Video archive of the US Congress

Senate Proceeding 12-15-09 on Dec 15th, 2009 :: 4:10:00 to 4:11:44
Total video length: 4 hours 34 minutes Stream Tools: Stream Overview | Edit Time

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Kay Hagan

4:09:56 to 4:10:02( Edit History Discussion )

Kay Hagan: itemized deductions for medical expenses.

Max Baucus

4:10:00 to 4:11:44( Edit History Discussion )
Speech By: Max Baucus

Max Baucus

4:10:03 to 4:10:24( Edit History Discussion )

Max Baucus: now, today if you spend more than 7.5% of your income on medical expenses, you get to deduct everything over that. so if you have a catastrophic accident or you have a very expensive disease to treat or you're in a clinical trial, somethin expensive, if you go above 7.5%

Max Baucus

4:10:25 to 4:10:45( Edit History Discussion )

Max Baucus: of your income, you that. in 2013, under the bill that is before us, you would spend 10% of your you could deduct that is another $15 billion that will

Max Baucus

4:10:46 to 4:11:06( Edit History Discussion )

Max Baucus: are not collected today. the which impacts individua earn over $250,000 or couples who earn $125,000 each would take effect in 2013. that's $54 billion in tax.

Max Baucus

4:11:07 to 4:11:27( Edit History Discussion )

Max Baucus: so these are all the taxes that take effect does, before there's any plan offered. you would have the tax that starts nex month companies, pharmaceutical companies, and companies, and then in 2013 you would have the taxn

Max Baucus

4:11:28 to 4:11:45( Edit History Discussion )

Max Baucus: highenefit that plan, and then in 2013 itemized deductions will not be allowed until you've paid 10% of your salary in medical expenses. the medicare payroll tax, which

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