Tuesday, October 23, 2012
I was shocked to learn that my letter to the editor made the paper today. Normally, they contact me before print. I had not heard from them. Check it out here: http://www2.journalnow.com/news/2012/oct/23/readers-forum-tuesday-letters-ar-2716852/?referer=None&shorturl=http%3A%2F%2Fbit.ly%2FQCRzFN Here's the text for those who don't want to scroll down to it on the link above: Many people don’t understand how profoundly Obamacare’s taxes will hurt the middle class. Families with medically complicated children will be crushed. I’m addressing the two taxes that will have the most devastating effect: reduction of flex spending limits from $5,000 to $2,500 and decreased medical deductions that take place in 2013. Families like mine, whose out of pocket medical expenses total over $10,000-$20,000 a year will be crushed. Families like ours are already crushed by medical debt and we see no relief in sight. This new law proposes to increase our taxes along with our medical expenses, and thus our personal debt. The flex spending reduction is a tax increase because flex dollars are placed in the account before taxes, thus lowering taxable income. Decreasing the allowable amount increases taxable income. FSAs help our family and families like ours survive the first few months of each year. The decrease in allowable medical deductions will harm families like ours. Currently, only medical expenses that are over 7.5% of adjusted gross income (AGI) can be deducted. In 2013, this limit increases to 10% AGI. For example, a family making $100,000 cannot deduct the first $10,000 in medical expenses in 2013, whereas before deductions began after reaching $7,500 in medical expenses. Fewer allowable medical deductions is a tax increase. Liberals have yet to answer this question: how is it selfish or evil that we want to keep more of our own money to pay for our own children’s medical expenses?
at 12:51 PM