To try to curb astronomic health costs, Health Savings Accounts are something that should be encouraged.
The so-called “Tax Payer Assistance and Simplification Act” (which isn’t either of course) contains an all out attack on Health Savings Accounts which prompts threat of a Presidential Veto.
“The Administration strongly opposes H.R. 5719, the so-called “Taxpayer Assistance and Simplification Act of 2008.” The bill includes provisions that would impose new administrative burdens on the trustees of Health Savings Accounts (HSAs). These new burdens on HSA administrators are unnecessary for efficient tax administration, inconsistent with the flexibility purposely afforded HSAs at their inception, and could undermine efforts by employers, individuals, and insurers to reduce health care costs and improve health outcomes by empowering consumers to take greater control of health care decision-making. If H.R. 5719 were presented to the President with these provisions, his senior advisors would recommend he would veto the bill.
In plain English, HSA holders would have a new layer of confusing paperwork to complete and then be subject to a hefty fine if they mess up. Just another bid for nationalizing health care so they can mess that up even more too.
Call it “taxation through bureaucratic layering and bogus fines”… Happy April 15th!
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