Tax Hikes in Health Bill

Employer Mandate Excise Tax (Page 275): If an employer does not pay 72.5 percent of a single employee’s health premium (65 percent of a family employee), the employer must pay an excise tax equal to 8 percent of average wages. Small employers measured by payroll size) have smaller payroll tax rates of 0 percent (<$500,000), 2 percent ($500,000-$585,000), 4 percent ($585,000-$670,000), and 6 percent ($670,000-$750,000).


Individual Mandate Surtax (Page 296): If an individual fails to obtain qualifying coverage, he must pay an income surtax equal to the lesser of 2.5 percent of modified adjusted gross income (MAGI) or the average premium. MAGI adds back in the foreign earned income exclusion and municipal bond interest.


Medicine Cabinet Tax (Page 324): Non-prescription medications would no longer be able to be purchased from health savings accounts (HSAs), flexible spending accounts (FSAs), or health reimbursement arrangements (HRAs). Insulin excepted.


Cap on FSAs (Page 325): FSAs would face an annual cap of $2500 (currently uncapped).
Increased Additional Tax on Non-Qualified HSA Distributions (Page 326): Non-qualified
distributions from HSAs would face an additional tax of 20 percent (current law is 10 percent). This disadvantages HSAs relative to other tax-free accounts (e.g. IRAs, 401(k)s, 529 plans, etc.)

Denial of Tax Deduction for Employer Health Plans Coordinating with Medicare Part D (Page 327): This would further erode private sector participation in delivery of Medicare services.

Surtax on Individuals and Small Businesses (Page 336): Imposes an income surtax of 5.4 percent on MAGI over $500,000 ($1 million married filing jointly). MAGI adds back in the itemized deduction for margin loan interest. This would raise the top marginal tax rate in 2011 from 39.6 percent under current law to 45 percent—a new effective top rate.


Excise Tax on Medical Devices (Page 339): Imposes a new excise tax on medical device manufacturers equal to 2.5 percent of the wholesale price. It excludes retail sales and unspecified medical devices sold to the general public.


Corporate 1099-MISC Information Reporting (Page 344): Requires that 1099-MISC forms be issued to corporations as well as persons for trade or business payments. Current law limits to just persons for small business compliance complexity reasons. Also expands reporting to exchanges of property.

Delay in Worldwide Allocation of Interest (Page 345): Delays for nine years the worldwide allocation of interest, a corporate tax relief provision from the American Jobs Creation Act

Limitation on Tax Treaty Benefits for Certain Payments (Page 346): Increases taxes on U.S. employers with overseas operations looking to avoid double taxation of earnings.


Codification of the “Economic Substance Doctrine” (Page 349): Empowers the IRS to disallow a perfectly legal tax deduction or other tax relief merely because the IRS deems that the motive of the taxpayer was not primarily business-related.


Application of “More Likely Than Not” Rule (Page 357): Publicly-traded partnerships and corporations with annual gross receipts in excess of $100 million have raised standards on penalties. If there is a tax underpayment by these taxpayers, they must be able to prove that the estimated tax paid would have more likely than not been sufficient to cover final tax liability.

Source.

0% interest and reality

I was just reading THIS article and it seemed to be spot on. Reality is not a 0% interest rate, and let's face facts, many assets were being speculated on (that's what helped drive the 29 crash also). The price to earnings ratio was skewed on many companies too, being overvalued. Same with housing prices. The town where I grew up in, a small town in Minnesnowta, the average real estate range for lakeshore property is in the 900,000$ region. Talk about overpriced! Although when I went back there for my 20th class reunion, it had been built up more. Where we once had a nice public beach to go sit and swim at, is now condominiums, and a private beach. It seems to have lost its small-town feeling. But again, to the markets. Here is another chart, showing that we are back to the Carter years for stuff:


I'm expecting hyperinflation, with the treasury printing off more and more money, making the dollar even weaker against other currencies, dairy farmers are killing off their cows because milk prices are so flat; I know of a shrimper who went out of business a year ago because the bottom fell out of the shrimp- they were only paying 85c a pound for the jumbo extra-large shrimp..and lesser prices for the smaller shrimp. This economy is going down the tubes, and in the meantime, the government is growing, and spending more than they could possibly accumulate.

Journey

My husband says the guy is nothing to look at, but dang his voice is so great. here's the vid I like

UIL Area competition

Our band made it through the first two rounds, but got knocked out by Industrial and Kelly HS. VV made it however. So we spent the day in San Antonio, watching them march and twirl flags, then went to the Riverwalk to Schilo's to eat. Our table was under the moose head mount.



This is what I saw when I looked up. Across the room there were more mounts of deer and an elk also.


Here's the kidlet with her flags, marching out to wave and twirl them around. She is the one with the red sash in the front.

I don't believe it!

