Oct 10
Who Loses With President Bush’s Proposed Health Insurance Tax Break?
Though some stand to gain through President Bush’s proposed health insurance tax break, the money has to come from somewhere. Someone’s taxes have to go up to balance the books and in this case, that someone is anyone with health insurance that goes over the prescribed annual amount ($7500 for individuals and $15,000 for families).
Health insurance costs that break that barrier will be taxed, even if you get insurance through your employer. Previously, the price of employer-provided health insurance was taken from pre-tax income and this should still be the case for all but the amount that exceeds the limit.
The losers then are those with high health insurance costs. The goal was to tax the rich who could afford it, but more likely the losers in this situation will be those who are already forced to pay too much for health insurance because of their dangerous occupations, accelerated age, or pre-existing conditions. Basically, those who are already victims of the health care system will be victimized even more under the new plan.
Because payroll taxes would apply to the excess insurance dollars, business leaders are not happy. Because of this, both labor and business interests are working together to fight the new law and with this unlikely and powerful alliance, they just might succeed
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October 12th, 2007 at 12:55 am
When will they come up with insurance legislation that\’s equitable for most taxpayers? We have countless friends that pay thousands every year towards their insurance premiums without much to show for it. We need to lead a movement to activate our congressman to work for the benefit of the taxpayer.
Jerry
http://www.leads4insurance.com