Anyone Do the Math on McCain's $5000 tax credit for health insurance ?

If you make 25k a year and you get the 5k tax credit it's added to your income so you will pay taxes on 30k a year. So right there you lose $1500 bucks. Lets say you're self employed or retired and you're paying for your own insurance, $3500 will get you about 4-5 months of coverage. Any suggestions what to do the rest of the year ?

Anyone Do the Math on McCain's $5000 tax credit for health insurance ?
McCains health care plan is a complete disaster and not just for the reason you mentioned. It would ultimately result in the demise of employer sponsored health care. Everyone would end up in the private individual insurance market which, economicaly speaking, simply can't work. It's called "Adverse Selection" and McCain would be well served to read a book about it.
Reply:who does your taxes





its not added to your taxes





its a credit...it doesn't go on your income





go to e insurance and see what you can get for 5000$ a year





obama is giving you nothing except forcing your employer to buy it for you ..which will get you laid off most likely...or letting you buy into his group insurance


It would not be fair for those that get insurance for free from their employer to get the credit also....so they will tax the benefits enough to make it a wash..you get the credit to pay the taxes....those pay out of their pocket for insurance will get 5000$ to reimburse what they spent on insurance.
Reply:I am so glad you said something, I don't get it either and I have asked so many McCain supporters to explain it and I can't get a straight answer..even from my Dad..





Not only are you paying the $5,000, but what ever your employer spends on your insurance..average $12,000...that's considered taxable income so know you're paying taxes on 37K a year?


I loved it when Obama said, with one hand he taketh and the other he givith away.
Reply:The only option would be 'Hope and Pray you don't get sick or injured!'





His 'health plan' is a joke!


Luckily my husband and I have our own health care which is pretty darn good. But it stinks for other people who have to choose between buying the groceries or seeing the Doctor. Especially people with kids. :(
Reply:you have no idea what at tax credit is.

floral