did I hear... no deduction for health plan costs? (pensions, federal, 2014)
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New debt proposals by our wealthy congress persons and wealthy president that we won't be able to deduct any health costs that exceed 7.5% of income as we do now. The wealthy congress people have full health care for life, and even if they did have to pay, it would be well below 7.5 % of THEIR incomes.
Keep the rich richer and the poor down as far as they can.
The wealthy congress people have full health care for life...
I don't know about the rest of it - I'll have to do some research. But the statement above is completely wrong.
Members of Congress, as federal employees, can choose from among several different health insurance plans. None of them are free - none are "full." Subscribers, regardless of who they are, are responsible for their share of the premiums as well as deductibles, co-pays, and exclusions.
That's too bad about members of congress with their bad deal. If they were elected in PA to the state house they would have free health care during employment, and free health care for life.
New debt proposals by our wealthy congress persons and wealthy president that we won't be able to deduct any health costs that exceed 7.5% of income as we do now. The wealthy congress people have full health care for life, and even if they did have to pay, it would be well below 7.5 % of THEIR incomes.
Keep the rich richer and the poor down as far as they can.
Have not heard that but we the deductions (or loop holes if you prefer) are designed to get us to spend our money in a way the government wants us too. Probably better to get ride of all the deductions and reduce the rates. I realize this could cause a lot of unemployment in the accounting and legal fields but I think we would all be better off and the accountants and attorneys could contribute a lot more to society in new pursuits.
Nature of medical income tax deductions in general
This is a non-issue for most people anyway, because in order to deduct any medical expenses at all, they have to exceed 7.5% of one's income. That means one has to have either horrendous medical expenses or very little income or both, which means the vast majority of people do not reap any income tax deduction from medical expenses at all.
Somewhere there must be statistics on what percent of IRS individual taxpayer filings can claim medical deductions; it would be an interesting thing to know.
This is a non-issue for most people anyway, because in order to deduct any medical expenses at all, they have to exceed 7.5% of one's income. That means one has to have either horrendous medical expenses or very little income or both, which means the vast majority of people do not reap any income tax deduction from medical expenses at all.
Somewhere there must be statistics on what percent of IRS individual taxpayer filings can claim medical deductions; it would be an interesting thing to know.
Not true... For those of us that buy our own insurance and cover high deductibles this is a major issue... and the change with Obamacare to increase the 7% to 10% just takes more money from us.
Not true... For those of us that buy our own insurance and cover high deductibles this is a major issue... and the change with Obamacare to increase the 7% to 10% just takes more money from us.
But isn't he the one who promised to hold the middle class harmless from tax increases? Yet there have already been "stealth" taxes initiated related to ObamaCare.
Oh, wait! When he said that his lips moved! Never mind.
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Nature of medical income tax deductions in general
