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By ending a tax break worth $233, it will cost the taxpayers, us, $1,029. This is economic disaster--by economic and math illiterates.
"The bottom line: by closing this loophole which was originally created to dissuade companies from dumping retirees prescription costs into Medicare Part D the government could lose more than five times what it brings in.
The Employee Benefit Research Institute calculates that the 28% subsidy on average will run taxpayers $665 in 2011 and that the tax dispensation is worth $233. The same plan in Medicare costs $1,209. Given that Congress has already committed the original sin of creating a drug entitlement that crowds out private coverage, $233 in corporate tax breaks to avoid spending $1,209 seems like a deal. If one out of four retirees is now moved into Medicare, the public fisc will take on huge new liabilities."
Any wonder Obama is building an addition $10 trillion deficit in just eight years--this is why America will be in a Depression for at least two more generations--and that only if we end the promiscuous spending by the radical and special interest controlled White House and President.
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"The bottom line: by closing this loophole which was originally created to dissuade companies from dumping retirees prescription costs into Medicare Part D the government could lose more than five times what it brings in.
The Employee Benefit Research Institute calculates that the 28% subsidy on average will run taxpayers $665 in 2011 and that the tax dispensation is worth $233. The same plan in Medicare costs $1,209. Given that Congress has already committed the original sin of creating a drug entitlement that crowds out private coverage, $233 in corporate tax breaks to avoid spending $1,209 seems like a deal. If one out of four retirees is now moved into Medicare, the public fisc will take on huge new liabilities."
Any wonder Obama is building an addition $10 trillion deficit in just eight years--this is why America will be in a Depression for at least two more generations--and that only if we end the promiscuous spending by the radical and special interest controlled White House and President.
More...