A convenient but critical way to support Georgia’s wildlife needs your help this tax season.
State income tax checkoff contributions to the Georgia Wildlife Conservation Fund have declined in recent years. While not an all-time low, contributions for the most recent fiscal year fell another 20 percent, or nearly $60,000 from the previous year.
Yet, the checkoff is a key fundraiser for the Wildlife Conservation Fund. The fund is administered by the Georgia Department of Natural Resources’ Nongame Conservation Section and dedicated to the conservation of nongame and endangered animals and plants statewide.
The Nongame Conservation Section receives no state funding for its mission to conserve nongame wildlife. Nongame includes native Georgia animals not legally hunted, fished for or trapped, as well as native plants, from sea turtles to songbirds and pitcherplants.
Jon Ambrose, assistant chief of the Nongame Conservation Section, said the Wildlife Conservation Fund is also used to attract federal and private research and conservation funding to Georgia. By using the fund as match, DNR gained $1 for every 25 cents spent from the fund over the past two years. The Nongame Conservation Section has averaged about $1.5 million a year in federal State Wildlife Grants over the past decade, Ambrose said.
The checkoff “is critical in terms of providing the match we need to get this funding from other sources,” he said.
The Give Wildlife a Chance checkoff has been a success since its creation in 1989. Thanks to the generosity of Georgians, more than $6 million has been raised. Contributions played a part in many conservation achievements, varying from the restoration of bald eagle populations to land acquisitions such as the prized Silver Lake Wildlife Management Area near Bainbridge.
That success story can continue with the help of conservation-minded Georgians.
This year, even in the midst of a recession, citizens can reverse the decline in checkoff contributions by filling in any amount more than $1 on line 27 of the state’s long tax form (Form 500) or line 10 of the short form (Form 500EZ). Contributions can be deducted from refunds or added to payments.
For more information, go to www.georgiawildlife.com/node/338, or call Nongame Conservation Section offices in Social Circle (770-761-3035), Forsyth (478-994-1438) or Brunswick (912-264-7218). State income tax forms are available online at https://etax.dor.ga.gov/.
The Nongame Conservation Section also benefits from sales of the bald eagle and ruby-throated hummingbird license plates, an annual fundraiser called Weekend for Wildlife, and donations. Details at www.georgiawildlife.com.
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Showing posts with label tax. Show all posts
Showing posts with label tax. Show all posts
Monday, April 12, 2010
Tuesday, December 22, 2009
Buying a home or making green home improvements? Don't miss out on these tax credits
(ARA) - A wide range of tax law changes over the last year will result in considerable savings for millions of Americans on their 2009 federal tax returns. Homebuyers and homeowners have some of the most to gain from the changes.
Understanding the qualifications for home-related credits can be confusing and intimidating. Jessi Dolmage, spokeswoman for 2nd Story Software, the makers of TaxACT, breaks them down.
"If you've never owned or haven't owned a principal residence during the three years prior to the purchase date, you may qualify for the First-Time Homebuyer Credit. The purchase date must fall after April 8, 2009 and before May 1, 2010, with closing to take place before July 1, 2010. It's equal to 10 percent of the purchase price, up to a maximum of $8,000. You only have to repay the money if the home ceases to be your primary residence or is sold within three years of purchase," says Dolmage.
Property cannot be acquired from a relative, and married taxpayers must both qualify as first-time homebuyers if filing jointly. The credit can be claimed on a 2009 return or an amended 2008 return.
The Worker, Homeownership and Business Assistance Act of 2009 extended the credit's closing date from Nov. 30, 2009, to April 30, 2010, and added rules for homes purchased after Nov. 6, 2009, including:
* You must be at least 18 on the purchase date (only one spouse must be 18) and cannot be claimed as a dependent.
* Purchase price cannot exceed $800,000.
* If the sale doesn't close by April 30, 2010, you may still qualify if there's a binding contract to purchase by that date. The sale must close before July 1, 2010, and the credit cannot be claimed before the closing date.
