From: "Teed Rockwell" = McCain's Tax increase?

[L. Coyote]

E-MAIL:
McCain's Tax increase?
Saturday, September 6, 2008 11:41 AM
From: "Teed Rockwell"

http://www.nytimes.com/interactive/2008/09/05/us/politics/20080905-CAMPAIGN-SPEECH-ANALYSIS.html?hp#

According to the New York Times, under McCain's health insurance plan
"workers with employer-provided coverage would have to pay income taxes on
the value of their insurance, long excluded from taxable income".

If you want to find out how this effects your new taxes under McCain, take a
look at your paycheck, and find out your monthly health insurance premium.
Then multiply that by 12, and divide by your federal tax rate. Then subtract
"Mr. McCain's proposed tax credit of up to $5,000 for families".

Suppose your employer pays a health insurance premium of $900 a month (mine
is slightly more than that for just me and my wife), and your federal tax
rate is 40%. That comes to $4,320. Because my family of two is as small as a
family can possibly get, I certainly won't get the full $5,000 of McCain's
tax credit, and may end up having my taxes go up.

The New York Times also points out that "the richest 1 percent would . . .
see a tax cut of more than $125,000 under Mr. McCain."


Teed Rockwell