I don't understand the healthcare tax issue with mccains plan?

McCain will give a 5000 dollar credit for you buying it yourself if you owe that much tax. He will not regulate what Insurance companies can charge for it. They will charge what the market will bare. If the Insurance companies know that you will have an extra 5000 dollars only if you spend it on health insurance they will raise the price 5000 dolllars.

McCain will tax employers for helping employees pay for Medical insurance. That is if a company helps you pay for it they will have to count that money as profit and pay taxes on it. You could say he is banning employer provided health insurance.

The idea here is that Insurance companies are tired of large companies negotiating rates with them. They want you to have to negotiate with them directly. They think you will not have any leverage like a large company offering a multimillion dollar contract does.

McCain desires to cut back the capital valuable factors tax. in case you think of it quite is undesirable circulate to the inventory section and look at mutual money, look on the turnover expenditures for quite some the money, the better the % the extra effective the possibility a individual gets caught with a great Capital valuable factors tax which will harm and them at tax a time. eire has a Corperate tax cost of eleven% we've 38% commencing a organisation, the place could you earn the main money? McCain desires to cut back the cost to approximately 25% Obama says McCain desires to offer the Oil agencies $4 billion tax credit. That replaced into real while oil replaced into at $a hundred and fifty a barl.of oil. look at what has occurred to the cost of oil and gas. those earnings will eveperate additionally What Obama has did not boost and McCain has did not help is all agencies will benfit from that decreased tax cost.

I work in HR and being taxed on your benefits is standard operating procedure. That needs some review because I don't think McCain's plan has anything new on that front. SOME benefits ARE given to you in pretax dollars, like Flexible spending.

McCain's proposal is to offer a tax credit for ones cost for health insurance.

The reason I like this plan is that it would immediately allow me to afford health insurance.

I also like McCain's plan better because it does not give the health insurance companies even more power than they already have. It simply broadens the base of those insured. That will actually HELP insurance companies keep the costs down for everyone!

Currently, the young and healthy tend to put off buying health insurance as long as possible. The elderly and sick are the ones buying insurance ands it costs more to care for them, so the prices rise! If the young and healthy begin buying insurance then the OVERALL costs of insurance go down!

This helps everyone!

BTW -- READ OBAMA'S PLAN CAREFULLY! It only covers children.

Both plans are flawed. McCain maybe just a little less so. Neither candidate is willing to mention the triumvirate of the drug companies, the FDA, and the insurance companies. Until that is addressed all that is being discussed is access to a broken health care system.

Likewise on taxes in general both are just tweaking the present system with no intention of creating any real change to how taxes are gathered. For a real change look at the Fair Tax. Fair Tax is a method that is fair to us all and even closes all loopholes for illegal aliens and other under the table workers.

From the fact check it sounds like you'd pay your own health care insurance just, he'd give you a tax break of $5000 per year. Where the money comes from is a complete mystery to me. I'm guessing it would be something like a rebate as you said. I wonder what happens to the people who have no health insurance or that have extremely expensive plans.

A tax credit essentially removes $5,000 from your total tax liability. It's substantial.

Windseek: You don't understand. Look up the difference between deductible and Credit. They are not the same.

My Health insurance costs $300 per month. I am an insurance agent. There are many ways to reduce your own costs if you use an independent insurance agent. That's $3600 per year that would come right off my tax bill, so instead of paying the Fed I pay for my coverage. Why is that so horrible?

Edit: those who are giving the thumbs down to all the answers that understand how taxes work is a revelation. Seems people who run businesses and know how things work believe it's a good plan, and those who do not understand simply ignore the facts and automatically hate any idea from Republicans. It's a sad day.

I think this is one of those issues where:

A. McCain hasn't released the exact details of his plan... so no one knows what exact taxes McCain will levy... Obama is reading what McCain says one way...

(This is much the same way McCain says Obama will have 400 billion in new spending... Obama's plans don't have budgets yet... it's McCain's assumptions of what the budgets will be)

B. McCain seems to be taxing health insurance... yet giving a tax credit on it? I'm not sure what the point of all that is?

Neither does McCain, apparently. He offers each worker a $5,000 tax credit. The health benefits provided by your employer now will be TAXED, at their market value - and if you do not know how much a year of fmaily coverage of Blue Cross goes for, prepare to faint. So - you are now paying higher taxes on your combined income (huh?) and he if offering you a credit towards your tax, to try to offset this. However, NOWHERE are you getting any better - or ANY, if you have none - health insurance. He waves that tax credit around as if it were cash - which it is NOT. You cannot PAY for your own insurance, or supplemental insurance when you realize that your employer is offering a limited package - this is a credit towards the calculation of you eventual Federal tax. Still confused? That's his goal - dazzle you with "McCain is giving me five grand! Woo hoo!" Hah.

Trying to find and purchase insurance for yourself and your family is daunting. Universal health coverage - by whatever means - makes sure that the most ill, the youngest, and the least educated and informed among us are covered. Otherwise, WE employed, educated (therefore, higher-paying jobs) end up paying for them when they are TERRIBLY sick. Same deal with prisons - we fail to educate people, provide them with decent jobs, and then wonder why they turn to crime, and we have to HOUSE them in jails??? huh??

My Grandpa used to read the paper, and even when I was a little girl, tell me "What this country needs is ANOTHER REVOLUTION!" I hear ya, Grandpa.

Good Question!

I'm not completely clear on it, but Biden gave an example in a speech i watched on tv, and i am not quoting, but this is something how it went, this was the jist of what i got:

ok, say you are employed with a company and recieve health care benefits from that employer. Tossing out a number, estimate your health care benefits are equal to or worth about 12,000 dollars a year. tIf you make 30,000 dollars a year you would be taxed as if you make 42,000 dollars a year. Higher taxes. Less pay.

Just like adding on the value of your benefits.

so if you add on what your health care is worth fiscally, then that is what your paycheck would be taxed as.

if you are drawing 40,000 a year, you would be taxed as if you were drawing in 52,000 dollars a year.

This could be just a scenario or it could be an example, but from what Biden said, that is how the heal care tax would go.

I hope this helped, confusion sets in upon the masses. It hard to get. For me at least. But when Biden explained it, i seemed to understand what his take was on it.

I have no idea what McCain would say to that or if he would dispute it, Biden did publicly challenge McCain to let him know if he was wrong.

will be interesting to see if he does.

then maybe voters could see if from another side.

who ya gonna believe and what is really true, i dunno.

i wish people would just admit what they are intending to do without dancing around the truth. If Biden was being raw and truthful, then awesome. If someone cannot back their shiz up, they need to be called out.

alot of times the truth hurts, we are adults, we know that, let us know.

I guess i am just used to listening to people like Ron Paul and Mike Gravel. People who have the balls to speak up and tell the truth even it is scary.

but who am i to judge?

oh, a citizen! that's right.

but that is another story.

MUCH PEACE to ya!

power to the people...

eco

If a republican is proposing it then it must put profit ahead of social need thus any proposal from McCain (who admits he is 90% republican) is not going to address the issue of universal health care but rather will use that issue to increase health insurance sales with little coverage. Look at the EU model for national health insurance which does NOT include the Canadian or British system