Purchase date and modified adjusted gross income (MAGI) determine credit phase out. If the purchase date was before Nov. 7, 2009, full credit is available to those with an MAGI up to $75,000 ($150,000 for joint filers). If you have an MAGI between $75,000 and $95,000 ($150,000 and $170,000 for joint filers), you're eligible for reduced credit. Higher incomes do not qualify.
If the purchase date is after Nov. 6, 2009, full credit is available to those with an MAGI of up to $125,000 ($225,000 for joint filers). If your MAGI falls between $125,000 and $145,000 ($225,000 and $245,000 for joint filers), you could receive a reduced credit. Higher incomes don't qualify.
"Current homeowners looking for a different or new home may also qualify for the First-Time Homebuyer Credit," Dolmage says. "The Worker, Homeownership and Business Assistance Act modified the credit to allow for up to $6,500 if you purchase a replacement home before April 30, 2010. You must have lived in the same principal residence for a five-consecutive-year period during the eight-year period that ends on the purchase date of the replacement home."
In addition:
* You must buy, or enter into a binding contract to buy, a principal residence after Nov. 6, 2009, and before May 1, 2010, and close on it before July 1, 2010.
* The credit phases out for those with an MAGI between $125,000 and $145,000 ($225,000 and $245,000 for joint filers).
* 2009 purchases must be claimed on a 2009 return; 2010 purchases can be claimed on a 2009 or 2010 return.
All homeowners can claim tax credits for green improvements. The Residential Energy Property Credit is worth 30 percent, up to $1,500, for improvements such as adding insulation or installing energy-efficient windows, doors, or heating and air conditioning systems. Bigger improvements involving alternative energy equipment, like solar hot water heaters, geothermal heat pumps and wind turbines can be claimed under the Residential Energy Efficiency Property Credit. This credit is equal to 30 percent of the cost of the qualified property, with no limit on the maximum amount of the credit available.
New tax laws also include breaks for children, college expenses, new vehicles, unemployment and several other areas. Information about all 2009 tax law changes can be found at www.IRS.gov.
"You can see exactly how the changes will affect your 2009 taxes with TaxACT Free Federal Edition," Dolmage adds." With TaxACT, all taxpayers can prepare, print and e-file their IRS return for free. Go to www.TaxACT.com to get started."
Courtesy of ARAcontent
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Understanding the qualifications for home-related credits can be confusing and intimidating. Jessi Dolmage, spokeswoman for 2nd Story Software, the makers of TaxACT, breaks them down.
"If you've never owned or haven't owned a principal residence during the three years prior to the purchase date, you may qualify for the First-Time Homebuyer Credit. The purchase date must fall after April 8, 2009 and before May 1, 2010, with closing to take place before July 1, 2010. It's equal to 10 percent of the purchase price, up to a maximum of $8,000. You only have to repay the money if the home ceases to be your primary residence or is sold within three years of purchase," says Dolmage.
Property cannot be acquired from a relative, and married taxpayers must both qualify as first-time homebuyers if filing jointly. The credit can be claimed on a 2009 return or an amended 2008 return.
The Worker, Homeownership and Business Assistance Act of 2009 extended the credit's closing date from Nov. 30, 2009, to April 30, 2010, and added rules for homes purchased after Nov. 6, 2009, including:
* You must be at least 18 on the purchase date (only one spouse must be 18) and cannot be claimed as a dependent.
* Purchase price cannot exceed $800,000.
* If the sale doesn't close by April 30, 2010, you may still qualify if there's a binding contract to purchase by that date. The sale must close before July 1, 2010, and the credit cannot be claimed before the closing date.
Purchase date and modified adjusted gross income (MAGI) determine credit phase out. If the purchase date was before Nov. 7, 2009, full credit is available to those with an MAGI up to $75,000 ($150,000 for joint filers). If you have an MAGI between $75,000 and $95,000 ($150,000 and $170,000 for joint filers), you're eligible for reduced credit. Higher incomes do not qualify.
