McCain would “reform the tax code to eliminate the exclusion of the value of health insurance plans offered by employers from workers’ taxable income.”John McCain will cut taxes for his millionaire buddies and give his oil industry pals another $4 billion in tax cuts but he will raise taxes dramatically on the middle class by back-dooring a tax on employer paid health insurance.
The value of the typical plan provided by an employer to a family is $12,106, of which the employer pays $8,824, and the worker pays the remaining $3,282. The median household income is $44,389, which places most American families in the 15 percent income tax bracket.
McCain wants to add the employer’s cost — an additional $8,824 — to that middle class family’s income, then tax it. The hit to the average family is 15 percent of the McCain-added income — $1,323 more in income taxes.
You had better wake up Americans. You're about to get screwed big-time.
