Still sounds like a TAX INCREASE to me (and it will be a tax increase for me as I have very good employer-provided coverage.)
What a dumb idea. This State-of-the-Union speech already has "disaster" written all over it. You can bet your last dollar that the MSM will be talking about the "Bush tax increase" for weeks after the speech (recalling the experience of his father).
Closing loopholes is not a tax increase if rates are reduced commensurately. Or if other taxes are cut so that it nets out.
That said, yes: I want to close your loophole. I would get pinched by it too. But it's good tax and health policy nothwithstanding.