If the purchase date is after Nov. 6, 2009, full credit is available to those with an MAGI of up to $125,000 ($225,000 for joint filers). If your MAGI falls between $125,000 and $145,000 ($225,000 and $245,000 for joint filers), you could receive a reduced credit. Higher incomes don't qualify.
"Current homeowners looking for a different or new home may also qualify for the First-Time Homebuyer Credit," Dolmage says. "The Worker, Homeownership and Business Assistance Act modified the credit to allow for up to $6,500 if you purchase a replacement home before April 30, 2010. You must have lived in the same principal residence for a five-consecutive-year period during the eight-year period that ends on the purchase date of the replacement home."
In addition:
* You must buy, or enter into a binding contract to buy, a principal residence after Nov. 6, 2009, and before May 1, 2010, and close on it before July 1, 2010.
* The credit phases out for those with an MAGI between $125,000 and $145,000 ($225,000 and $245,000 for joint filers).
* 2009 purchases must be claimed on a 2009 return; 2010 purchases can be claimed on a 2009 or 2010 return.
All homeowners can claim tax credits for green improvements. The Residential Energy Property Credit is worth 30 percent, up to $1,500, for improvements such as adding insulation or installing energy-efficient windows, doors, or heating and air conditioning systems. Bigger improvements involving alternative energy equipment, like solar hot water heaters, geothermal heat pumps and wind turbines can be claimed under the Residential Energy Efficiency Property Credit. This credit is equal to 30 percent of the cost of the qualified property, with no limit on the maximum amount of the credit available.
New tax laws also include breaks for children, college expenses, new vehicles, unemployment and several other areas. Information about all 2009 tax law changes can be found at www.IRS.gov.
"You can see exactly how the changes will affect your 2009 taxes with TaxACT Free Federal Edition," Dolmage adds." With TaxACT, all taxpayers can prepare, print and e-file their IRS return for free. Go to www.TaxACT.com to get started."
Courtesy of ARAcontent
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Thursday, December 3, 2009
Pelosi: Estate Tax Relief Reflects Commitment to Restoring Balance and Fundamental Fairness in Tax Code
/PRNewswire/ -- House Speaker Nancy Pelosi issued the following statement following the House passage this afternoon of the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act. The legislation passed by a vote of 225 to 200.
"The Estate Tax relief bill reflects our unyielding commitment to restoring balance and fundamental fairness in our tax code. This Congress is dedicated to fiscal responsibility and to leaving a legacy of progress and prosperity to our children and grandchildren. This legislation is critical to achieving both of these goals.
"This bill is good for small businesses, good for farmers, and good for our nation's families - providing them with some certainty and stability during uncertain times. This proposal provides relief to 99.8 percent of estates nationwide, prevents additional taxes from hitting more Americans, and protects our next generation from paying higher tax rates on what they inherit from their parents.
"This measure also restores the 'pay as you go' principle of budget discipline, requiring Congress to find a way to pay for any new spending - outside an economic crisis - and returning us to a process that turned record deficits into surpluses in the 1990s.
"The Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act represents a positive step forward for America's taxpayers. It is founded on the ideas of equality and opportunity - on values that form the foundation of our economic growth and our pursuit of the common good. I applaud my colleagues, particularly Congressman Earl Pomeroy of North Dakota and Majority Leader Steny Hoyer, for their leadership on this issue, and for continuing to fight for our country's families, farmers, and small business owners."
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"The Estate Tax relief bill reflects our unyielding commitment to restoring balance and fundamental fairness in our tax code. This Congress is dedicated to fiscal responsibility and to leaving a legacy of progress and prosperity to our children and grandchildren. This legislation is critical to achieving both of these goals.
"This bill is good for small businesses, good for farmers, and good for our nation's families - providing them with some certainty and stability during uncertain times. This proposal provides relief to 99.8 percent of estates nationwide, prevents additional taxes from hitting more Americans, and protects our next generation from paying higher tax rates on what they inherit from their parents.
"This measure also restores the 'pay as you go' principle of budget discipline, requiring Congress to find a way to pay for any new spending - outside an economic crisis - and returning us to a process that turned record deficits into surpluses in the 1990s.
