Terry Kindt's Profile

I hear that the tax rate for “Single Payer” insurance plan will be 10%. Is the tax applied to the “Net” or “Gross” income, and does the taxed amount cover an individual or house hold? Based on an $82,000 gross income (the Colorado median family income for 2 in 2014 was ~$66.6K) and assuming a combined Fed and State income tax of 27%, I calculated an annual Single Payer tax of $6000/yr based on taxation of the “Net”. For a single person that is in their 50’s, $500/mo is about what most insurance companies would charge. My son is 30, a tobacco user, and pays $320/mo for a medical plan with $20 co pay’s and $6000 max annual deductible. I’m 66 and retired. If the “Single Payer” tax is based on the “Gross” then the medical tax would be $8.2K or $683/mo. Again, is the tax applied to the “Net” or “Gross” income and does the taxed amount cover an individual or house hold? Those with an income greater than $90K will not be in favor of the referendum without some tailoring, based on income, and there is no doubt that the insurance companies and large corporations will HEAVLY lobby against it.