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