Health Care Reform 2013

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Hoss Cents Free Financial Magazine continues its series on Health Care Reform in the United States. Here are the changes you can expect in 2013.

In order to reduce paperwork and costs of administration health plans will be required to put into practice uniform standards for electronic transfer or exchange of information.

A limit of $2,500 per year will be imposed on contributions to flexible savings accounts. In subsequent years this limit will be indexed by the Consumer Price Index.

Health care reform will eliminate The Employer Medicare Part D subsidy deduction. In addition employers will lose the tax deduction for subsidizing prescription drug plans for Medicare Part D-eligible retirees.

The income threshold will increase from 7.5 % to 10% (an increase 0f 2.5%) of adjusted gross income. However, anyone older than 65 may claim the 7.5% deduction until the end of 2016.

Singles earning more than $200,000 will have their hospital insurance tax increase .9%. Married couples filing jointly and earning more than $250,000 will incur the same increase. This includes net investment income.

An excise tax on the initial sale of medical devices will be imposed. The amount will be 2.9%. There are some exceptions such as eyeglasses, contact lenses, hearing aids or other items for individual use.

Please leave a comment if you find this summary of the health care plan informative and helpful.

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Job Creation Number One Focus in 2010 Obama

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In his weekly address to the nation President Obama promised that job creation will be his administrations number one focus in 2010. He stated that even though during the last quarter the economy grew more than at any time in the previous six years, one in ten Americans is unemployed. Therefore, more must be done to provide jobs for …"folks who want them". To this end President Obama has proposed the following incentives:

• Tax credits for business who hire new workers, raise wages, and invest in new plants and equipment

• Eliminate capital gains on small business investment

• Assist small business in obtaining loans

In addition President Obama pointed out that "it is critical that we rein in the budget deficits we’ve been accumulating for far too long". Therefore he has proposed a spending freeze that will cut spending on programs that are redundant, obsolete or ineffective. He also indicated his pleasure that the Senate has restored the pay-as-you-go law.

Last but not least he has called for a bi-partisan Fiscal Commission – a panel of Democrats and Republicans who would sit down and hammer out concrete deficit-reduction proposals by a certain deadline. He pointed out 53 Democrats and Republicans voted for this commission in the Senate. But it failed when seven Republicans who had co-sponsored this idea in the first place suddenly decided to vote against it.

The Hoss believes this move by the Republicans was strictly political and is a clear indication of their unwillingness to work together with the Democrats for the benefit of all Americans. They would rather do what ever it takes to score political points than be creative and work as a team for the benefit of all.

They are indeed the party of no "no cooperation".

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Senator Sessions Attacks Sotomayor

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From The Hoss's Mouth

Like many of you, Money Magazine Hoss sat down this morning to watch the beginning of the historic Senate Supreme Court confirmation hearings for Judge Sonia Sotomayor. I watched the opening statements of Chairman Patrick Leahy (D-Vermont) and Jeff Sessions (R-Alabama) Senate Judiciary Committee ranking Republican member.

Senator Sessions' opening statement was an outright attack on Judge Sotomayor. He stated it is not appropriate for a Supreme Court Judge to have empathy. His implication was that empathy equals prejudice. Sunday on the CBS TV show Face The Nation Sessions said, "When you show empathy toward one party ... you show bias toward another." This man, whose own nomination to the federal bench was rejected because of his well know racial bias, has the gall to attack Judge Sotomayor because she has empathy. Give me a break.

During his nomination hearings, Sessions was questioned about his statements attacking the NAACP as an “un-American” and “Communist-inspired” organization that “forced civil rights down the throats of people.” Those charges are not unlike recent Senator Sessions' statements concerning Judge Sotomayor’s past service on the board of the Puerto Rican Legal Defense and Education Fund (PRLDEF), a group Sessions calls “extreme” because it “brought several race discrimination lawsuits for minorities." Well, it's obvious Senator Sessions has no empathy; sounds more like racism.

In closing his opening statement, Senator Sessions asked the American public who they would rather have on the Supreme Court: a judge who applies the letter of the law or one who uses empathy in making her decisions.

I can tell you this, I would rather have Judge Sotomayor than Senator Sessions.

