Health Savings Accounts were designed for people to save money for healthcare costs by allowing people to place into these accounts tax free money. In 2010, the Federal Government “promised” that you could place for an individual policy $3050.00 and for a family the amount was $6150.00. Seniors over 55 could add an additional $1000.00 to their plan. Moreover, because these deductions were based upon a “policy issued” basis people were actually able to place into tax free savings for health care amounts in excess of $9000.00.
I used the word “promise” because you can never trust the Democrats in office not to change things and figure out a way to “reform” something by taxing it. I also used the past tense, because as of yesterday, all this great tax benefits for the American worker has disappeared overnight. Thanks to “Obamacare” this tax deduction just got mostly wiped out. The total “family” contribution is now down to $2,500.00 for a family.
And for all those Americans who are working and have paid into these funds and fully funded the accounts in 2010? OOPS! Too bad, you just got hit with a hidden tax increase! In fact, over the next several years, the Democrats are expecting to collect in TAXES from you an additional 13 BILLION dollars by taxing this money.
What the Democrats never understand, is that what they have done is wipe out Health Savings Accounts. They will NOT get this tax money because people will not pay after tax dollars to save for health insurance. They will switch to another tax deductible way to pay for healthcare.
Democrats never seem to learn from past mistakes. Remember about 15 years ago that the Democrats decided that only “rich” people bought new boats and airplanes and so they could afford a “luxury tax” on them so the Democrats could raise more tax money to spend in Washington? What happened as a result? It damn near destroyed the boating and aircraft manufacturing businesses in the United States because the American people REFUSED to buy these products with this tax!
It took years before those taxes were repealed in Washington as a mistake. Yet, nobody in in the Democratic party in Washington went back to those laid off boat and aircraft workers and apologized to them for destroying their jobs and companies.
For those of you who have already fully paid into your Health Savings Accounts, do not expect Obama to apologize to you for the fact you will in 2010 be paying taxes on your healthcare. After all, if you got a job, the Democrats think you are “rich” and if you have paid into a Health Savings Account more than $2500.00 the Democrats think you are “very rich.”
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