Truth-Telling on Taxes

FactCheck.org has a useful analysis debunking the misleading and downright false statements about taxes in a chain email that’s been circulating the country.  The email’s most egregious claim — that taxpayers will owe taxes on the value of their job-based health coverage starting next year — is simply untrue, FactCheck explains.

The email also warns that numerous other tax changes will occur next year, such as the expiration of President Bush’s tax cuts for middle-income families and a large jump in the number of people hit by the Alternative Minimum Tax.  But there’s broad support in Congress for preventing these changes from taking place.

In addition, the email greatly exaggerates the few upcoming tax changes related to health reform.  Those changes are small and will affect relatively few people, FactCheck explains.

Ironically, the email ignores the one significant tax change that really is likely to take effect next year:  the expiration of President Obama’s Making Work Pay tax credit, which has benefited more than 9 in 10 working Americans.