Insurance Tax Deduction Concept.

 Letter Preamble: For My Blog Readers

Hello, My Fellow Americans, 

Below is not an article but a plan that I intend with your help to get to the desk of the future U.S. President #45 and #47 Donald J. Trump. While I am apolitical, I have decided to Post this article to my blog that with hopes my Readers and audience who agree with me and struggle everyday with their Insurance costs, will get this to the President's Desk and a motion will be made by the Department of Treasury and Congress, to pass my proposal for A Tax Deduction for Americans who pay for their own insurance.  For many of you this is a common issue where we struggle with Insurance Costs, for others your work pays for your health insurance and therefore, you don’t have the same struggle we have, but this may enlighten you to what people who aren’t as fortunate to have Work issued Insurance struggle with on a Regular basis. 

Please help me with my Goal and together this will make it to President Trump’s Desk, and then be passed through congress.

Thank You For Reading,

M.T. Silver

My Letter

Dear President Trump,

Today, I present you with an idea for a tax deduction or cut a concept that would undoubtedly make you even more popular than you already are. The idea strays from my personal struggle with the cost of health and car insurance, which I am sure you are aware is the greatest cost to most American citizens. The idea is a tax deduction plan for those who pay over $5,000 a year in health insurance and a tax deduction for citizens who pay over $1500 in car insurance, to incentivize citizens to pay for insurance and to assist in the epidemic of migrants who come to this country buy insurance for their tags and then cancel the insurance once they have one. 

The Car Insurance Deduction Plan:

The plan is simple: the Insurance agency will be required to send a 10-99 to their customers listing the amount the customer paid that year for insurance, that will be submitted with their taxes. That way the IRS sees the amount this person is sending to the insurance company per year. I for one pay for only myself for car insurance and it is costing me just under $300 a month, that I will then be taxed on come April, when it was already used to pay for my insurance. In the State of Florida it is illegal to drive without Car Insurance, and while most people shop around for insurance they  will still end up paying between $250 and $1000 a month, totaling between $3,000 and $12,000 a year(Depending on the car they own). Which could be better used it were being recycled into our Economy. Currently I drive a 4 year old Foreign Korean Sedan(trust me it wasn’t my first choice), it is an affordable car and it is great on gas, but I pay roughly $3,500 a year on Car Insurance a year, and my girlfriend and future wife pays nearly $6,000 a year for her much older car that she also is making payments of nearly the same amount monthly for. We are both middle and working class Americans and only a person who values the Dollar can understand the struggle this is if we are paying thousands of dollars of our 5 figure income a year(in some cases Hourly Income) to insurance.

The Health Insurance Deduction Plan:

As for health insurance the plan is similar to that of the one I have for car insurance. While I generally disagree with the Government getting involved with who can and can't obtain insurance, I do not stand against a tax deduction for those who pay for their own health insurance. As you are most likely aware Obama-care cannot be offered by most employers and as such many Employer’s of small businesses needed to drop their health insurance for their employees, placing their employee’s health insurance benefits in the hands of themselves(the Employee). This in turn made it so that employees had to choose to either pay or not pay for health insurance, for themselves and their family. My sister is the mother of two and her and my two nieces have health insurance that they pay for monthly, however my brother-in-law who is working class doesn’t have health insurance, in face majority of young people i know between the age of 18 and 35 do not have health insurance, because they need that $250 to $1000+ to survive especially during the prior-administrations self inflicted inflation crisis. 

My proposal as such is not for Government health insurance, but if we are going to pay upwards of $6000 a year for insurance (a number eerily similar to some young people’s back-taxes owed under the affordable care act are) to have a tax incentive to assist us as we pay for our insurance, by being allowed to as independent citizens to deduct our health insurance from our taxes when we have to pay upwards of $5000 a year.  

PUSH BACK?

The argument I foresee against this motion is that the Left will criticize this as a way for the top 1% to save even more money on their taxes, but it will help everyone who was pushed out by Obama-care and the Affordable Care act, the 170 million+ Americans who are being crushed by insurance companies, and then needing to pay taxes on income that has been used already. 

By allowing citizens to deduct their insurance on their taxes, this will eventually cause insurance agencies to lower the price of their insurance, and to lower the saturation of the market of agents, of whom many are taking advantage of their clientele as we are paying their commission which is taken off of our monthly rates. Some of which are taking as much as 5%-15% amongst car insurance agents, and 5%-10% on Health Insurance, according to a search on Google. While the lowering of the saturation of agents will occur the consumer will have a lower rate going forward which means they will have less of a deduction to claim over time, as the price of insurances will lower as the market becomes less saturated, and terms with all clientele paying for car insurance are reevaluated. 

There should be Tax Deductions for building the Economy back up

The money used by the American people on insurance ranges by family and income, and by enforcing a tax deduction and incentive to help Americans paying for Insurance, you have an opportunity to change lives and boost the amount of money being spent in our economy, by incentivizing this course of action, that has been displayed before you. As this would be a sure way to reverse the damage done by Obama-Care and the Affordable Care Act, and truly Make Health Insurance Affordable Again, for those Americans who are impacted by these Democrat Policies that have a negative impact on the amount of money Americans have that could be spent on boosting our economy and their chances at achieving the American Dream. In Conclusion no American Citizen should be taxed $4000+ when they pay $5000+ in insurance a year as it is a massive part of annual income.

Thank you for your time, 

M.T. Silver.