Health Insurance premiums no longer tax deductible?

Discussion in 'Economics' started by misterno, Apr 7, 2010.

  1. Someone told me that with Obama's new health plan, health insurance premiums are no longer tax deductible. Is this true?

    If my health insurance premium is paid mostly by my employer say $600/month and I pay $50/month, with the new law, this $650 will be added back to my salary like income and therefore I will be taxed from this additional income.

    Whereas now, I am not taxed on these.

    Is this true?
     
  2. What I heard was the federal government would impose a 40% tax on the value of employer-sponsored health coverage exceeding certain thresholds. Those levels were $8,500 for self only and $23,000 for any other level by the year 2013.
     
  3. i don't know but it wouldn't surprise me. they are looking for any excuse to get your money. next they will be looking at penalties like trash items etc to fine you. that is what they did in england when the local councils lost money with iceland, they went around fining people to get money. england is in a terrible state. i don't think it will recover for twenty years.

    anyway this is overlooked by most people so it is like a back door tax. expect more to come whether it is true or not. i hope that if it is not true no one sees the idea and adopts it.
     
  4. DHOHHI

    DHOHHI

    The unions bitched and moaned about it so Obama raised the thresholds and deferred any tax that might impact them until 2018.
     
  5. if so, that would be a good thing. no more staying with a slave employer just because he provides healthcare for "free" finally people will realize healthcare isn't free. And that giving healthcare to non paying illegals is NOT a good thing. Forcing healthcare is the best thing America could do. no wonder market rallied 12% last 2 months