Will health insurance premiums ever be tax-deductible?
07.April, 2010
I purchase my own health insurance. The one thing in health reform that would have helped people like me would have been to allow the deduction premiums from our taxes, just like people with employer-provided insurance and self-employed individuals can do.
Now that people will have to be purchasing health insurance, will they have to pay with after-tax dollars too? I haven’t heard of anything in the bill that addressed this. You’d think with 2000+ pages they could have squeezed this in.
They already are, as medical expenses. Unfortunately, most people don’t have enough to deduct medical expenses even if they do itemize, which is also required.
07.April, 2010 um 12:02 pm
They already are, as medical expenses. Unfortunately, most people don’t have enough to deduct medical expenses even if they do itemize, which is also required.
References :
07.April, 2010 um 12:39 pm
I have my doubts on that ever happening bu it brings up an excellent question. If we (the taxpayers) are forced to pay into the reform program, why wouldn’t we be able to take a deduction in taxes?
But then that’s another story, given the actions of our current Government officials. Who, by the way, are exempt from the new health reform legislation.
Ticks you off, doesn’t it?
References :
07.April, 2010 um 1:23 pm
Title 9 of the health care bill addresses the revenue side of the bill. In it, the percentage for deduction of medical expenses as a portion of your income increases making your ability to deduct your expenses harder.
Also the 2,000+ pages information was a diversionary tactic to keep you from looking at the bill. How many other bills do you know the number of pages of? Right, none… the truth is the bill is written in 26font with 2 inch margins, reduced to reading material it’s only about 700 pages, which some people could feel free to read.
Also the Trillion over 10 years figure was another diversion… the truth is when you read title 9 and do the math you’ll find ten times that much is going to be generated.
Health Insurance is going to be taxed as regular income starting next year, buying your own, that won’t mean much to you, but to the majority of working people, that’s going to amount to about $50 extra withholding each week… this will continue to devastate our economy, which WILL have a direct effect on you, as people will continue to not have money to spend, elongating our recession.
This is only 1 of the 16 revenue generators that will ultimately have a direct effect on us all, whether we buy our own insurance or not.
No matter what they say, Obama is NOT an idiot, his ability to keep us from paying attention to what is REALLY important worked extremely well, and this pain will NOT be worth the gain.
References :