Tuesday, January 24, 2006

Breaux: Changes in Healthcare Tax Law Will Be Marginal, not Massive

Well-respected former Senator and taxwriter John Breaux (D-LA), now on the President's Tax Reform Panel, believes that in spite of Administration proposal for major changes in healthcare and Social Security, actual changes will be incremental rather than sweeping. Healthcare is presently seen as the biggest "tax expenditure" in the budget, with spending equivalent of over $140 billion. A particular concern of Breaux is the among of tax savings going to taxpayers with income exceeding $100,000; Breaux proposes a ceiling for healthcare tax deductibility of $5,000 for individuals and $11,500 for families. A supporting statement comes from the Heritage Institute's Glenn Hubbard, a former member of the Council of Economic Advisers under Bush. Hubbard says that the present law basically subsidizes prepaid healthcare.


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