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Politics : Politics for Pros- moderated
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To: Bill who wrote (193834)1/23/2007 2:38:23 PM
From: MJ  Read Replies (2) of 794294
 
Wish I had a list of all of the taxes we pay in Virginia-----it runs to about 40 different taxes perhaps more. A friend sent me a list of those.

This is the system that I dealt with for a number of years----------- as a mid-level systems analyst my husband had options on how to pay for insurance for himself and the family.

He could either have the premiums for insurance included in his taxable income or he could have the premiums excluded and taken as a benefit. This was his/our choice. There ensued looking at anticipated income, itemized deductions and deciding what would be best for the family.

If premiums were included in taxable income, taxes were paid immediately and the premiums taken at end of the tax year as a medical deductions.

If the amount for the premiums was not included in taxable income----but taken before taxation as a benefit, the medical deduction part under Itemized Deductions was not possible. (In other words the insurance was a straight non-taxed benefit to the employee.)

The analysis of how to handle medical insurance premiums usually depended upon whether or not a large number of medical expenses were expected during the year thereby creating a medical deduction under Itemized Deductions.

Appears at this time that Bush's plan may be a variation on this---------------just is not clear.

mj
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