Sunday, April 13, 2008

The Federal Income Tax is an abomination in so

many ways.

Today's example: A proposal before the Ways and Means Committee to require paper receipts before withdrawing from an HSA or Health Savings Account.

HSAs, however well intended, are simply another tax code complexity that allow the geniuses in Congress to micro manage our lives. Putting money away so you have more control over your healthcare is a good idea. Putting more money into saving is a good idea. But accomplishing all of this through the coercion of the federal income tax is an extraordinarily bad idea.