Personally, Ive long been a flat-tax supporter. When the earnings tax system was originally put into location, the greatest rate (well, I guess THE rate) was a tremendous one percent!
Recently, Sean Hannity presented us (well, me anyway) to a fantastic gentleman called Ben Carson. Ben is a pediatric neurosurgeon (!!!), a quite smart fella, soft-spoken yet convincing, and apparently really conservative (although, upon reflection, Im not quite sure if you can classify some of his ideas as either left or right leaning).
Ben looks to the Bible for motivation about how to repair the present tax system – tithing. It is elegant and so simple – exempt the very first $20,000 (or some number) of earnings to reduce the problem on the genuinely poor, and tax everyone at the very same rate above that. As Ben puts it – “everybody has skin in the video game”.
It wont cover everything quickly, however with sufficient clever preparation (Mr. Carson is all about individual obligation), it could definitely work over the long haul without bankrupting the nation.
Another terrific concept, the very best as far as Im concerned, is to create Health Savings Accounts for every single kid, lady, and male resident of these United States; and to begin redirecting a few of the money lost on Medicare, Caid, and ObamaCare into these accounts. In other words, simply as any kid is instantly embraced into the Social Security system (which will never go away completely), he or she will likewise automatically be appointed an HSA to do with as he/she can for medical expenses. Certainly it wont cover whatever immediately, but with sufficient smart planning (Mr. Carson is everything about personal obligation), it could definitely work over the long haul without bankrupting the country.
Ben has actually likewise become quite famous for disrupting the recent White House prayer breakfast with … wait for it … logic and reason. Ben looks to the Bible for inspiration about how to repair the current tax system – tithing. As Ben puts it – “everybody has skin in the video game”.
Ben has actually also ended up being quite popular for disrupting the recent White House prayer breakfast with … await it … logic and factor. Although they started sitting by each other at the primary table, you might see the change in the presidents attitude as Mr. Carson really gently and politely took apart whatever this existing administration means. It was valuable. (Uh oh, keep an eye out for the “black” conservative).
If you dont have to utilize the funds, it rolls over every year. As soon as you reach age 65, you no longer are required to utilize it for medical expenses, although you definitely can; you can withdraw funds under the same conditions as a regular IRA. Although you will be penalized if you use the funds for non-medical costs prior to age 65, you can use the cash for vision care, natural medicine or treatment and dental care.
Currently, this is how an HSA works. You can deposit money into a special non-taxed, interest-gaining savings account that should be utilized for medical expenditures. The perfect scenario for an HSA is to combine the account with an inexpensive, high-deductible insurance strategy (or catasrephic protection insurance coverage). The savings account is designed to permit you to cover the high deductible if you find the requirement to cover expensive medical expenses while the insurance provider will get the rest of the expense.
Under Mr. Carsons strategy, any cash left in the HSA can be willed to whomever upon death. This removes the “use it or lose it” mindset from the plan.
So, why not an HSA plan? Sure beats anything interacted socially medicine needs to offer.Related articles, thanks to Zemanta:
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You will be punished if you use the funds for non-medical expenditures prior to age 65, you can utilize the money for vision care, alternative medication or treatment and dental care.