Democrat looking at taxing health benefit

Reuters ^ | 3/3/09 | Donna Smith

[JohnBovenmyer]

What Baucus proposes is simply taxing existing benefits with no tax deduction to offset the inequity.

I presume those that itemize could still deduct it, if it plus other medical expenses exceed 7.5% of their income. And the way Obama has things going that may not be such a stretch anymore.

[17th Miss Regt]

Of course, this would have the effect of encouraging millions to abandon employer provided plans and sign up for the “free” gubment health care.

The gubment health care would kill you much more quickly. Which solves the social security crisis that will occur when all the baby boomers will retire. Don't think he hasn't been thinking this stuff through.

Baby boomers cost too much? Exterminate 'em with gubment health care!

Too many brothers in jail? Exterminate 'em with massive increases in abortions!

More great ideas to come, folks!

[Myrddin]

Here's how Obammie the Commie pays for his spending. If this passes, overnight, we will all have about 25% added on to our taxable income.

My company maintains a web based application that shows your compensation package. I wondered just how much the company actually contributes. On top of my salary, the company contributes about $8,000 to social security/medicare and about $8,000 toward the health care benefits. Neither of those appears in my "gross" compensation. To tax it, it will have to be moved into the "gross" compensation, then nailed at 39.6% under Obama's new tax scheme. There goes another $3200 into the tax rat hole. As I tally up the damage, Obama's new tax scheme is going to suck $20,000 more a year out of my pockets. My FIT will be in the range of $58,000. Holy crap!

I really need to figure out how to get out of that insane tax bracket. European socialism is starting to look like a picnic compared to what this communist bastard is shoving down our throats.

[Myrddin]

My employer contributes $8,000 annually for my group health care insurance. I contribute another $5300. I'm not getting it for free. Another $1200 gets tossed into a "FlexSpend" account to deal with expenses not covered by the insurance. The dentist charges more than the "reasonable and customary" fees for some items. LensCrafters isn't on the vendor list for VisionAmerica, so I end up paying for glasses out of the flex spend account. In addition to my contribution, the "plan" has a $1500 per person per year initial co-pay. By the time I've paid that "co-pay", I've paid more than the company contributed. Now, bone head Baucus wants to stick me with another $3,200 in expenses that does nothing for my health care, but lines the pockets of the thieves in Washington.

[Myrddin]

These guys are trying to get blood out of turnips though ~ the Obama Depression has wiped out whatever income people might have to pay for these risky schemes.

They're coming for the turnip tomorrow.

[Myrddin]

I presume those that itemize could still deduct it, if it plus other medical expenses exceed 7.5% of their income.

Itemized deductions are getting nailed in the "new budget". You won't be able to deduct state or local income taxes. If you're in the 39.6% bracket, you'll be limited to 28% deductions of your mortgage interest and charitable deductions. No mention has been made of impacts on medical deductions.

[tina07]

I was about to type those exact words...TAX, TAX, TAX

Soon there will not be one thing left that ZerO and his cohorts haven’t taxed

I sure hope those who voted these geniuses in are happy when the shrit starts hitting the fan...

[Ghost of Philip Marlowe]

Remember, his goal is to dispirit you and to convince you to lower yourself into the lower (welfare) classes.

The goal of Marx and his subsequent communists was not to help the working class. It was to eliminate the middle class. What they loathed about the free-market system and industrialism is that it created the middle class. Many with the elitist/ruler mentality throughout the 19th century tried to devise away to eliminate the middle class to return their nations to the ruler/ruled relationship that gave the rulers so much more power.

Marxism/communism and Fabian socialism are just a couple of the means to eliminate the middle class.

And you're right. Many in America are at the borderline economically. They are just making their monthly payments, not putting anything into savings or retirement, and they may not be in a good position to sell their homes and relocate to a cheaper home and neighborhood. If they're taxes go up just a bit, they will be running at a deficit. The next step is to ask for some “assistance” from the government.

The only assistance I need is to be able to keep my earnings.

[Myrddin]

The only assistance I need is to be able to keep my earnings.

And that is precisely what Obama intends to confiscate from you with exorbitant taxes. That which isn't overtly confiscated by taxes will be covertly confiscated by hyperinflation.

[socialismisinsidious]

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