Rangle Tax Penalties on Health Savings Plans
The Family Research Council: Today is Tax Day--that time of year when Americans are reminded that while we might be constrained to work within a household budget, the U.S. Congress is already thinking of creative ways to spend our money or extract more of it. The latest example comes from House Ways and Means Chairman Charles Rangel (D-N.Y.) whose bill, the "Taxpayer Assistance and Simplification Act" (H.R. 5719), is scheduled for a vote this week. Ironically, the only assistance his legislation offers is to put a greater tax burden on the seven million Americans who have Health Savings Accounts (HSAs). Under HSAs, participants can set aside their own money and invest it. If they use that money for medical purposes, members aren't required to pay taxes on their account. Rangel's H.R. 5719 would force HSA members to wade through piles of paperwork, which, if filled out incorrectly, would result in a hefty fine. Chairman Rangel (who has never met a tax hike he didn't like) sees this bill as an opportunity to create more unnecessary government bureaucracy in pursuit of more tax dollars. Unfortunately, this is just the beginning of tax hikes to come as Rangel and the Democratic majority plan on letting the Bush tax cuts expire. Without permanent tax relief, the average family will be paying an extra $3,500 every year to Uncle Sam. Also See: White House Threatens Veto On Tax Simplification BillTags: Charlie Rangel, Health Savings Accounts, HSA, increased taxes To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 9:32 PM - Post Link
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