Republicans can screw up a wet dream. Pathetic
And one more time.
The Subsidies on Obamacare ARE NOT EXPIRING. The original subsidies of 2019 have no expiration date, and they likely also have inflation indexing since 2019.
The only thing expiring is increased subsides (for Covid) the Democrats voted in and THEY PUT THE EXPIRATION DATE ON THEM.
The only subsidies expiring are those the Democrats arranged to expire.
What is health care? An fitness club membership? aspirin? jogging shorts?
I would suggest adding large tax benefits for doctors who go to a cash-only payment system / don’t use 3rd party payers.
ie) incentivize doctors to set cash rates and to deal with patients payments directly.
Anything and everything must be done to encourage doctors/providers and consumers to opt-out of Obamacare.
This sounds like it may work since the person who’s the patient gets the deduction instead of money going straight to hospitals or insurance companies.
It is possible that providers will figure people can use this deduction to save on taxes, so what better to do than jack up prices even more.
Those companies that offer HSAs already have close to 10k deductible.
The problem is the warped cost of medical care and the high deductible in nearly all plans.
“I think we need to be very sensitive to the fact that health care is just out-of-control expensive and I think folks need to know that we care about that — we want to do something about it,” Hawley said in an interview.
Currently, only taxpayers who itemize can deduct certain unreimbursed medical expenses that exceed 7.5 percent of a person’s adjusted gross income. But Hawley said allowing families to deduct medical expenses in addition to the standard deduction “would make that available for lots of families.” “It could save people a lot of money,” he added.
This would fit in with the market changing.
Why can't Republicans pass PERMANENT tax reform? Democrats' tax changes NEVER expire. We got up to 10% AGI floor for medical deduction, and now that isn't going anywhere. It should be 2% of AGI for medical.
The problem is people who pay nothing for medical care can consume tens of thousands of medical care a year. Then people who pay 10-15k per year can consume tens of thousands of dollars in care per year. It’s fuzzy math.
The standard deduction amounts have increased under the “One Big Beautiful Bill” (OBBB) between $1,150 and $2,300 from prior-year numbers.
Below are the 2025 amounts:
Married Filing Joint and Surviving Spouses
$31,500
Increase of $2,300 from the prior tax year
Single and Married Filing Separately
$15,750
Increase of $1,150 from the prior tax year
Heads of Household
$23,625
Increase of $1,725 from the prior tax year
This idea would be kinda/sorta O.K. (tax deductions for something are another way subsidizing a cost and subsidies usually do not make a market incentive to lower the cost, merely support it) if it was only available for medical expenses that patient pays the bill directly, not through insurance - that would incentivize more doctors to bill patients directly, cutting the insurers and their corrupt system out. Then medical providers could compete directly for patients on cost, instead of competing for deals with insurers, deals that do not have the same one-to-one benefit to the patients.
how about a way to promote medical sharing?
It is a variation of mutual insurance which was a great idea with it was local or regional. small companies were bought out by bigger companies. May we need to restart.
A swing and a miss....
IF the legislation included premiums and deductibles, not just incurred expenses, that number just almost covers this year’s expenses without a claim and is absolutely inadequate considering that policy costs are expected to increase 16% just next year alone.
And I’m almost certain the legislation does absolutely nothing to address the bureaucracy that’s responsible for almost half or more of insurance costs.
I think a lot of people think that “deducting” $25k would mean that much in reduced taxes. That is not the case. You would be reducing your taxable income.
The people struggling with health bills are not likely to incur much Federal Tax to start with. At the highest bracket, a $25k deduction would result in a tax decrease of about $10k.
So, in the grand scheme of things, this is BS.
This only incentives the health care cartel to charge more.
If a person has to wait a year to file taxes then they are not getting help to their now household cash flow..
Increase supply and reduce costs!
The medical industry is not a charity, it is a business. And part of that business is the generating of tax revenue for Uncle Sugar. Where is the money going to come from to offset the cut in tax income? I see an increase in the taxes of pharmaceutical companies and doctors thus raising the price of the medicines and service to offset. And another piece of the puzzle that is commonly overlooked but is a major player in the mix is the ambulance attorneys and they will be ignored in the crunch.
This sounds just like Mondavi and his free baby sitting and bus fees manure. He hasn’t got any idea how to replace the tax revenue either except taxing thew rich who own the businesses. And the reaction to his efforts so far is businesses bailing from the state. Where are the pharmas and doctors going to go?
Are the conservatives any different than the liberals in an election year? Pandering seems to be in season. But all this is going to do is kick it down the road again with the addition of new fallout.
wy69
Republicans better fix this before mid-terms or they are dead meat.
How about we just get the government (all levels) OUT of the healthcare business...
“ Currently, only taxpayers who itemize can deduct certain unreimbursed medical expenses that exceed 7.5 percent of a person’s adjusted gross income.”
Appreciate this deduction but… It’s yet another example of needless complexity in the tax code. Maybe I don’t want to take the time to lean all the various rules, deductions, etc. Maybe I don’t want to hire a professional each year for my taxes. Maybe I shouldn’t be put in a position each year of having to worry if I accidentally missed something on the tax return that will cost me, or that I’ll be audited.
Simplify it. Cut the BS, make it simple, and fair. Lots of good ideas on the table for people wiser than I to choose from. Suggest Hawley and his colleagues think bigger.
The republicans are terrified, meanwhile Obama smiles down upon us all.
A party in fear is not going to be passing an abolish bill any time soon. Obama and Obamacare is/are victorious.
Sad.