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Finding out what’s in it: Taxing both the rich and the sick to pay for Obamacare.
The change will negatively impact parents who have special needs children and who use FSA funds to help pay for tuition in special needs schools, says Xavier Epps, owner of XNE Financial Advising.
For the more than 10 million individuals and families that claim medical expenses in 2011, there’s more bad news. In order to claim medical expense deductions in 2013, the claims must be at least 10% of AGI, up from 7.5% in the past. There’s an exception for people who are age 65 and older at the end of the year and for married taxpayers with only one spouse age 65 or over. Their threshold will remain at 7.5% until the 2017 tax year.
Y’know, I have yet to find any documented evidence of Obamacare lowering costs or improving health coverage anywhere. So far, this law has done nothing but balloon costs, limit options, and reduce the ability of people to either get health insurance they can afford or healthcare they need.
But that’s all right. The Democrats passed it! It must be good! Let’s vote for them again so they can do this kind of masterwork in many other places. (Right now, the Middle East and Syria comes to mind.)