Tuesday, March 23, 2010

Congressman Paul Ryan on the Real Cost of Healthcare Reform

Its not a pretty picture,  which shows that we will all be paying the premiums, but also the taxes to cover the costs.

Based on everything I have read, there will be a lot more people paying a higher cost in taxes then they figured. The key theme is, I have yet to hear if there is some buffer as to when the taxes begin. Mostly you hear its the single person making $200,000 a year or a married couple making 250,000 paying an additional 6% or more in taxes. It also includes taxing on investments. So essentially, unless I have missed that certain nugget of information, then you begin to pay for this at dollar one. Not at a later dollar amount after the pre-tax benefits come out like the (401K).

One other bitch I have about this is, for the last several years I have set money aside for a Health Savings Account all monies taken out pre-tax. Now, under the new law, that money becomes taxable income, even if I don't use and just leave it in the bank.

So unless there are some changes, more people are going to have to pay in, then anyone is letting on. Perhaps when the law is viewed in a greater clarity some of these issues will be resolved, but, so far from the early readings and analysis, I don't think that will happen.

We may be spending the next four years tweaking this bill to get it good in the short term, but it will need some major work to achieve anything close to what Obama and the Democrats are saying it will do for Americans.

From Politico

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