Paul: "All of your medical care dollars back off of your taxes"

[ZzzImAsleep]

Can someone elaborate on this point Paul brought up in the NH speech, part 2.

I can only assume he means that for every dollar you spend on medical care, you have that much taken out of your taxes. (Or it moves you into a different tax bracket)

[bbachtung]

It would be a tax credit for ALL medical expenses. That means that if you paid $3,000 in federal income tax during the year, yet incurred medical expenses of $2,700, you'd get at least the $2,700 back from the government as a tax credit (in addition to any refund or subtracted from any tax owed).

Currently, only the money spent OVER 3% of income is allowed to be deducted (which gets you a lot less than a tax credit), so this would be very good for people who incur medical expenses and avoids creating a new bureaucracy for universal coverage.

[i2ambler]

Insurance is ludicrously expensive.. The average family heath plan is around 11,000 a year. I only pay around 7 grand or so in income tax per year... but without having to pay any income tax at all, it certainly makes insurance more affordable. I also think that removing the healthcare monopoly will help as well.. I would love to hear a concrete plan on how to do this.