Congress is looking for potential sources of tax revenue and the list includes employer-paid healthcare, retirement plans, medicare and other potential sources.

1. Employer-Paid Health Care. As of right now, employer-paid health care is not added on to your taxable income.  In 2014, this will be about $164 Billion Congress could look at for potential revenue, by way of taxing YOU.
2. Retirement Plans. Many have invested in retirement plans because it lets you save now and pay the tax later. That comes to about $162 Billion of lost taxable revenue.
3. Mortgage Interest Deduction. That will be about $99.8 Billion in 2014!
4. Medicare Benefits cost more than retirees’ premiums. $76 Billion spent by government.

There are more…

5. Low Rates On Capital Gains.
6. Earned Income Credit. This gives direct refunds to lower-income families with children.
7. Deducting State Taxes.
These last 3 will cost another $184 Billion. That’s nearly $800 Billion so far!

If Congress is looking for more ways to get more money by way of taxes… these are all in play, and the potential sources doesn’t end there. They are looking at non-taxable inheritances, tax credit for small children, deducting your charitable contributions, cafeteria plans, tax-exempt bonds, the part of social security that’s not taxed. They are looking at a potential $264 Billion here.

Source: Tax News & Tips, Fall 2013