Did YOU notice that your NET pay has been going up? ...: General: BraveHeart Women

Did YOU notice that your NET pay has been going up? ... Posted Jul 31, 2011 02:21 PM
My Dear BHW Sisters, Have YOU noticed that YOUR net paycheck has been increasing even IF you haven't gotten a raise? ... ... THAT was part of the Healthcare Reform Act that some railed against ... Yes, payroll tax decreases WERE part of the Healthcare Reform Act ... YOU SEE, this President UNDERSTANDS how Washington works ... He realizes that he can NOT change it overnight, but he can help set the ship RIGHT ... Did YOU know that the Healthcare Reform Act also tags capital gains with a 3.8% surcharge? ... ... Bet YOU didn't ... That IS the only way those who make more pay more ... I have NO objection to that! ... All the while, the Healthcare Reform Act has covered the vast majority of Americans ... It allows parents to now include their college students on their policy till age 26 ... It also forces the coverage of those with "pre-existing conditions" ... It makes ETHICAL decisions instead of purely profit-motivated decisions a part of the healthcare landscape ... Things are NOT the way they appear AND ... YOU must pay attention or ALL that has been gained WILL be lost ... *The Healthcare Reform Act is NOT perfect* ... Few pieces of legislation are perfect ... ALL legislation generally needs to be "tweaked" and generally fair-minded, clear-thinking folks prevail ... but ... the amount of DISinformation and MISinformation that I hear on the airwaves of our nation and in print across our nation does not augur well ... and ... WE must pay attention and VOICE our concerns ... or ... the selfish and greedy WILL prevail ... God forbid! ... With profound gratitude ... deep respect ... my love and many blessings ... ... Aloha pume hana, Barb
In: Journey through Life, RISE!ing, Sharing IS caring ... Permalink Share and Enjoy: Del.icio.us Facebook Digg

2 Comments

Dear BraveHeart Barbara,

Thank you for your comments ... ...

The IRS implements legislation ... It does NOT create legislation ... The Healtcare Reform Act was the legislation that the IRS implemented into rules and regulations of the Code ... Hence, the difference in timeframe ... I believe the legislation you cite is the extension of the payroll tax decrease ... but ... let me check on it ... [Edited: I stand corrected ... The legislation you cite IS the legislation that the IRS implemented. Let me suggest, however, that my recollection was as I represented ... I recall distinctly that when we held discussions on Healthcare Reform ... the aspects of it that I discussed in my Blog post were what stood out in my mind ... I was surprised about the payroll tax cuts being in a Healthcare Reform Law ... I also recall the surcharge as 3.85%, but went to check and corrected it to 3.8%. I think it healthy for ALL to share their knowledge ... I do the best I can as I no longer practice as a CPA, but nevertheless I try to stay as well-informed as I can. IF I find that the initial initiative to decrease payroll taxes was, in fact, discussed when Healthcare Reform was being legislated much like the current debates serve to enlighten and confuse, I shall amend this response post to reflect such a finding ... I AM getting old, but I still think I am generally accurate in my ability to recall the context of what it is I remember ...

...]

It IS good that ALL seek to inform EACH other ... THAT is the ONLY way TRUTH comes to light ...

Have a wonder-filled day!

With gratitude, respect ... my love and many blessings ... : ...

Aloha pume hana,

Barb

P.S. In my search I stumbled onto this useful piece:

http://www.aetna.com/news/2010/hcr_timeline_7_10.pdf

...

I respectfully share this information.
The Health Care Act was signed 9 months earlier.

This is on the Internal Revenue Service (IRS) website below.
A ‘tax holiday’ was granted by a law that came from Congress (bipartisan approach) that was signed into law on December 17, 2010, as shown below.

Healthcare law was signed into law on March 23, 2010.... 9 months earlier.

Website: Payroll Tax Cut to Boost Take-Home Pay for Most Workers; New Withholding Details Now Available on
IRS.gov

IR-2010-124, Dec. 17, 2010 – This is date Payroll Tax Holiday signed into law under law called “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, with negotiations between Republicans and Democrats and the President.
Healthcare law was signed into law on March 23, 2010.

WASHINGTON ― The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011.

Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social Security withholding will have no effect on the employee’s future Social Security benefits.

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Did YOU notice that your NET pay has been going up? ...

Did YOU notice that your NET pay has been going up? ...

Did YOU notice that your NET pay has been going up? ...

Did YOU notice that your NET pay has been going up? ...