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A Tax On
Health Insurance Benefits
Now ok
with Obama
Obama
pitched an ad against John McCain during the
election over McCain's plan to tax health insurance
benefits. However, he left out the fact that McCain was
planning to give up to a $5,000 family ($2,500 single) tax
credit.
According to a New York Times article,
Obama advisers say that he
will not oppose congress if congress wants to
tax health insurance benefits. What gives?
An average family policy costs
$12,000.00 a year. Taxed at 30%, the cost would be $3,600.00 more in
taxes. Offset that with the "up to" $5,000.00 tax credit, which
means the tax payer actually subtracts it from his total family
taxes for the year, and he would not actually pay more federal
taxes. But nothing is saying what states that tax income plan
to do.
The plan is to allow a way for those who are not
covered through an employer to receive a tax break on the
cost. But I say, then just let them have the
credit. |
