The Schmuck Talk Express™ showed, per his own past admissions, just how clueless he is, indeed, about economics, especially healthcare costs, with his recent comments on 60 Minutes.
McCain, in opposing anyting coming close to national healthcare, said he prefers a $2,500 per person, $5,000 per family, tax credit for people to go out and buy their own.
First, I’m assuming that McCain actually meant “tax deduction.” A $2,500 tax credit, as in a refund, would obliterate federal income tax revenue.
On the flip side, maybe Schmuck Talk did mean that, in which case he’s cluelessness squared on economic issues.
On that assumption, then, let’s take someone making about $30K a year in a job that doesn’t provide health insurance. Let’s have this person single, to focus on the $2,500 deduction.
If this person lives in an apartment, not a house, they probably don’t make enough charitable contributions to itemize. So, will the $2,500 be like the standard deduction or personal exemption, or not?
More importantly, a $2,500 deduction would probably only save a person in the situation about $500-$600 in actual taxes. Yes, that’s better than nothing, but it’s still at Band-Aid level and not real help.
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