Do you have employer sponsored coverage? Take a look at box DD on 2012 W-2
Part of the Obamacare legislation was a requirement employers who provide/sponsor health coverage let employees know how much they are dishing out for your health care insurance. You might be surprised.
I’m just looking at a W-2 for 2012, and sure enough in box 12 we have a code DD with a pretty big number in there. The coverage for this particular W-2 is for a couple without any dependents. In short the amount is big enough to…
- Pay a couple’s grocery bill for just about three years
- Pay the rent on a nice 2 BR/2 bath townhouse with attached garage in central Connecticut for six months
- Pay the mortgage and property taxes on a 2,000 sq foot home in central Connecticut for four months
- Travel to Hawaii from New York (2 people) for a week-long, all-inclusive vacation at a nice resort including airfare … twice
- Dinner for two at Ruth’s Chris every week for a year – including drinks, a nice bottle of wine and gratuity
Keep in mind a small portion of those dollars stay at the insurance company and most of it goes to the cost of care and the cost of administration at the health care provider level.
An employee of the A.F.L.-C.I.O. whose health coverage was listed as costing more than $20,000 said: “That knocks my socks off. When I saw the number, my eyes popped out. I appreciate my employer all the more.”
Although this number is being conveniently provided to you on your W-2, keep in mind that you do not pay taxes on these benefits … yet.
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I heard another talk show host put it in a way that really hit home, and when I repeated it in my Macro economics class the other day it really stunned and put taxes in a new perspective for my classmates.? The rich pay around 60% in taxes (that’s including all forms of taxes) in some states.? People may say they’re rich and can afford it, but here’s how you counter it.? This is the point the other talk show host made.? Think of taxes in terms of time instead of money.? Thanks to the federal, state and local governments, Tom Brady plays 9 games out of the 16 game NFL schedule for free, with all his money going to the government.
My brother Karl just told me this.? He attended a national retirement board legislative convention in DC Sun – Tues.? but guess what?????? There were NO congressmen around to talk to the groups……. He did say he attended an Obamacare workshop and that the American public are in for a rude awakening.? Did you read the article in the JI tonight about who will enjoy Obamacare the most?? Bottom line – we must be happy to pay for those unable to pay for health care…
How long will it be before we are told insurance in earned income and must be taxed?? Of course, companies will long quit providing it so it may become a moot point.
You’re working for the government, paying them, and you get no pension, and soon you’ll get DMV or IRS style health-care! ?Too bad Americans believe in a free lunch!
Well, with an unemployment of 7.9% there aren’t enough people with jobs to pay those benefits, just saying.
A successful parasite doesn’t kill the host.? An incompetent, ignorant one certainly tries.