Health Care Changes Could Raise Taxes

The White House recently announced their plan for improving the country’s health insurance coverage which included a proposal to make health insurance costs tax deductible. The plan will allow a $15,000.00 tax deduction for families, and $7,500.00 tax deduction for individuals. However, for those individuals who receive employer provided health insurance that costs more than $15,000.00 would face a tax hike, as their health insurance premiums would be counted as taxable income. Early estimates suggest that the plan will increase taxes for as many as 30 million taxpayers. For more information check out Reuters.com.