What is up with this $5,000 tax credit?? That sounds bad to me....
It’s on McCain’s website. People would be charged a tax for the cost to their employer of providing health insurance. You would them qualify for a tax credit of $5000 to offset the tax. This would completely cover the cost of a employer paid plan up to @0K for people in the 25% bracket. Basically, it would offset the tax. Most people would come out ahead, a small number would pay more in taxes than the credit would offset. If your cost was below 5K, you get to pocket the rest. That is the Reader’s Digest Condensed version. This is from memory. Others may have a different take on it or be able to be more specific.
The tax credit allows everyone to own their own insurance, rather than their employer owning it, and would include self-employed as well as those who work for others.