Posted on 09/26/2008 5:53:48 PM PDT by My Favorite Headache
WASHINGTON - Joe Biden charged Thursday during a campaign stop in Pennsylvania that John McCain's tax proposals for health insurance would be "the largest tax increase in the history of America for the middle class." He was wrong.
McCain does propose taxing the health benefits that some 156 million people get through the workplace. That's a major change, because now no income taxes are levied on those benefits, but it's not the whole story.
So, as Biden explained, someone who makes $40,000 and gets $12,000 in health insurance benefits would end up paying income taxes on $52,000. But what Biden didn't say was that McCain also proposes to give the insured a new tax break in exchange — a $2,500 tax credit for individuals and a $5,000 tax credit for families.
(Excerpt) Read more at news.yahoo.com ...
To take Biden’s comparison one step further, consider his $40,000 family whose insurance cost $12,000. That family is in the 15 percent tax bracket. So, multiplying that additional $12,000 in income by 15 percent means that the family in Biden’s example currently gets an $1,800 federal income-tax break. McCain’s tax break for that family would be $5,000.
Can McCain have him arrested for telling lies and misleading the public?
If George W Bush hasn’t had people arrested for lying about him , slander, smearing etc...nobody will ever be charged with anything ever again in the history of man kind!
Highest tax increase in history for ANYONE Joe? You freakin’ moron -— that honor belongs to Billy Clinton who instigated the largest single income tax increase in history upon the American public shortly after taking office — another good tax-and-spend socialist.
Lies work so much better for the DimoRATS....the truth will put them out of business...
You know what I love about this story? Front page on Yahoo News right now.
Just in Missouri, the state that gave us the “black churches will burn” ad campaign.
If only he had said those words in Missouri today!
In Missouri he could...
I wonder how often this buffoon wished he had turned Obama down when asked if he would accept the VP slot. I mean, after all, he could gaffe to his hearts content without national notice in his position as a senator. ;-)
bttt
I had some idiot tell me that under McCain, you would have to count insurance reimbursements as income.
He actually claimed that his recent $80K insurance covered hospital stay would cost him $13,000 more in taxes.
And this is a guy who was a former State employee before Mitch Daniels ditched a bunch of them.
It also shows the contempt which they feel for the American people...
During WWII some industries were locked by the FedGov on wages. SO to increase the draw for experianced workers, outfits like Kaiser Shipbuilding offered health coverage - something new to American workers. After the war, it continued. Oddly, the shipbuilding company that started this as a nationwide trend went under long ago, but the health care arm is still around. Do you know the name?
OK see http://en.wikipedia.org/wiki/Kaiser_Permanente
McCain is attempting to inject more competition in the economy - hence, the decision to tax insurance benefits. I think it is one way to increase competition, but as a survivor of breast cancer, who in the hell is going to insure me if our employer drops us and I have to go out and get my own insurance?
Health insurance is a mess in this country, and frankly, neither party has a grasp on it, imo. They both suck.
5000 credit for families? I’ll tell you right now that my family makes around 60k a year and with the 1000 per child credit I get right now I’ll be making another 5000k per year off the gov’t.
Biggest tax increase? Hardly.. more subsidies from the rich absoultely.
Fair??? not a chance in hell.
LOL!!!!!!
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