Someone got ARRESTED for washing out their kids' mouth with soap!! Is this silly or WHAT? First, you can't spank them, you need to "take and reason with them" however kids are not adults, their brain is wired differently, and they just don't get the concepts that you are trying to 'reason' into their brains. The little ones, you're supposed to put in a time-out. Good luck with that. When you've got a kid throwing a full-blown hissy fit, kicking and screaming on the ground, sure, just sit them in a chair and tell them to sit there for a bit. It'll work. And I'm the queen of England. What about swearing? A bit of soap in the mouth works wonders. And despite what Ralphie thinks in A Christmas Story, no one ever went blind from soap in the mouth. Neither will you 'shoot your eye out, kid' from a BB gun. Unless you're the stupidest person in the world, and point it at your eye. But whose mom DIDN'T wash out their kids mouth when they swore? To this day, I cannot stand yellow Dial soap. I smell that, and I get this taste in my mouth. Yellow Dial soap has a mild flavor, and does NOT go well with Mountain Dew or anything else. What is this world coming to? Are the local police insane? I already know CPS is out-of-whack, but to arrest someone for child abuse for putting a bar of soap in the kids' mouth is about the lamest thing. TG: would like your opinion of arresting people for soaping mouths.

Think it's over?

Does anyone (besides Obummer and his cronies) think that this recession is over? They talk about "the great recession" .. according to the graph above, we're following in the tracks of the Great Depression, not something we're likely to get out of soon. There is 1 out of 6 not working, or only working part time because they can't find a full-time job. And the government is only spending MORE tax dollars, yet they are taking in less. They are racking up trillions in debt, yet keep printing money. I say there is not a sane person heading this up. They're all trying to spend the way into extra money. It just doesn't work that way. Spend what you don't have, and you owe more and more. Some journalists are starting to wonder if the US will become a banana republic. Most of the media says nothing bad about Obummer's policies, and spending. Obummer blames it on Bush, however, Bush was not there making him sign these bills spending all this money. It's all on his own darn head. Congress is just as insane, voting on bills that aren't even put down on paper, at least ONE congressman has said what's the use of reading the bills. (That was Rangel, by the way) They've outlived their purpose up there in Washington DC. If they haven't the guts or the clues to do what needs to be done, get someone in there that WILL. Get rid of all of em. INCLUDING the pResident. And his buddy, Joe. Top that off with princess pelosi and reed, and the rest of the jackanapes. To quote Big Daddy, from Cat on a Hot Tin Roof "There ain't nuthin' more powerful than the smell of mendacity!"

10/24/09 Bubbafest 10:00am-5:00pm

Karankawa village in Matagorda is having Bubba fest. Come out where they showcase their Chateau Bubba Wines. Artists are invited to sell their artwork for this festival even though there are several Bubba activities going on. They have their annual Spam Sculpting Contest as well as the Casserole Contest. There will be live entertainment. come down to Matagorda and stop by Karankawa village.

all day event Invest in Wellness Goblin Gallop Race at 1700 7th St. in Bay City. registration is at 6:30am 5k run and 10k run starts at 7:30 am. The Family Stroll starts at 8:00am and Abby McConaha at 7:15am

Palacios Harvest Moon Dinner will be held at the Palacios Recreation Center. The evening will begin with a reception and silent auction at 6:00pm and seated dinner at 7:00. Tickets may be purchased for $35 each. For additional information, please call 361-972-3234

10/30/09 4:00-6:00pm
The American Legion will hold a free Halloween Party. Children up to age 12 must be accompanied by a parent. Free games, prized goodies, movies and more. the location is is at 2106 Cottonwood in Bay City

10/30/09
4:30-6:30pm
JOIN THE HAPPY RADIO CREW AS WE HOST A TAIL GATE PARTY BEFORE THE BAY CITY BLACK CAT EL CAMPO GAME. THE TAIL GATE PARTY WILL BE AT MEMORIAL STADIUM JUST OUTSIDE THE GATE. WE WILL BE GIVING AWAY HALLOWEEN CANDY, AND FOR JUST $3 YOU CAN GET A HOT DOG OR HAMBURGER WITH CHIPS AND A DRINK. ALL THE PROCEEDS WILL GO BACK TO BAY CITY HIGH SCHOOL. THIS EVENT IS SPONSORED BY H.E.B., ALLSTATE INS., SISK HARDWARE, CAMPBELL HUITT INS., NICAS 10 SALON&SPA, DAVIS BROS, EASY STREET CYCLES, THE BURLAP SACK, TRAVEL WORLD, TETTS JEWELERS.
10/30/09
7:00pm
THE OLDEST RIVALS IN TEXAS. BAY CITY BLACK CATS VS EL CAMPO RICEBIRDS AT MEMORIAL STADIUM IN BAY CITY. IT IS ALSO HALL OF FAME NIGHT. LISTEN TO THE GAME ON HAPPY RADIO 92.5 OR STREAM ONLINE AT KKHAFM.COM