The guy is dumber than I thought!
Totally out of touch with reality.
WASHINGTON - President Bush will propose a tax deduction of $7,500 for individuals and $15,000 for families regardless of whether they buy their own health insurance or receive medical coverage at work.
The proposal, to be announced Tuesday in his State of the Union address, is aimed at giving the uninsured an incentive to purchase a medical plan. It also is designed to encourage those with generous plans to either embrace cheaper insurance or pay taxes on the part that exceeds the deduction, a Bush administration official familiar with the proposals said Saturday.
If passed by Congress, the proposal would be the first time that workers could get a tax break if they bought their own insurance. But it also would be the first time that some employer-provided health care benefits could be taxed. Health care benefits provided by companies are currently exempt from income and payroll taxes.
In his nationally televised speech, Bush also will announce steps to take some federal money now going to hospitals and other facilities and give it to states for programs to reduce the number of uninsured people.
The cost of health care is growing more than two times faster than wages, making it harder for families to buy insurance and for employers to sponsor a health benefit for workers, Bush said Saturday in his weekly radio address.
"Our challenge is clear: We must address these rising costs, so that more Americans can afford basic health insurance," Bush said. "And we need to do it without creating a new federal entitlement program or raising taxes."
Further details of the two proposals were to be announced in the State of the Union address.
"The tax code unfairly penalizes people who do not get health insurance through their job," Bush said.
WASHINGTON - President Bush will propose a tax deduction of $7,500 for individuals and $15,000 for families regardless of whether they buy their own health insurance or receive medical coverage at work.
The proposal, to be announced Tuesday in his State of the Union address, is aimed at giving the uninsured an incentive to purchase a medical plan. It also is designed to encourage those with generous plans to either embrace cheaper insurance or pay taxes on the part that exceeds the deduction, a Bush administration official familiar with the proposals said Saturday.
If passed by Congress, the proposal would be the first time that workers could get a tax break if they bought their own insurance. But it also would be the first time that some employer-provided health care benefits could be taxed. Health care benefits provided by companies are currently exempt from income and payroll taxes.
In his nationally televised speech, Bush also will announce steps to take some federal money now going to hospitals and other facilities and give it to states for programs to reduce the number of uninsured people.
The cost of health care is growing more than two times faster than wages, making it harder for families to buy insurance and for employers to sponsor a health benefit for workers, Bush said Saturday in his weekly radio address.
"Our challenge is clear: We must address these rising costs, so that more Americans can afford basic health insurance," Bush said. "And we need to do it without creating a new federal entitlement program or raising taxes."
Further details of the two proposals were to be announced in the State of the Union address.
"The tax code unfairly penalizes people who do not get health insurance through their job," Bush said.
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I thought you was talkin bout gatorhide. Don 0 -
quote:Originally posted by dcon12
I thought you was talkin bout gatorhide. Don
quote:
Are you in charge of anything?[:(!][:(!][:(!][:(!][:(!]0 -
What would be dumb about any tax reduction![:0]
Put money in peoples hands and the economy improves, but that a concept that few people can understand. Most prefer to feed at the liberal trough!![:(][:(]0 -
quote:Originally posted by sig232
What would be dumb about any tax reduction![:0]
Put money in peoples hands and the economy improves, but that a concept that few people can understand. Most prefer to feed at the liberal trough!![:(][:(]
Not me, it's too salty.0 -
This is a great idea. This would also help the self employeed people out there. There are a whole bunch of us that cannot afford health insurance and this might open up some doors for us. 0 -
I'm for any tax deduction regardless of what it is for, provided it is applied evenly to every taxpayer. None of this exempting the "rich" BS.
That asside, I really wonder if Mr. Bush expects it to pass. He knows full well that anything he proposes will be fought tooth and nail by the dems regardless of whether it paralells their own party goals or is exactly what they wanted in the first place (eg: troop increases in Iraq). Any legislation he proposes is almost 100% sure to be defeated in the house not because of the goal of the bill but because it was the president who proposed it.
If the president wanted to guarantee its' passage he'd have a media doll like the turncoat senator McCain introduce it as his own idea, then the new majority would stand up and applaud it.0 -
This is the way we handle health insurance at my firm: Each employee is allowed under the cafeteria plan $800 per month for health insurance for the employee and any family members that he or she may have. We have different plans and they cost differing amounts of money so if you are single and select a rock bottom plan you get the difference (maybe $400 per month) rebated to you as salary. You are taxed on this money as though it were regular income. The health insurance premiums actually used to purchase insurance are paid out of pre-taxed dollars, are not considered inocome, are not taxed and do not appear on the employees W-2. Health insurance is a major pain in the butt and if it were up to me I would just as soon hand each of my slaves $10K at the start of the year and let them go out and buy their own insurance...Or just cash the check and party! 0 -
quote:Originally posted by kristov
This is the way we handle health insurance at my firm: Each employee is allowed under the cafeteria plan $800 per month for health insurance for the employee and any family members that he or she may have. We have different plans and they cost differing amounts of money so if you are single and select a rock bottom plan you get the difference (maybe $400 per month) rebated to you as salary. You are taxed on this money as though it were regular income. The health insurance premiums actually used to purchase insurance are paid out of pre-taxed dollars, are not considered inocome, are not taxed and do not appear on the employees W-2. Health insurance is a major pain in the butt and if it were up to me I would just as soon hand each of my slaves $10K at the start of the year and let them go out and buy their own insurance...Or just cash the check and party!
Thats a good way to handle it and my hats off to you for offering that program to your employees. Gives them some choices and options about what type of plan they want.[^]0 -
quote:Originally posted by ECC
This is a great idea. This would also help the self employeed people out there. There are a whole bunch of us that cannot afford health insurance and this might open up some doors for us.
My wife pays for my healthcare thru a state policy. Are you kidding me getting a tax break..[;)]0 -
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But it also would be the first time that some employer-provided health care benefits could be taxed.
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Looks like my taxes just went up in this case.0 -
If you have your own business,are over fiftyfive,have pre-existing problems, the cost for very good insurance is two grand a month for a man and his wife.If the same mans wife works for another company and pays eight hundred bucks a month for insurance for both herself and her husband .The man can save seven hundred bucks a month, by dropping his payments to thirteen hundred a month.Keep thinking of very good insurance, not the very best.Now explain to me how Duyas plan will help. 0 -
Health insurance ought to be outlawed. 0 -
Bottom line, its another tax. 0 -
quote:Originally posted by WinM70
But it also would be the first time that some employer-provided health care benefits could be taxed.
quote:
Looks like my taxes just went up in this case.
Thats the way I read it too ... [V]0 -
Any and all proposals are negated by the rising costs of health care. Until some of the contributors of rising costs are addressed, it's like sticking your finger in a leaking dike. (no wise cracks please) Litigation HAS to be addressed! IMHO 0 -
[}:)]We have moneys to fight wars that are meaningless[}:)]
[}:)]We have money to spend on the space program[}:)]
But somehow we fail to take care of our own????? Health insurance? we have people living in cardboard boxes on the street, starving to death, all the while government officals ride around in limos?
I agree USA is the best country around, and I love it, but what a mess it has become.I also support our troops on foreign lands,through no choice of theie own. Baby boomers stand by,it is only going to get worse and never get better.[}:)]0
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