All I’m sure of so far is that the Healthcare Flexible Spending Account level that you could set aside tax-free was slashed from $5,000 to only $2,500, effective January 2013. That’s one way taxes can be raised for everyone without income taxes rates being changed.
For the rest of the muddle, for it will be a battleground, the folks over at H&R Block have a helpful little graphic. Take a gander at it over a beer or your other favorite beverage.
Read more. I don’t think I saw anything about the effects of not buying health insurance in the mix up there, but that doesn’t kick in until 2014.
Does all that ciphering leave you scratching your head? Well, scratch no more fellow citizen, as the geniuses at School House Rock (your tax dollars at work) covered this topic too. Sing!
Is your head still spinning? Then sing along with the ditty penned by the spiritual Beatle, George Harrison.