Who would do a better job of running the USA? Topic

Posted by bad_luck on 10/9/2013 7:30:00 PM (view original):
Posted by tecwrg on 10/9/2013 8:37:00 AM (view original):
Posted by moy23 on 10/9/2013 8:33:00 AM (view original):
Posted by tecwrg on 10/8/2013 8:01:00 PM (view original):
Posted by bad_luck on 10/8/2013 6:27:00 PM (view original):
Posted by moy23 on 10/8/2013 6:21:00 PM (view original):
Posted by bad_luck on 10/8/2013 6:17:00 PM (view original):
Posted by examinerebb on 10/8/2013 5:47:00 PM (view original):
I think the possibility exists, with a much larger likelihood than it did before.  I think that, if I were running the company, I would seriously consider it.  As for what someone other than me will decide to do, I can't tell you that.  We'll see.
So, in this hypothetical, you're running the company. Last year, without penalty, you could have dropped coverage for your employees but didn't. This year there is a penalty if you do. And now you're more likely to drop benefits? That makes no sense.

If you do, your good employees will leave. Most companies are not dropping benefits for their employees.

 
most companies are dropping benefits for their employees of some kind - if not healthcare then its something else.
If not healthcare it's irrelevant to this discussion.

Source on the healthcare drops?
UPS, for one, has dropped spousal coverage if the spouse can get healthcare coverage from their own employer.

That is a drop in healthcare benefits.  Because of the ACA.
As is the fact I was only able to fund my HSA up to $2500 this year for my second kid because of the ACA whereas I was able to go to $5000 for my 1st kid. This one specifically hit the middle class hardest.
Good point.  We had planned medical expenses (i.e. braces for my older son, a few other things) a couple of years ago that led us to go up to $5000 for our FSA that year.  If my younger son eventually needs braces, we'll be going well over $2500, so that excess will be coming out of after-tax, out-of-pocket money,

A friend of mine has a child who had a kidney transplant a couple of years ago, and has been coping with numerous related medical issues since.  His financial situation was on the lower end of middle class to begin with.  The reduction of his FSA/HSA from $5000 to $2500 has hit him very hard.

You realize that HSA =/= FSA?

The family cap for HSA contributions in 2014 is $6550.

 
Yes, I know they are two different things.

I'm familiar with FSA because that's what I have.  I don't know the rules for HSA since I don't have one.  I assume my friend also has an FSA, since he has been affected by the $5000 --> $2500 reduction that Obamacare adversely hit him with.

I suppose I should tell him to STFU and suck it up, his situation isn't important because of all the unicorns and rainbows that everybody else is getting from the ACA.
10/9/2013 9:23 PM
The FSA cap doesn't seem like a big deal. It's not free money. It's just a small tax deduction that comes with use it or lose it risk.
10/9/2013 9:31 PM
Of course it doesn't seem like a big deal to you.

On the other hand, if roles were reversed and the ACA was an initiative of the right instead of the left, you no doubt would see it as a huge freakin' deal.
10/9/2013 9:55 PM
Posted by bad_luck on 10/9/2013 9:31:00 PM (view original):
The FSA cap doesn't seem like a big deal. It's not free money. It's just a small tax deduction that comes with use it or lose it risk.
its not a small deduction...

it comes off your taxable income like a 401k/403b does. It could be the difference of having your entire household income taxed at a higher (or lower) tax rate. Even if the additional $2500 doesn't lower your tax bracket it still easily saves middle class families ~$500 in taxes or better said it allows them to utilize that extra money to pay for their own health purposes rather than to fund wars, presidential vacations, and whatever else Washington wastes money on. I'll go a step further - Its a good planning tool for the middle class. Many middle class families have a hard time putting aside $ for child birth, medicine, procedures, etc and this was great way to fund an account systematically over the year to make sure these medical concerns can be met financially.

Honestly though - the only people screwed by this loss of deduction is the middle class... both the poor and the rich don't benefit much from it. It tells me a lot about you that you think this 'doesn't seem like a big deal'
10/9/2013 10:32 PM
Posted by moy23 on 10/9/2013 10:32:00 PM (view original):
Posted by bad_luck on 10/9/2013 9:31:00 PM (view original):
The FSA cap doesn't seem like a big deal. It's not free money. It's just a small tax deduction that comes with use it or lose it risk.
its not a small deduction...

it comes off your taxable income like a 401k/403b does. It could be the difference of having your entire household income taxed at a higher (or lower) tax rate. Even if the additional $2500 doesn't lower your tax bracket it still easily saves middle class families ~$500 in taxes or better said it allows them to utilize that extra money to pay for their own health purposes rather than to fund wars, presidential vacations, and whatever else Washington wastes money on. I'll go a step further - Its a good planning tool for the middle class. Many middle class families have a hard time putting aside $ for child birth, medicine, procedures, etc and this was great way to fund an account systematically over the year to make sure these medical concerns can be met financially.

Honestly though - the only people screwed by this loss of deduction is the middle class... both the poor and the rich don't benefit much from it. It tells me a lot about you that you think this 'doesn't seem like a big deal'
Do you not understand how marginal income tax rates work? Are you a Miket23 alias?