"The Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act represents a positive step forward for America's taxpayers. It is founded on the ideas of equality and opportunity - on values that form the foundation of our economic growth and our pursuit of the common good. I applaud my colleagues, particularly Congressman Earl Pomeroy of North Dakota and Majority Leader Steny Hoyer, for their leadership on this issue, and for continuing to fight for our country's families, farmers, and small business owners."
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Wednesday, November 4, 2009
State Income Taxes Push Many Working-Poor Families Deeper Into Poverty
/PRNewswire/ -- Sixteen states taxed working-poor families deeper into poverty last year, according to a new report from the Center on Budget and Policy Priorities. Income tax bills on poor families in those 16 states ranged from a few dollars to several hundred dollars, which is a significant amount for a family struggling to make ends meet, the report said.
"Undermining families' efforts to work their way out of poverty is never a good idea," said Phil Oliff, the report's co-author. "But it's especially harmful in the current recession, when people are already struggling just to get by."
The report measures the "tax threshold" in each state -- the income level at which families begin owing income taxes. In 16 of the 42 states that levy an income tax, the threshold for two-parent families of four was below $22,017, the 2008 poverty line for such a family. The remaining states as well as the federal government do not tax working poor families.
Two fewer states taxed poor families than in 2007. Michigan adopted an Earned Income Tax Credit (EITC) that pushed its threshold slightly above the poverty line. Oklahoma made changes to its income tax deductions and rates, and expanded a credit for families with children, lifting its threshold above the poverty line for two-parent families of four. Although Hawaii and Louisiana made significant improvements to their tax systems, they remain among the 16 states that tax poor families. A number of other states made significant improvements.
In several states, income-tax treatment of the poor worsened as inflation eroded the value of provisions intended to protect the poor from taxation. This erosion coincided with a rising level of poverty and joblessness resulting from the recession.
Among the report's findings:
-- Sixteen states, out of the 42 with an income tax, taxed working-poor,
married couples with two children in 2008: Alabama, Arkansas, Georgia,
Hawaii, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi,
Missouri, Montana, North Carolina, Ohio, Oregon and West Virginia.
-- Michigan and Oklahoma stopped taxing poor families in 2007, and eight
other states implemented changes to reduce low-income families' tax
bills. Hawaii and West Virginia, both of which in 2007 had levied
some of the highest taxes on low-income families, also made
improvements in 2008.
-- On the other hand, in 23 states the value of provisions that protect
low-income families from taxation eroded, in large part due to a
failure to adjust them for inflation. As a result, poor and/or
near-poor families' tax bills in those states rose.
-- The number of states taxing extremely poor families of four - those
with incomes below three-quarters of the poverty line ($16,513) -
decreased from nine in 2007 to six in 2008. Three states that
previously taxed such families began exempting them: Hawaii,
Michigan, and West Virginia. States still taxing extremely poor
families are: Alabama, Georgia, Illinois, Indiana, Montana, and Ohio.
Over the last two decades, state policymakers increasingly have viewed the exemption of poor families from taxation as a straightforward way to reduce poverty and support work. The number of states levying income tax on poor two-parent families of four decreased from 24 to 16 between 1991 and 2008. The federal government has exempted poor families from tax since the mid-1980s.
Even in a time of widespread state budget shortfalls, there are a number of relatively inexpensive, effective solutions for state policymakers to consider. These include state EITCs and other low-income tax credits, no-tax "floors" (an income level below which a family owes no tax), and adequate personal exemptions and standard deductions.
"Dire economic conditions are already reducing states' tax revenue. This makes it harder for states to enact new tax cuts targeted to poor families," said Oliff. "But doing so should still be a priority. Taxing people deeper into poverty runs counter to the goal of helping families achieve self-sufficiency."
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"Undermining families' efforts to work their way out of poverty is never a good idea," said Phil Oliff, the report's co-author. "But it's especially harmful in the current recession, when people are already struggling just to get by."
