Faced with a need to scrounge for revenue to fund his plan for health care, President Barack Obama and Senate Finance Committee Chairman Max Baucus have come up with a brilliant new idea: Tax the sick!
In a new amendment to the health care bill, they propose to limit the deductibility of medical expenses on income taxes.
Now, taxpayers may deduct any medical expenses that exceed 7.5% of their Adjusted Gross Income. Obama and Baucus want to raise that threshold to 10% as long as the taxpayer is under 65.
