The more I learn about the ACA (Obamacare) the angrier it makes me. Weve all heard our president frequently telling us that many or most of us are going to see a decrease cost for our medical plans. He has been a master of saying things that sound good but are almost completely untrue. Today as I met and discussed things with our financial adviser, I was made aware that for 2013 the threshold for claiming medical deductions on our tax returns has increased from 7.5% of AGI to 10%. I suspect a lot of people are not cognizant of the implications of this. We cannot claim deductions for medical expenses below this amount, Raising this threshold reduces the amount of medical expenses we can deduct on our tax returns. I firmly believe that premiums for most (hardworking) taxpayers will increase substantially as direct and indirect result of the ACA. That should increase the amount of medical expense we could claim on our tax returns. Our government is well aware of this and the potential it had to reduce tax revenue. They cannot stand for that though so they have counteracted it by raising the amount of the medical deduction threshold from 7.5% to 10 % of AGI. Congratulations. You get to pay more for your healthcare coverage and deduct less. Your government in action showing just how much it cares for you. If our president was telling the truth and our coverage was going to cost us less, they would have had no need or reason to increase this threshold. Think about it. How much more do we want to trust our government with???
Posted on: Fri, 01 Nov 2013 18:33:37 +0000
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