Editorials & Other Articles

Because of the part of the ACA that required taxes on Cadillac health insurance plans I know ours is worth 35K tax free. They never did require people to pay taxes on it, but they track it, and it's on my wife's w2 which I read carefully.

That, and the IRAs, and the two credits for school end up reducing our taxes quite a bit. 35K untaxed health insurance, 15K untaxed IRA, and a further 4K of direct credits. We could also invest in a IRA type of thing that is actually for college, or I could have deducted a tons more by getting a SEP instead of the IRA, also a health savings account. There are a ton of very legal ways to not pay taxes, and unfortunately they mostly save money for those who have a lot of money.

Many people have health care that has huge deductibles and co pays, so they never go to the doctor. Our untaxed plan covers almost everything at no cost at all to us. Our plan costs more than many people make in salary.