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Green Party in Canadian National Debate

From The Hoss's Mouth

Hoss Cents Free Financial Money Magazine salutes the Canadian electorate. Initially, federal Green Party leader, Elizabeth May, was to be excluded from the federal leaders' nationally televised debates Oct 1, and Oct 2, 2008. The Canadian public inundated the other political parties and the media with phone calls and e-mails to express their outrage. Canadian's were not going to stand for this discrimination.

Gilles Duceppe of the Bloc Quebecois, who to his credit never did threaten to boycott the debate even though his party opposed the inclusion of the Green Party leader, maintained he always encouraged the participation of Ms. May.

Stephane Dion of the Liberal Party was first to reverse his position and welcome Ms. May to the debate. He was quickly followed by Conservative leader Stephen Harper, and NDP leader Jack Layton.

Stephen Harper originally opposed Ms. May's participation because of her often-stated preference for Liberal leader Stephane Dion.

Jack Layton's own party members were upset at his threatened boycott. After all, they like to be referred to as the party of the "working class". He finally recanted, saying the issue was becoming a distraction.

Why Stephen Harper originally opposed her participation is beyond me. Let's face facts here, the most likely parties to suffer vote drainage at the hands of the Green Party are the Liberals and NDP. They both have a stronger environmental platform than the Conservatives. Stephen Harper should have encouraged her inclusion in the debate from the outset, and not only because it is the right thing to do; but because doing so is likely to have the effect of increasing his chances of obtaining a majority government.

In any event, The Hoss is thrilled the will of the people won out and the Green Party leader will take part in the upcoming debates.

By the way, what were the Canadian networks thinking, scheduling a debate the same night as an American Presidential election debate? That's like running the Kentucky Derby and Queen's Plate on the same day. It's just not done.

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The Hoss

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Canadian Federal Election

From The Hoss's Mouth

Hoss Cents Free Financial Money Magazine now has two major elections to cover. Canada and the United States are running concurrent national elections. Canadian Prime Minister Stephen Harper called a Canadian federal election for Oct. 14, 2008. This came as no surprise to Canadians; ads soliciting votes for Stephen Harper were appearing on TV days before the election call.

So what is the Hoss to do? He has already started a series on the American presidential election with posts on:

Democratic National Convention

Obama and McCain Health Care Plans

Obama and McCain Economic Plans

The Canadian federal election will be over nearly a month before the American presidential election, so, The Hoss will concentrate his efforts on that election. He will keep an eye on the American presidential election and provide updates of significant events in that race.

Canada has four major political parties (Conservatives, Liberals, Bloc Quebecois, NDP [New Democratic Party]) and one relatively new but important kid on the block: The Green Party. Though The Green Party is just getting started, they may take enough votes away from the Liberals and/or NDP to allow the Conservatives to form a majority government. Current House of Commons standings:

Party	Leader	Seats
Conservative	Stephen Harper	127
Liberal	Stephane Dion	95
Bloc Quebecois	Gilles Duceppe	48
NDP	Jack Layton	30
Green	Elizabeth May	0
Independent		4
Vacant		4

The Canadian Parliament has a total of 308 seats. To win a majority, a party must win at least 155 seats.

Anything less results in a minority government, which the opposition could defeat at any time.

Stephen Harper is the current Prime Minister and has been operating with a minority government since the last Canadian Federal Election

The Hoss suspects Mr. Harper called this election on the basis of internal polls which may suggest now is his best opportunity to obtain a majority government. The leader of the Liberal Party, Stephane Dion, does not appear to be making friends with the Canadian people; he has promised a carbon tax on gas which is the last thing most Canadians want: yet another gas tax. The NDP have a solid core of supporters, but nowhere near enough to form a government. And the Bloc Quebecois is only in Quebec, but can--and has in the past--won enough seats to become the official opposition.

So the starting gate is open and the race is underway. Being only six weeks long, this race is a sprint to the finish with the winner having his photo taken as Prime Minister of Canada.


Stay on track,

The Hoss


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Obama and McCain Health Care Plans

From The Hoss's Mouth

Hoss Cents Free Financial Money Magazine turns its attention to the Obama and McCain presidential election. The Hoss has researched both Obama and McCain campaign literature. Each candidate has a clearly defined and opposing view. Over the next several weeks, The Hoss will provide information on the key issue's important to the public. He will provide summary information on Obama's and McCain's plans for health care, education, taxation, and military strategy.


