READ THE BILL: OBAMACARE SOCKS MIDDLE CLASS WITH $3.9 BILLION TAX INCREASE
April 13, 2010
There is one more small detail they forgot to tell you about in the health care bill, says the Washington Examiner: Taxpayers earning less than $200,000 a year will pay roughly $3.9 billion more in taxes -- in 2019 alone -- because of health care reform, according to the Joint Committee on Taxation, Congress' official scorekeeper for legislation.
- The new law raises $15.2 billion over 10 years by limiting the medical expense deduction, a provision widely used by taxpayers who either have a serious illness or are older.
- Taxpayers can currently deduct medical expenses in excess of 7.5 percent of their adjusted gross income (AGI).
- Starting in 2013, most taxpayers will only be allowed to deducted expenses greater than 10 percent of AGI; older taxpayers are hit by this threshold increase in 2017.
This is worse than a tax on the middle class, says the Examiner. It's a tax on the middle class who are seriously ill. And what's the over/under on how many times Obama is going to break that "no taxes on anyone earning under $250,000 a year" pledge, anyway?
Source: Mark Hemingway, "Read the bill: ObamaCare socks middle class with $3.9 billion tax increase," Washington Examiner, April 12, 2010.
Browse more articles on Health Issues