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Barack Obama is now open to taxing health benefits. The tax cost for the average family could reach $4,000 per year.

www.thepoliticalclass.com

Barack Obama is now open to taxing health benefits. The tax cost for the average family could reach nearly $4,000 per year.

taxing health
Barack “tax cut for 95%” Obama now wants to tax your health benefits. Yet another great way to take money away from the people that use it to buy things and thus create jobs. Oh wait – Obama doesn’t believe in such things. As such he is now ready to take away more money from your family.

The NY Times reports here.

WASHINGTON — The Obama administration is signaling to Congress that the president could support taxing some employee health benefits, as several influential lawmakers and many economists favor, to help pay for overhauling the health care system.

Now for those of you that have any memory left of the presidential campaign last year it was Obama that made fun of John McCain for supporting this idea.

In television advertisements last fall, Mr. Obama criticized his Republican rival for the presidency, Senator John McCain of Arizona, for proposing to tax all employer-provided health benefits. The benefits have long been tax-free, regardless of how generous they are or how much an employee earns. The advertisements did not point out that Mr. McCain, in exchange, wanted to give all families a tax credit to subsidize the purchase of coverage.

At the time, even some Obama supporters said privately that he might come to regret his position if he won the election; in effect, they said, he was potentially giving up an important option to help finance his ambitious health care agenda to reduce medical costs and to expand coverage to the 46 million uninsured Americans. Now that Mr. Obama has begun the health debate, several advisers say that while he will not propose changing the tax-free status of employee health benefits, neither will he oppose it if Congress does so

Well somebody has to pay for all the home loans and car loans that some people don’t want to pay. And what does a few thousands dollars mean to your bank account anyway?

The average salary in the United States is about $39,200. Therefore taxing health benefits would cost the average two income household about $4,000 per year or $335 per month. So just sell one of your cars. Maybe just stop saving for your kids to go to college. Put that IRA contribution on hold you greedy capitalists.