The report measures the "tax threshold" in each state -- the income level at which families begin owing income taxes. In 16 of the 42 states that levy an income tax, the threshold for two-parent families of four was below $22,017, the 2008 poverty line for such a family. The remaining states as well as the federal government do not tax working poor families.
Two fewer states taxed poor families than in 2007. Michigan adopted an Earned Income Tax Credit (EITC) that pushed its threshold slightly above the poverty line. Oklahoma made changes to its income tax deductions and rates, and expanded a credit for families with children, lifting its threshold above the poverty line for two-parent families of four. Although Hawaii and Louisiana made significant improvements to their tax systems, they remain among the 16 states that tax poor families. A number of other states made significant improvements.
In several states, income-tax treatment of the poor worsened as inflation eroded the value of provisions intended to protect the poor from taxation. This erosion coincided with a rising level of poverty and joblessness resulting from the recession.
Among the report's findings:
-- Sixteen states, out of the 42 with an income tax, taxed working-poor,
married couples with two children in 2008: Alabama, Arkansas, Georgia,
Hawaii, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi,
Missouri, Montana, North Carolina, Ohio, Oregon and West Virginia.
-- Michigan and Oklahoma stopped taxing poor families in 2007, and eight
other states implemented changes to reduce low-income families' tax
bills. Hawaii and West Virginia, both of which in 2007 had levied
some of the highest taxes on low-income families, also made
improvements in 2008.
-- On the other hand, in 23 states the value of provisions that protect
low-income families from taxation eroded, in large part due to a
failure to adjust them for inflation. As a result, poor and/or
near-poor families' tax bills in those states rose.
-- The number of states taxing extremely poor families of four - those
with incomes below three-quarters of the poverty line ($16,513) -
decreased from nine in 2007 to six in 2008. Three states that
previously taxed such families began exempting them: Hawaii,
Michigan, and West Virginia. States still taxing extremely poor
families are: Alabama, Georgia, Illinois, Indiana, Montana, and Ohio.
Over the last two decades, state policymakers increasingly have viewed the exemption of poor families from taxation as a straightforward way to reduce poverty and support work. The number of states levying income tax on poor two-parent families of four decreased from 24 to 16 between 1991 and 2008. The federal government has exempted poor families from tax since the mid-1980s.
Even in a time of widespread state budget shortfalls, there are a number of relatively inexpensive, effective solutions for state policymakers to consider. These include state EITCs and other low-income tax credits, no-tax "floors" (an income level below which a family owes no tax), and adequate personal exemptions and standard deductions.
"Dire economic conditions are already reducing states' tax revenue. This makes it harder for states to enact new tax cuts targeted to poor families," said Oliff. "But doing so should still be a priority. Taxing people deeper into poverty runs counter to the goal of helping families achieve self-sufficiency."
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Wednesday, September 16, 2009
Comprehensive List of Tax Hikes in the Baucus Finance Committee Draft
/PRNewswire-/ -- Americans for Tax Reform today released its initial assessment of the healthcare plan outlined by Sen. Max Baucus (D-Mont.):
Individual Mandate Tax. If you don't sign up for health insurance, you will have to pay a tax in the following range:
Single Family
100-300% FPL $750 $1500
300+% FPL $900 $3800
Employer Mandate Tax. $400 per employee if health coverage is not offered. Note: this is a huge incentive to drop coverage, as $400 is much less than the average plan cost of $11,000 for families or $5000 for singles (Source: AHIP)
Backdoor Death of HSAs. By requiring that all plans (besides the few that are grandfathered) provided first-dollar coverage for most services, there would be no HSA-qualifying plans available from the Massachusetts-like exchanges
Excise Tax on High-Cost Health Plans. New 35% excise tax on health insurance plans to the extent they exceed $21000 in cost ($8000 single)
Report Employer Health Spending on W-2. This is clearly a setup for the easy individual taxation of employer-provided health insurance down the road.
Cap Flex-Spending Account (FSA) Contributions at $2000. Currently unlimited.
