President Bush's Advisory Panel on Federal Tax Reform has recommended that the president and Congress limit tax breaks for employer-paid health insurance.
The panel recommended that taxes apply to employer-provided health insurance when it exceeds the average health insurance premium, which the panel estimated to be about $5,000 for an individual and $11,500 for a family. Under current rules, all employer-paid health insurance premiums are excluded from taxable income.
The recommendation was one of many that the panel made to overhaul the tax code. Other recommendations included an elimination of deductions for state and local taxes and changes to the tax brackets, according to USA Today.
The newspaper reports that the recommendations already have some critics. Rep. Charles Rangel, a Democrat from New York, called the proposal "unfair and unwise," according to the newspaper. Sen. Jim DeMint, a Republican from South Carolina, said the proposal was "small and quite complicated."
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