This is sheer genius.
President Bush will propose that Americans be allowed to take tax deductions on more of their out-of pocket medical expenses, as part of an initiative the White House believes will rein in soaring health costs by shifting responsibility toward individuals, according to congressional and other sources familiar with the administration's thinking.
The new tax breaks for personal health spending, to be included in the 2007 budget Bush will release in less than two weeks, are designed to help the uninsured and to allow people with insurance to write off a greater portion of the money they spend on co-payments, deductibles and care that is not covered. Under current tax rules, people can deduct medical expenses only if they exceed 7.5 percent of their adjusted gross income.
Bush's plans for individual healthcare, health savings accounts, and more tax deductions are disasters for the American people. Health premiums will go up for those who are very sick, and they will no longer be able to afford. Have you seen Medicare lately? What we need is a system that catches you if and when you fall, for everyone. Not simply for the people who can afford it at their leisure. Millions upon millions of people will be hung out to dry and suffer if Bush has his way.
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