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Hamada, hamada, hamada...
So, Dr. Goolsbee-here's a tax question:
A taxpayer has gross income of $100,000. He has medical expenses of $20,000. Before Obamacare, he would have been allowed to deduct that portion of his medical expenses that exceed 7.5% of his income. In other words, he would be able to deduct $12,500, which reduces his taxable income from $100,000 to $87,500.
Under Obamacare, he will now only be able to deduct that amount of medical expenses above a 10% threshold. So, he can only deduct $10,000, which reduces his taxable income to $90,000.
Since the Bush tax rates were left unchanged, are you going on record, under oath, and saying that the taxes on $90,000 would not be an increase vis a vis the taxes on $87,500? Is that not a tax increase for someone making under $250,000?
The ‘rich’ (Bill Oreilly types) will not be paying more in taxes. The poor don’t pay any taxes. That leaves middle America.
but then that is how Cloward Piven works...collapse the middle and it all falls.