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Does The House Health Care Bill Tax Medical Benefits/insurance Payments? |
Question by rotorhead | Posted in Politics
3 years ago I had over $100,000 in medical bills (back surgeries, bacterial spinal meningitis). 2 years before than my wife had close to the same (cancer). Because we work hard and pay for medical insurance, we each paid less than $3,000 out of pocket and the rest was covered by our insurance. Under Pelosi's plan would we have had to pay taxes on that nearly $200,000 in insurance benefits? What would the tax rate be? Is there a ceiling? With almost 2,000 pages of legalese gobbledygook, I don't even
| Answer: Not sure of the language, but I do know that they will be taxing medical equipment. Both my son and I use an insulin pump to control our type I diabetes. The democrats consider this...something, I'm not sure of the word, but call it a 'luxury'..and so they are assessing a tax on the manufacturer of this equipment along with other advanced medical equipment. My insurance, the cost of my medical care, the crap I have to go through and do is bad enough, but now the democrats are going to TAX me for it? And make no mistake, they ARE taxing me since the price of the insulin pump will increase to cover this tax. Bloody bast*rds! And with the same breath, they say they want to lower the cost of 'health |
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Why Do Dems Want To Axe 401k Tax Breaks For Corps. But Keep Med. Insurance Tax Breaks? |
Question by Cigar that Bill Clinton Sniffs | Posted in Elections
Dems get on McCain's case for the idea of taxing insurance benefits that you get from your employer. Of course, McCain wants to PAY for those taxes by giving you $5000 in cash.
Obama wants to keep those tax breaks but now Dems want to eliminate the tax breaks that corporations get for contributing to your 401k.
Are Dems trying to ensure this country becomes like 3rd world countries?
Answer: They have to find a way to shore up social security and pay for the give aways....after they end the pretax contributions to 401ks and IRAs this will increase taxes to anyone under 250k and people will see smaller paychecks.
http://www.fatwallet.com/forums/finance/ 868561 |
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Why Would McCain Promote A New Tax On Employer Provided Health Insurance Benefits? |
Question by Larry62 | Posted in Politics
I know he says he will give you a deduction or credit or whatever but isn't that just the Govt taking taxes out of your paycheck and giving it back to you a year or so later? Why do they want us to finance their overspending and craziness?
If it's a lie why did Sarah Palin admit it during the debate?
Answer: The idea is to promote individual health insurance plans, and to discourage group plans.
The thinking is that when the consumer is paying the insurance premiums, (s)he will gravitate towards lower cost policies. Consumer Driven Health Plans (CDHP's) specifically. Having a CDHP allows you to open up a Health Savings Account (HSA) where you, and your employer, can contribute non taxable money for future medical expenses. With these plans everything is subject to the deductible, except your annual wellness benefit, which used to be called your annual physical. You are expected to pay for all of your medical services out of your own pocket (your HSA) until you reach your deductible.This |
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How Can I Tell If My Health Insurance Benefits Are Pre Taxed? |
Question by montcoguy0o | Posted in United States
Keep in mind, your health insurance premiums can't be deducted if they're taken out of your paycheck as pre-tax dollars. However, after-tax health insurance premiums are deductible, but they still are subject to a limitation of 7.5% of your AGI. If you're self-employed, you may deduct a portion of your health insurance premiums as an adjustment. The self-employed deductible portion is 100% in 2007.
Answer: Ask your employer. They will tell you. Actually they should provide a form for you to sign every year verifying your benefit selections and how you want to have your healthcare premiums treated.
Nearly all healthcare insurance through a job are part of a Section 125 plan and are deducted pre-tax. You generally have the option to pay them with tax paid dollars but I'm at a loss to explain how that could be beneficial to anyone. |
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Do You Have To Pay Tax On Auto Insurance Benefits (housekeeping)? |
Question by Lilac | Posted in Canada
A friend of ours was claiming insurance benefits after having been in a car accident which left her disabled. One of the benefits she got was housekeeping pay, where the insurance gave about $400/per month to hire a housekeeper--this pay lasted for about 19 months. The only information the insurance collected was the housekeeper's name and address (no SIN #). The housekeeper says that she's been taxed for that amount that she received (she claims she did not file in her housekeeping income, though)
Answer: Insurance benefits are not taxable, so it doesn't matter what the housekeeper did or did not claim. The housekeeper certainly has to pay taxes on her income, of course, but that isn't your friend's problem.
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“While the potential reach of this new tax credit is great, educating the small business community about it remains a challenge,” the report says. The firms eligible for small-business tax credit are not required to provide health insurance under the
The new regulations, the Health Insurance Premium Tax Credit regulations, apply to individuals who buy coverage through the exchanges. The final regulations are based on draft PPACA tax credit regulations that were published in August 2011.