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

Tuesday, November 19, 2013
By Paul Martin

DailyCaller.com
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.

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