Illinois governor vetoes Chicago pension fix, angers city's mayor
Now this seems like a poster point for the whole government/political issue in a nutshell. One answer leaves increased taxes, and just more debt down the road, and the Republicrat Governor actually said "No" and says "It's all the retirement systems", which is true. But the Dumbocrap mayor is just cultivating his "own" issue, and immediately we are back to the hot button, special word responses, like "hostage" and "irresponsible". Like increasing taxes in the armpit of America is not "irresponsible"? Looting is an art and the Dumbocraps far outstrip the Republicrats in that one...not that the Republicrats haven't got their own looting skills honed, but they seem a lot more bumbling in their execution, look at their Health Care fiasco...
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I think that's an FSA or some other vehicle. A true HSA is just like a regular bank or investment account with a tax shield around it, similar to a self-directed IRA. To put money in you must have an "HSA-compatible" health insurance policy. You can spend money from it but not put new money in if you do not have an HSA-compatible insurance policy. You can spend the money on many health-related products/services. You cannot use it for OTC meds (you could before PPACA) or to pay insurance premiums.
http://www.hsabank.com/hsabank/educat...
Send in 10%."
All the works is in figuring out what's income. I get two bound folders from my accountant depreciating stuff, showing the basis for things I sold, and so on. Calculating tax owed is one line. It is very simple regardless of the number of brackets.
HSAs work this way: tax deductible, tax sheltered, not taxes when you take money out. You can invest it stocks, bonds, and mutual funds. You can still fill it up for 2016. It's such a good tax deal, we fill it up every year and don't use it for medical expenses.
Science won't cure aging in time for me, so at some point hopefully several decades from now my wife can spend it on end-of-life care or find a way to bequeath it. I have not looked into bequeathing it, though, b/c I doubt my wife and I will get out of this life without the opportunity to spend it on health-related services.
Let's also eliminate corporate income taxes. It's a double tax anyway.
What is your income?
Send in 10%.
Period.
No more on top of, excises, deductions or anything. I think they call it a Flat Tax. But then, a whole cadre of accountants and lawyers would be out of work, and the political machines would lose all that money in under the table payments and "donations".
My brother went to work for our local State government doing some kind of analysis part time - tax analysis I think. He was only there for like eight hours a week and he was getting done for them what their normal employees took an entire week to get done. They told him to slow down and that it was okay if it took him a few weeks to get the tasks done and that he was making them look bad. Needless to say he was glad when his degree progressed and allowed him to get a productive full-time job.
Yes, people should be able to set aside tax-free income for both retirement and medical expenses. I don't think there should be taxes on either one. Of course, I'd like to see personal (and corporate) income taxes eliminated as well.
Though I don't agree with the mandate part per se, Australia mandates that everyone contribute toward their own private retirement plan. So far it has resulted in zero pension fund mismanagement or budget shortfalls and has dropped their rate of dependence on government in old age.
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