitation on taxable year
remuneration to officers, employees, directors, and service providers of covered health insurance providers

• Additional 0.5% hospital insurance tax on wages in excess of $200,000 ($250,000 joint)

• Modification of section 833 treatment of certain health organizations

• Impose 5% excise tax on cosmetic surgery and similar procedures

Some of it...

Submitted by imagine that on Wed, 11/25/2009 - 6:44am.

I could confirm. Much of it, I cannot. So, why not reference it to the Section or page number? You went to a great deal of trouble to find the information. Thanks for your efforts.

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Here you go...

Submitted by S. Lindsey on Fri, 11/27/2009 - 10:32am.

The Congressional Budget Office (CBO) estimates that taxes will be approximately $200 billion over 10 years. The Joint Committee on Taxation (JCT) estimates $560 billion in new taxes over the next 10 years, with the bulk of these increases coming from the surtax. These are large tax hikes that will slow hiring and economic growth, especially in the middle of a recession.

The Joint Committee on Taxation..Link to Download

""The democracy will cease to exist when you take away from those who are willing to work and give to those who would not." " Thomas Jefferson

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