Obamacare closes tax deduction for Americans affected by losing existing health plans

Patrick Howley
The Daily Caller
11/19/2013

Obamacare eliminates a tax deductible for many Americans struggling with losing their existing health plans.

Millions of Americans facing higher out-of-pocket costs after losing their existing health insurance will also be damaged by what is effectively a tax hike imposed under Obamacare.

Before President Obama’s health reform law went into effect, Americans could deduct out-of-pocket medical costs if they amounted to at least 7.5 percent of the individual’s annual income. Ten million American families save more than $10 billion annually using this deduction, according to IRS and Office of Management and Budget [OMB] figures.

But now under Obamacare, Americans can only deduct out-of-pocket medical costs if they amount to 10 percent of the individual’s income…

 

The article continues at The Daily Caller.

 

 

Related:   More fraud and lies in Obamacare

…Is the House of Representatives up to doing its job?  Will Constitutional Lawyer Obama’s defense be “It depends on your definition of fraud?”

More lies to come.

 

 

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