Eliminate tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D
Medicine Cabinet Tax. Americans would no longer be able to purchase over-the-counter medicines with their FSA, HSA, or HRA
Increase Non-Qualified HSA Distribution Penalty from 10% to 20%. This makes HSAs less attractive, and paves the way for HSA pre-verification
Corporate 1099-MISC Information Reporting. Currently, only non-corporations providing property or services for a business must be issued at 1099-MISC. This would expand the requirement to corporations doing business with other businesses. The amount of reporting needed for an average business would be huge. Paves the way for full information reporting to the IRS.
Various industry tax grabs based on market share. $2.3 billion: PhRMA; $6 billion: health insurance providers; $750 million: clinical labs; $4 billion: medical device manufacturers.
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Individual Mandate Tax. If you don't sign up for health insurance, you will have to pay a tax in the following range:
Single Family
100-300% FPL $750 $1500
300+% FPL $900 $3800
Employer Mandate Tax. $400 per employee if health coverage is not offered. Note: this is a huge incentive to drop coverage, as $400 is much less than the average plan cost of $11,000 for families or $5000 for singles (Source: AHIP)
Backdoor Death of HSAs. By requiring that all plans (besides the few that are grandfathered) provided first-dollar coverage for most services, there would be no HSA-qualifying plans available from the Massachusetts-like exchanges
Excise Tax on High-Cost Health Plans. New 35% excise tax on health insurance plans to the extent they exceed $21000 in cost ($8000 single)
Report Employer Health Spending on W-2. This is clearly a setup for the easy individual taxation of employer-provided health insurance down the road.
Cap Flex-Spending Account (FSA) Contributions at $2000. Currently unlimited.
Eliminate tax deduction for employer-provided retirement Rx drug coverage in coordination with Medicare Part D
Medicine Cabinet Tax. Americans would no longer be able to purchase over-the-counter medicines with their FSA, HSA, or HRA
Increase Non-Qualified HSA Distribution Penalty from 10% to 20%. This makes HSAs less attractive, and paves the way for HSA pre-verification
Corporate 1099-MISC Information Reporting. Currently, only non-corporations providing property or services for a business must be issued at 1099-MISC. This would expand the requirement to corporations doing business with other businesses. The amount of reporting needed for an average business would be huge. Paves the way for full information reporting to the IRS.
Various industry tax grabs based on market share. $2.3 billion: PhRMA; $6 billion: health insurance providers; $750 million: clinical labs; $4 billion: medical device manufacturers.
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Monday, August 17, 2009
A Look Inside The Latest Health Care Proposals (H.R. 3200)
Note: One of the end results of this proposed health care bill is the increase of taxes. The increase would likely be felt by individuals and by companies. Hence, let your representative know your thoughts on the subject.
/PRNewswire/ -- With so much turmoil surrounding the federal government's health care initiatives, the Federation of American Consumers and Travelers (FACT) is attempting to create a summary of key provisions. The goal is to condense incredibly lengthy and convoluted language into something which all consumers can digest so that they can then decide which way they want their legislators to proceed.
Some initial findings:
A tax surcharge would be imposed on individuals who earn more than $350,000.00. The surcharge would start at 1% and would increase up to 5.4% for those who have a modified adjusted gross income that exceeds $1 million.
A non-compliance tax would be imposed on individuals who do not acquire an "acceptable health insurance policy" (as determined by a government committee) for themselves and their families. This proposed non-compliance tax would be 2.5% of adjusted gross income, which would be effective after December 31, 2012. (Certain persons, including nonresident aliens, would be exempted from individual taxes.)
A non-compliance tax would be imposed on employers who do not provide their employees health care coverage which meets government-specified minimum coverage requirements. This noncompliance tax would equal 8% of the gross wages; it would be in addition to the social security tax and there would be no wage base limitation. (The Ways and Means Committee proposes an exception for small businesses that have an employee payroll of less than $400,000.00.) Coverage requirements would be mandated by a government committee, headed by a Health Commissioner who would be appointed by the president.
