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How President Bush would change the taxation of health care coverage

Current law

  • Employees not taxed on the cost of group health care premiums paid by employers

  • Individuals who buy their own health insurance coverage and who itemize their tax deductions allowed to deduct premiums and other out-of-pocket costs that exceed 7.5% of adjusted gross income

  • Contributions paid to health savings accounts tax-deductible

  • Pretax contributions allowed to health care flexible spending accounts

Bush plan

  • Everyone covered by a health plan entitled to a tax deduction of $15,000 for family coverage and $7,500 for individual coverage

  • Employer-paid health insurance premiums become taxable income for the employee

  • Annual premiums less than $7,500 for individuals and $15,000 for families not subject to income or payroll taxes

  • FSA pretax contributions eliminated

  • HSA contributions retain tax-favored status