Tax The Sick: Obama’s New Plan
They propose to limit the deductibility of medical expenses on income taxes
Faced with a need to scrounge for revenue to fund his plan for health care, President Barack Obama and Senate Finance Committee Chairman Max Baucus have come up with a brilliant new idea: Tax the sick!
In a new amendment to the health care bill, they propose to limit the deductibility of medical expenses on income taxes. Now, taxpayers may deduct any medical expenses that exceed 7.5% of their Adjusted Gross Income. Obama and Baucus want to raise that threshold to 10% as long as the taxpayer is under 65. Eight million Americans are sick enough and poor enough that they have to pay more than 7.5% of their income in medical expenses. And it is these folks that the liberals Obama and Baucus plan to tax! Six million of them earn less than $75,000 a year! More...
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