The Commissioner would be empowered to establish qualified health benefits plan standards, establish and operate a Health Insurance Exchange and conduct compliance audits at random. (The person or entity being audited would be required to cover the Commissioner's expenses.) The Commissioner also would be free to collect data for purposes of carrying out his or her duties.
Individual states could establish health exchanges of their own, subject to providing "timely and reasonable notice to the Commissioner." Such exchanges could be terminated at the Commissioner's discretion.
A public health insurance option would be established under the auspices of the Secretary of Health and Human Services. The Secretary would collect "such data as may be required" to establish premiums and "to reduce racial, ethnic, and other disparities in health and health care." Premiums would be geographically adjusted and would comply with the premium rules established by the afore-mentioned Commissioner.
The Treasury would appropriate "such sums as necessary" to cover the first 90 days worth of claims reserves based on projected enrollment.
A physician or health care practitioner who agrees to participate in both Medicare and the public health insurance option would receive payments which are 5% greater than the rates paid to nonparticipating practitioners.
Vicki Rolens, managing director of FACT, says, "HR 3200 as drafted may or may not be passed into law. We just feel that people are entitled to know what the bill contains and that they should make their feelings known to their congressmen. The matter is far too important to be treated in a haphazard fashion by our elected officials, but without a strong public voice there is always a danger of that happening."
Citizens can find out how to reach their respective lawmakers by visiting http://www.usa.gov/Contact/Elected.shtml.
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/PRNewswire/ -- With so much turmoil surrounding the federal government's health care initiatives, the Federation of American Consumers and Travelers (FACT) is attempting to create a summary of key provisions. The goal is to condense incredibly lengthy and convoluted language into something which all consumers can digest so that they can then decide which way they want their legislators to proceed.
Some initial findings:
A tax surcharge would be imposed on individuals who earn more than $350,000.00. The surcharge would start at 1% and would increase up to 5.4% for those who have a modified adjusted gross income that exceeds $1 million.
A non-compliance tax would be imposed on individuals who do not acquire an "acceptable health insurance policy" (as determined by a government committee) for themselves and their families. This proposed non-compliance tax would be 2.5% of adjusted gross income, which would be effective after December 31, 2012. (Certain persons, including nonresident aliens, would be exempted from individual taxes.)
A non-compliance tax would be imposed on employers who do not provide their employees health care coverage which meets government-specified minimum coverage requirements. This noncompliance tax would equal 8% of the gross wages; it would be in addition to the social security tax and there would be no wage base limitation. (The Ways and Means Committee proposes an exception for small businesses that have an employee payroll of less than $400,000.00.) Coverage requirements would be mandated by a government committee, headed by a Health Commissioner who would be appointed by the president.
The Commissioner would be empowered to establish qualified health benefits plan standards, establish and operate a Health Insurance Exchange and conduct compliance audits at random. (The person or entity being audited would be required to cover the Commissioner's expenses.) The Commissioner also would be free to collect data for purposes of carrying out his or her duties.
Individual states could establish health exchanges of their own, subject to providing "timely and reasonable notice to the Commissioner." Such exchanges could be terminated at the Commissioner's discretion.
A public health insurance option would be established under the auspices of the Secretary of Health and Human Services. The Secretary would collect "such data as may be required" to establish premiums and "to reduce racial, ethnic, and other disparities in health and health care." Premiums would be geographically adjusted and would comply with the premium rules established by the afore-mentioned Commissioner.
The Treasury would appropriate "such sums as necessary" to cover the first 90 days worth of claims reserves based on projected enrollment.
A physician or health care practitioner who agrees to participate in both Medicare and the public health insurance option would receive payments which are 5% greater than the rates paid to nonparticipating practitioners.
Vicki Rolens, managing director of FACT, says, "HR 3200 as drafted may or may not be passed into law. We just feel that people are entitled to know what the bill contains and that they should make their feelings known to their congressmen. The matter is far too important to be treated in a haphazard fashion by our elected officials, but without a strong public voice there is always a danger of that happening."
Citizens can find out how to reach their respective lawmakers by visiting http://www.usa.gov/Contact/Elected.shtml.
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