The winner of this presidential election will have a huge impact on the direction of the American economy over the next four years. The Hoss hopes the information he provides will help you to vote for the candidate whose values are closest to your own, whether that be Barack Obama or John McCain.


Onto the issue at hand...health care in the United States costs over $2 trillion a year. The Hoss has provided a summary of each candidate's health care plan below, which is by no means a complete picture. For detailed information, The Hoss suggests you visit their respective websites.


Barack Obama: According to Obama's website, he has a three part plan to improve the U.S. health care system:


(1) Provide affordable, comprehensive and portable health coverage for every American:

• Guaranteed eligibility
• Comprehensive benefits
• Affordable premiums, co-pays and deductibles
• Simplify paperwork and rein in health costs
• Easy enrollment
• Portability and choice
• Quality and efficiency
• National health insurance exchange
• Employer contributions
• Mandatory coverage of children
• Expansion of Medicaid and SCHIP (State Children's Health Insurance Program)
• Flexibility for state plans

(2) Modernize the U.S. health care system to contain spiraling health care costs and improve the quality of patient care:

• Reduce costs of catastrophic illnesses for employers and their employees
• Lower costs by ensuring patients receive quality care
• Support disease management programs
• Coordinate and integrate care
• Require full transparency about quality and costs
• Ensure providers deliver quality care
• Promote patient safety
• Align incentives for excellence
• Utilize comparative effectiveness reviews and research
• Tackle disparities in health care
• Reform medical malpractice while preserving patient rights
• Lower costs through investment in electronic health information
• Improve technological systems
• Lower costs by increasing competition in the insurance and drug markets
• Increase competition
• Drug re-importation
• Increase use of generic medications
• Lower Medicare prescription drug benefit costs

(3) Promote prevention and strengthen public health, to prevent disease and protect against natural and man-made disasters.


John McCain: According to McCain's website, his health care plan will provide better health care at a lower cost for every American. He has listed the following initiatives:

• Provide cheaper drugs
• Provide initiatives to reduce chronic disease
• Provide coordinated care
• Improve access and convenience
• Deploy information technology
• Reform Medicaid and Medicare
• Promote the availability of smoking cessation programs
• Tort reform. Fight for medical liability reform that eliminates lawsuits directed at doctors who follow clinical guidelines and adhere to proven safety protocols.
• Improve transparency
• Reforms to make health insurance innovative, portable and affordable
• Health care costs: Make it easier for individuals and families to obtain insurance
• Make the Tax Subsidy fair
• Make insurance more portable

Again, The Hoss reminds you this is a summary of the health care plans of Obama and McCain. Details of how each intends to achieve these goals can be found on their respective websites.


Stay on track,

The Hoss


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American Democratic Party Makes History

This week, Hoss's free financial money magazine has taken a back seat to the American Democratic National Convention.

The Hoss has been glued to CNN and yesterday's historic moment was one that moved The Hoss to tears. I knew the historical significance of what was about to happen when Hillary Clinton took the mike and motioned to cut the roll call vote short, saying "Let's declare together with one voice right here, right now, that Barack Obama is our candidate and he will be our president."


What I wasn't prepared for was the tears of joy flowing down the cheeks of many of the participants, who were obviously aware of the historical significance of what had just happened. Arguably one of the most momentous occurrences in American history. An African American leading a major party's ticket. Only 45 years ago Martin Luther King Jr gave his "I have a dream" speech. That dream, at least in part, has come to fruition.

In his acceptance speech Obama's Vice Presidential nominee Joe Biden, pointed out the economic success of the Bill Clinton presidential era and the economic failures of the Bush presidency and stressed that an Obama administration would reduce taxes for the working class, make health care accessible to all, and make education a priority.

All in all it has been a good week for the Democrats what with the great speeches from Michelle Obama, Joe Biden, Hillary and Bill Clinton, and the nomination of an African American for the President of the United States, Barack Obama. I feel privileged to have been able to watch this event and as a Canadian I congratulate the American Democratic Party and the American people. Maybe, just maybe, some day we will all be able to live in peace and harmony.

Stay on track,
The Hoss

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