Posts Tagged ‘2010 Tax Increases’

Tax Impact From Mid-Term Elections – Good News We Think

Thursday, November 4th, 2010

The voters have spoken and the Congressireonal balance of power has shifted dramatically.  So how will this impact future federal tax policy?    We think the new composition will serve the U.S. taxpayers well in terms of limiting tax hikes and controlling deficit spending.

The following video (Video #4) and other other links will provide you some useful guidance:

 http://www.losangelesbtv.com/BlakeChristian.html

 

Additional Library of tax and economic videos can be accessed at:

http://www.hcvt.com/Resources-Links/media.html

and

http://www.youtube.com/user/bchristiantax1

 

The expiration of the Bush Tax Cuts in 2011 will equate to a $138 Billion tax hit in 2011 and $200 Billion in 2012 to wealthy and middle-class U.S. taxpayers.   An extension of the Bush Tax Cuts are predicted to increase GNP by .5% to 1.4%  and the Congressional Budget Office predicts job creation in the 1.3 to 3.5 Million full-time jobs.

Check out the Financial Times’  Op-Ed:

http://www.ft.com/cms/s/0/74fc990a-e79a-11df-8ade-00144feab49a.html

For a full library of my AICPA Tax Articles, click the link below:

http://www.cpa2biz.com/search/results.jsp?mode=content&N=79&Ns=P_UpdatedDate|1

Healthcare Tax Timeline – AICPA Corporate Taxation Insider Newsletter

Thursday, April 29th, 2010

The following article details the various tax and penalty aspects (including effective dates for the multiple tax provisions) and health insurance mandates under the 2010 Patient Protection and Affordable Care Act (P.L. 111-148) and the Health Care and Education Reconciliation Act of 2010 (P.L. 111-152) [together the Healthcare Bill]:

 

http://www.cpa2biz.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2010/CorpTax/New_Healthcare_Act.jsp

 

For daily tax and financial updates, please follow me at:

http://twitter.com/taxcredits_CPA

$493 Billion Healthcare Tax Hike Has Immediate Impact on Business Earnings

Saturday, March 27th, 2010

AT&T is reporting a $1 BILLION earnings hit, John Deere reported $150 million impact and Caterpillar anticipates a $100 million decrease in earnings from higher premium, reduced tax deductions and various tax increases.

Read the Business Week Coverage of the AT&T Impact:

http://www.businessweek.com/news/2010-03-26/at-t-to-take-1-billion-charge-on-health-care-reform-update1-.html

Read the Marketwatch Summary on the full Industry Impact:

http://www.marketwatch.com/story/deere-says-health-reform-will-hit-its-bottom-line-2010-03-25?dist=afterbell

 

Obama Struggles in Polls and On the Public Relations Trail:

Read the Fox News transcript of President Obama’s challenges in selling the healthcare reform to skeptical Americans:

http://www.foxnews.com/story/0,2933,590007,00.html

Get the REAL facts from Accounting Web and the U.S. Chamber about how the healthcare bill will impact you and your business:

http://www.accountingweb.com/topic/tax/how-health-care-bill-will-impact-individuals-businesses

http://www.uschambersmallbusinessnation.com/take-action/myths-vs-facts—-its-time-to-get-the-facts-on-health-care-reform-straight

Senate Budget Report Provides Interesting Insights Into The Senate Bill:

http://budget.senate.gov/republican/pressarchive/2009/2009-11-19HealthCareFactSheet.pdf

Read how your congressman voted:

http://clerk.house.gov/evs/2009/roll887.xml

Other recent links:

http://www.foxbusiness.com/story/markets/industries/health-care/resend-house-approves-historic-overhaul-health-care/

U.S. Chamber Web Site: 

http://www.uschamber.com/chambers/healthcare.htm

Healthcare Bill and Related Tax Increases Inch Along

Friday, March 19th, 2010

http://www.huffingtonpost.com/2010/03/19/health-care-whip-count-li_n_505709.html

http://www.slate.com/id/2220222/

The $940 Billion healthcare bill bill continues to move towards a contentious vote on Sunday.  216 votes are needed in the House to pass the Senate version of the healthcare bill which was passed a few months ago.

The front loaded tax collections will offer the administration with some nice window dressing for the budget deficit and the Social Security funding.  However, if this bill moves forward, it will surely have a negative impact on job retention and creation due to the higher cost of labor.  

Many of the healthcare benefits will not kick in until 2014, and it is difficult to project whether cost trends will drop or increase during this period, since the pricing of medical procedures, drugs and other related costs are fairly elastic in the healthcare arena. 

If the House passes the Senate bill, expect both the House and Senate to begin the reconcilaition process to sidestep the supermajority requirement.  To review the proposed Recociliation Provisons to modify the previously adopted Senate Healthcare Bill, see the House link below for details:

http://www.rules.house.gov/amendment_details.aspx?NewsID=4609

Caterpillar Tractor is projecting to incur an increase of 20% in their medical insurance premiums – or $100 million – to cover their 44,000 employees and retirees.

http://gretawire.blogs.foxnews.com/did-you-see-this-caterpillar-says-the-health-care-bill-will-cost-them-100-million-dollars/?action=late-new