Read the bill: Obamacare socks middle class with $3.9 billion tax increase Washington Examiner
One 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 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. 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?
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#ixzz0l0N5ks55