Damned, makes me feel so special! Another 15K of my income will be TAX FREE! yippie!
For those who missed it, Bush's solution to the health care crisis is to give americans a new DEDUCTION to take when we fill out our tax forms! Oh, that just makes me feel so warm and fuzzy all over!
From Bush's speech:
Tonight, I propose two new initiatives to help more Americans afford their own insurance. First, I propose a standard tax deduction for health insurance that will be like the standard tax deduction for dependents. Families with health insurance will pay no income or payroll taxes on $15,000 of their income. Single Americans with health insurance will pay no income or payroll taxes on $7,500 of their income. With this reform, more than 100 million men, women, and children who are now covered by employer-provided insurance will benefit from lower tax bills. (Watch Bush propose health care initiatives Video)
At the same time, this reform will level the playing field for those who do not get health insurance through their job. For Americans who now purchase health insurance on their own, my proposal would mean a substantial tax savings -- $4,500 for a family of four making $60,000 a year. And for the millions of other Americans who have no health insurance at all, this deduction would help put a basic private health insurance plan within their reach. Changing the tax code is a vital and necessary step to making health care affordable for more Americans.
Just how the heck is it supposed to help the millions of Americans get health insurance is beyond me! An uninsured family of 4 making $60K will get an extra $4500 in tax savings. BUT, this sounds like it will only come at tax time. How will that help a family pay the FULL premium for health insurance every month???
All that Dubya's plan does is give tax breaks. It does nothing to help stem the rising costs that Americans are paying.