Read the bill: Obamacare socks middle class with $3.9 billion tax increaseOne more small detail they forgot to tell you about in the health care bill:
Taxpayers earning less than $200,000 a year will pay roughly $3.9 billion more in taxes — in 2019 alone — because of healthcare 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. Starting in 2013, most taxpayers will only be allowed to deduct 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. It’s a tax on the middle class who are seriously ill. And what’s the over/under on how may times Obama is going to break that “no taxes on anyone earning under $250,000 a year” pledge, anyway?
Mark Hemingway Commentary Staff Writer 04/12/10 4:04 PM EDT
Read more at the Washington Examiner: http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/read-the-bill-obamacare-socks-middle-class-with-39-billion-tax-increase.html#ixzz0lHe72d8U
1 comment:
Change is not always good. He pledged to fundamentally change America(his hearts desire) and he's keeping this promise at the expense of other promises. He had to make certain promises for election purposes with no real intent on delivering on those promises. It's a political tool to hook the electorate and it works almost every time. The people who drank the Koolaid (Independent voters) are waking up and wising up to their election choice and may make the difference come November. HOPE springs eternal.
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