Free skis?

well, i realize the US government tries its best to apply to the rest of the world, but i feel the pentagon might just go ahead and hold this one on american soil... you know for national security and whatnot.
 
Damn, I suspected as much. I'd wish I were an American if I didn't love free canadian health care and 5% GST. Oh, and being able to drink at 18. Actually, these things are kinda like the Canadian discount. Hey, I feel better!
 
its not free money...its pre tax dollars in a flex spending account. too bad it wasnt free money that would be sweet.
 
that's pretty pathetic if the government thinks a little inscentive to buy a bike will reduce obeisity, but i won't complain if it gets me new skis
 
yeah probably doesnt apply so much here, but hey, if asking mom and dad for skis gets them a tax cut, that oughtta benefit most of the kids on here, right?
 
this isn't about obesity my friend. its about health care. and i like this idea a lot. its a step in the right direction.

 
So I read the bill (I kinda know how because I did this in school once or twice and a few times work related)...

First off, this is an old piece that I'm not sure will make the cut to any bill that might pass.

Second, I'm not sure what "Amend[ing] the Internal Revenue Code of 1986 to treat certain amounts

paid for physical activity, fitness, and exercise as amounts paid for

medical care" really means. Is it a complete tax credit? Or just a deduction from taxable income? There's a BIG difference (tax credit being way better).

What I do understand is that you can't use this on any "FITNESS EQUIPMENT" over $250 unless it is an "exercise machine" (maybe we can get away with that but I doubt it)...

However, I can see a $1000 deduction to buy a ski pass as long as you consider the ski area a Fitness Center (or Facility). And by the definition in the bill as written, I think we're in!

My editing/interpretation reveals this:

SEC. 3. CERTAIN AMOUNTS PAID FOR PHYSICAL ACTIVITY, FITNESS, AND EXERCISE TREATED AS AMOUNTS PAID FOR MEDICAL CARE.

`(12) QUALIFIED SPORTS AND FITNESS EXPENSES-

`(A) IN GENERAL- The term `qualified sports and fitness expenses' means amounts paid--

`(i) for membership at a fitness center,

(B) OVERALL DOLLAR LIMITATION- shall not exceed $1,000

`(C) FITNESS FACILITY DEFINED-

`(i) offering facilities for the preservation, maintenance, encouragement, or development of physical fitness

`(iii) which does not offer golf, hunting, sailing, or riding facilities...
 
Sorry but this is wrong. The article says:

Taxpayers would have up to $1,000 per person per year ($2,000 for

families) that could be deducted. Of that, a maximum of $250 per item

could be paid with pre-tax dollars.

..."Americans who already have a flex

spend account set up as an employee benefit to use pre-tax dollars in

this account toward fitness expenditures.

“The bill will increase the types of

expenditures payable out of tax-favored health investment accounts,

including flex spending accounts, medical savings accounts, and/or

medical reimbursement arrangements.”

And here is the actual bill: http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.2105:

 
Fuck that, probably one of the last things our government would need to do.
Taxes and government restrictions may hurt productivity, but it is no where near as bad as what cutting taxes and government restrictions do to stop productivity.
 
you do realize you just said exactly what i did. so if i am wrong so are you. do you know how a flex account works?
 
no. how flex accounts work is if your employer offer it, you can pick a certain amount for the year. this bill says you can spend up to $250 per qualifying item. so if you wanted to buy new skis this season and wanted to put your $250 pre taxed dollars towards it. and say you want to join a gym and that is part of it and that is $100 for the year.

you would tell your employer that you want to put aside $350 from your paycheck for the year that comes out before taxes. So say you get paid monthly like I do, then they take $29.17 each month for the year before taxes and put it in this account for you.

when you buy your new skis and sign up for your gym membership you fill out a form and send them receipts. Then a few week later, or it depends on how often your flex account company does payouts, mine does them every month, then you will get a check for how much you requested that the flex company approves.

so i live in MA and if I put $350 away in a flex account i would save $44 in taxes by taking that money out before taxes had been taken out. is that worth it? flex accounts have their pros and cons. if you dont spend the money by the end of the year your lose it. also you can spend it all in one month if you want and if you leave the job then they are SOL. I used to have a flex account for medicine and stuff, it was way too much of a pain in the ass to make it worth it, at least for me, if i was buying everyone in a family a new pair of skis it might be worth it.
 
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