Even if you're at the highest income tax bracket, you're talking about a difference of a few hundred dollars. And that's assuming that you can't write off the medical expense already. Starting in 2013, some out of pocket medical expenses are tax deductible.
10/9/2013 10:40 PM
Posted by tecwrg on 10/9/2013 9:55:00 PM (view original):
Of course it doesn't seem like a big deal to you.

On the other hand, if roles were reversed and the ACA was an initiative of the right instead of the left, you no doubt would see it as a huge freakin' deal.
The tax deduction works out to a few hundred dollars for most people. If that's make or break, that medical expense is probably tax deductible.
10/9/2013 10:41 PM
Posted by bad_luck on 10/9/2013 10:41:00 PM (view original):
Posted by tecwrg on 10/9/2013 9:55:00 PM (view original):
Of course it doesn't seem like a big deal to you.

On the other hand, if roles were reversed and the ACA was an initiative of the right instead of the left, you no doubt would see it as a huge freakin' deal.
The tax deduction works out to a few hundred dollars for most people. If that's make or break, that medical expense is probably tax deductible.
It costs me $700 at 28% (filing jointly between $146-$223k) - am I correct? That's not just a 'small tax deduction' imo. Also without the FSA I'd have to have over $7500 in medical expenses (AND i'd be required to itemize them) before I could even take a medical expense deduction which is not the case with FSA's which come off gross income right away like a 401k does.



Married Filing Jointly or Qualifying Widow(er) Filing Status

[Tax Rate Schedule Y-1, Internal Revenue Code section 1(a)]
10% on taxable income from $0 to $17,850, plus
15% on taxable income over $17,850 to $72,500, plus
25% on taxable income over $72,500 to $146,400, plus
28% on taxable income over $146,400 to $223,050, plus
33% on taxable income over $223,050 to $398,350, plus
35% on taxable income over $398,350 to $450,000, plus
39.6% on taxable income over $450,000.
10/9/2013 10:52 PM
Please point out where $2500 moves your entire household income into a higher rate.

10/9/2013 10:59 PM
Posted by bad_luck on 10/9/2013 10:59:00 PM (view original):
Please point out where $2500 moves your entire household income into a higher rate.

it doesn't. i can admit that I was wrong about that. can you admit that $700 is more than a 'few hundred dollars'?
10/9/2013 11:00 PM
No, he won't admit that.  BL's job here, as Obamacare's chief apologist, is to trivialize or flat out dismiss any downside that the law brings to Americans such as yourself.

Your problems are not important in his Magic Land of Make Believe.  In fact, your problems annoy the unicorns to the point where they stop shitting out gumdrops.
10/9/2013 11:13 PM
@bad_luck

it's kinda annoying i point out my benefits HAVE changed for the worse due to the ACA - yet you nitpick that i said HSA instead of FSA rather than actually respond to the context of the post, then that I was wrong on the marginal tax rate rather than responding once again to the context of the that post, and finally when you do sorta respond its with an 'its not a big deal' attitude - it's only a 'few hundred dollars'.

If $700 is no biggie for you feel free to send me a check for that amount? I'll be honest it is a BIG deal for me. I could use it to help pay for the $2300/mo daycare bill so my wife and i can both work to get us in that higher tax bracket... or the $1700/mo mortgage pymt I make of which $500/mo goes right to property taxes.... Or the Student loan payment I have from my MBA that helped me get that higher paying job... Or the 2 car payments I'm making because we needed bigger cars to tote around 2 children... diapers, formula, clothes, etc...

you are most likely right now trying to find a technicality in this post to respond to rather than actually explaining to me how $700 is only a 'few hundred dollars' and its really 'no big deal'. Am I right?
10/9/2013 11:26 PM
I wish they would get rid of tax deductions for kids. Totally unfair.
10/10/2013 1:58 AM
I wish they'd get rid of income tax altogether.  Sales tax only.   The more you spend, the more you pay in taxes.    After all, who spends more?  The guy making 22k a year or the guy making 83k a year?
10/10/2013 8:43 AM
Posted by The Taint on 10/10/2013 1:58:00 AM (view original):
I wish they would get rid of tax deductions for kids. Totally unfair.
i'm all for the 'fair tax' but unfortunately the system can't be that simple for some reason.
10/10/2013 9:01 AM
Posted by MikeT23 on 10/10/2013 8:43:00 AM (view original):
I wish they'd get rid of income tax altogether.  Sales tax only.   The more you spend, the more you pay in taxes.    After all, who spends more?  The guy making 22k a year or the guy making 83k a year?
You hate retirees.
10/10/2013 10:18 AM
◂ Prev 1...25|26|27|28|29...57 Next ▸
Who would do a better job of running the USA? Topic

Search Criteria

Terms of Use Customer Support Privacy Statement

© 1999-2016 WhatIfSports.com, Inc. All rights reserved. WhatIfSports is a trademark of WhatIfSports.com, Inc. SimLeague, SimMatchup and iSimNow are trademarks or registered trademarks of Electronic Arts, Inc. Used under license. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.