Romney and America's biggest tax break
November 5th, 2012
07:02 AM ET
1 year ago

Romney and America's biggest tax break

New York (CNNMoney) – Among the questions about how Mitt Romney would pay for his $5 trillion tax plan is whether he would curb the biggest tax break of all: the largely invisible tax savings workers get when their employer provides health insurance.

The "health care exclusion" applies to the money a company contributes to help pay for an employee's coverage; that money is considered income to the worker, and the IRS treats it as tax-free.

Watch CNN's comprehensive coverage of Election Day starting at 6 p.m. ET Tuesday on CNN TV and follow online at CNN.com or via CNN's apps for iPhone, iPad and Android. For up-to-the-minute results, go to cnn.com/results and for our real-time Election Day live blog, check out cnn.com/conversation. Need other reasons to watch Election Day coverage on CNN's platforms? Click here for our list.

FULL STORY

Filed under: 2012 • CNNMoney.com • Mitt Romney • President Obama • Taxes
soundoff (11 Responses)
  1. Marry

    The GOP just does not want THE PEOPLE to profit from anything. The only ones with the right to profit are the "harvesting" friends and donors Mitt Romney has. NOT YOU!!! Why don't you understand that??? It is really not that difficult!
    But we can stop this right here and now!
    GO OUT AND VOTE! It is the only way you have to defend yourself in this election. Tell them you do not want what the GOP and Mitt Romney is trying to make you follow – or else...!!!
    So let's go out and VOTE! STRAIT "D" TICKET!!

    November 5, 2012 07:37 am at 7:37 am |
  2. Gurgyl

    .........until this Bain-Capital idiot takes seat. Nasty liar. Yes, obama12.
    PS: never believe this PATHOLOGICAL LIAR.

    November 5, 2012 07:42 am at 7:42 am |
  3. Kirk in michigan

    One of many romney issues the working class is failing to adress, the writings on the wall, he will cut your throat to pay for tax cuts, to nearly zero%, for the wealthy, and has not a problem with hitting the working class from every angle, you better expect much more of these tactics from this man, he says trickledown economics dont work, yet here they are, dont ignore this vote democratic

    November 5, 2012 07:43 am at 7:43 am |
  4. Kirk in michigan

    Another tax deduction many use, morgage interest, is also one of the first things he will cut, why are people voting for this man? seriously wonder do you understand where this will go if he is elected,

    November 5, 2012 07:46 am at 7:46 am |
  5. Kirk in michigan

    the only thing worse than my money going to the poor, is my money going to the rich

    November 5, 2012 07:48 am at 7:48 am |
  6. Paige

    Even in the last day biased CNN trying to sway the election to Obummer – Shame. Once we get Romney in we will turn our attention to the MSM and their disgusting chorinies disguised as jounalists

    November 5, 2012 07:50 am at 7:50 am |
  7. Kirk in michigan

    Must be another "trust me" issues, and wht not trustba man who made hundreds of millions off the working class, he has shown his loyalties, have you been paying attention, storm relief in the swing states only, that speaks volumes about his sincerty. why would you vote for this ashole

    November 5, 2012 07:54 am at 7:54 am |
  8. Kirk in michigan

    The more you ask about his tax plan, the more it becomes clear, he has no intention on putting you first, why absolutly no details about this, sounds like a theme, no tax returns either huh?

    November 5, 2012 07:58 am at 7:58 am |
  9. rs

    The simple truth is Mr. Romney can't. He can't cut taxes again, especially for America's richest ($800,000 each to the wealthiest 125,000), and increase war spending by $2 trillion and somehow not explode the deficit. Not possible. The worst of it is, the Republicans are still trying to "bleed the beast" in their utopian hope of doing away with Social Security, Medicare, unemployment compensation, etc.- We're broke, they cry. We have to do it. Mr. Romney's fiscal proposals will build on the huge deficts and debt accrued during the Bush years with the goal of making this a nation by the rich for the rich.

    November 5, 2012 09:44 am at 9:44 am |
  10. Mario

    Mitt Romney the BIPOLAR candidate.

    November 5, 2012 10:01 am at 10:01 am |
  11. Anthony

    The biggest tax break in the tax code will make up 1.5 trillion over 10 years, but that still leaves 3.5 trillion of Romney's 5 trillion tax cuts unaccounted for. Besides, this tax break is for businesses and canceling the break may be politically impossible for a Republican president. If this is off the table, how in the world will Romney pay for his tax cuts (and 2 trillion increase in military spending)? Home mortgage deduction?

    If Romney can't find enough tax breaks in the tax code to make up for his tax cuts and military spending, the difference simply becomes part of the national debt. Can we afford to have 700 billion added to the deficits we have right now (in other words, take Obama's deficits and add 700 billion to them) for the next 10 years?

    November 5, 2012 10:13 am at 10:13 am |