Sen. Joe Biden is either lying about Sen. John McCain’s health plan or he is really dumb.
At a campaign stop earlier this week in Missouri, Biden was attacking McCain:
“But taxing American workers’ health care is not the answer, he said. Under McCain’s plan, Biden said, a person earning $50,000 a year, with employer-provided health care worth $12,000 a year, would be subject to income taxes on all $62,000. Now, no taxes are levied on their health care benefits.McCain has been highlighting his proposed $5,000 a year tax credit to offset some of that tax hike, but Biden said that at least $7,000 would still be subject to the tax.”
Biden’s $7000 figure only makes sense at all if we are taxing income over $50,000 at 100%. Is there something in Obama’s tax plan we don’t know about?