Monday, August 23, 2004
Did You Know This?
Use-It-Or-Lose-It Rule for Tax-Free Health Accounts Challenged
Employees who set up flexible spending accounts agree to put aside a specified amount of salary for medical costs not covered by health insurance. Workers' taxable income is then reduced by that amount, saving them money at tax time.I'll say! Just one more way they've tried to pull a fast one. And just count the times Bush has talked about these abominations recently:
Employees, however, must forfeit to their employer any money that hasn't been used by year's end, a provision that has made the accounts unpopular.
August 18, Lakefront Park, Hudson, Wisconsin
You'll hear me talk about health savings accounts in a minute [ed. actually, he never gets back to it], as an innovative way for people to be able to make sure that the decision-making process is between them and their doctors, and it's a way to hold down costs. We've got somebody here who has actually used the health savings account, that has worked.August 17, Hedgesville High School, Hedgesville, West Virginia
August 16, Grand Traverse County Civic Center, Traverse City, Michigan
We've established health savings accounts so families can save tax-free for their needs. (Applause)And here he apparently lies (August 13, Southridge High School, Beaverton, Oregon:
It's your money. If you don't spend that money in the year in which you contribute it, you roll it over tax-free. So you, in essence, have a savings account for health. And yet, if things get rough, there's a catastrophic plan to take care of your health care. That's what we want.I won't disturb you with more. You can go back in time yourself.
Very shortly I will take on his lack-of-comment about the new overtime rules, that thankfully our Democratic Illinois Governor Rod Blagojevich (who has many, many, many faults, but this is not one of them) was prescient enough to refuse to implement.
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