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The information on Groklaw is not intended to constitute legal advice. While Mark is a lawyer and he has asked other lawyers and law students to contribute articles, all of these articles are offered to help educate, not to provide specific legal advice. They are not your lawyers.

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Tax credit vs tax deduction | 355 comments | Create New Account
Comments belong to whoever posts them. Please notify us of inappropriate comments.
Explaining the Legalese of the US Supreme Court's Ruling on the Affordable Care Act ~ pj
Authored by: Anonymous on Saturday, June 30 2012 @ 07:33 PM EDT
Thanks, Wol. I wasn't even thinking of 100%, I was thinking of structuring a
law with the exact same dollar impact as the current one, so that the fact of
participating gives you a deduction.

For that to be dollar-equivalent, one would need to raise the amount
collected first, so that the deduction to insured woul leave the total tax
amount the same. And that would be virulently attacked, with the Even-
Handed-an ethical press not mentioning that in the end it is neutral for
those.

Why do we cope with that behavior of the news people is what puzzles me.

[ Reply to This | Parent | # ]

Explaining the Legalese of the US Supreme Court's Ruling on the Affordable Care Act ~ pj
Authored by: Anonymous on Sunday, July 01 2012 @ 02:36 AM EDT
Actually, in the US we do get tax breaks for paying our own health insurance
premiums. I don't know the exact amount, but if you are a small business person
it can be 100%.

wjarvis

[ Reply to This | Parent | # ]

Tax credit vs tax deduction
Authored by: jjs on Monday, July 02 2012 @ 08:47 AM EDT
The correct term is a tax credit. Tax deductions reduce your
AGI, thus cutting the amount of money taxed. You get back,
in essence, a percent of your expenditure equal to your tax
rate. A tax credit is deducted from the tax itself, and you
get 100% of it off your taxes.

---
(Note IANAL, I don't play one on TV, etc, consult a practicing attorney, etc,
etc)

[ Reply to This | Parent | # ]

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