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| Re: How much is your health insurance going up? (691008) | |||
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Re: How much is your health insurance going up? |
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Posted by BMTLines on Sun Nov 7 14:23:04 2010, in response to Re: How much is your health insurance going up?, posted by ClearAspect on Sun Nov 7 13:40:02 2010. First of all there is no tax CREDIT - insurance premiums are deductible and even then are subject to relatively high thresholds. If someone does not qualify to itemize then the tax deduction for health insurance is MEANINGLESS!A deduction is not worth the same as a tax credit - deductions only offset income, so an additional $1500 deduction to someone in the 20% tax bracket only recoups $300 CASH - he is still $1,200 OUT OF POCKET. Also if you are paying that cost out of your paycheck and live paycheck to paycheck a tax DEDUCTION is irrelevant if you have to borrow $1500 per year additional from your credit card in order to make up the shortfall in CASH FLOW. People are going to start dropping health insurance - welcome to Obamacare |
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