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Nancy Pelosi sure wasn’t kidding when she said they had to pass the bill to find out what is in it. Today some more ugly news just leaked out about ObamaCare. Apparently the middle class, yes those making under $250k, will be socked with $3.9 billion in tax increases.
The Hill: Taxpayers earning less than $200,000 a year will pay roughly $3.9 billion more in taxes — in 2019 alone — due to healthcare reform, according to the Joint Committee on Taxation, Congress's official scorekeeper.
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 able to deduct expenses greater than 10 percent of AGI. Older taxpayers are hit by this threshold increase in 2017.
Once the law is fully implemented in 2019, the JCT estimates the deduction limitation will affect 14.8 million taxpayers — 14.7 million of them will earn less than $200,000 a year. These taxpayers are single and joint filers, as well as heads of households.
"Loss of this deduction will mean higher taxes for 14.7 million individuals and families making under $200,000 a year in 2019," Sen. Chuck Grassley (R-Iowa) told The Hill. "The new subsidy for health insurance would not be available to offset this tax increase for most of these households." […]
I hope everyone who gets hit with these taxes is someone who was stupid enough to want this bill to have passed. Anyone who took the time to read so much as the first 100 pages, would have known the bill was nothing like what Obama was selling on the stump.
On the bright side, all these nasty details will only help the Repeal and Replace idea.
Via: Memeorandum
Via: The Hill