Obama's Best Plan Yet: No Taxes for Seniors
Sen. Barack Obama has relased his first plan I'm on board with: no income tax for seniors making less than $60,000 a year.
Critics say the seniors would be getting too much of a break because of Medicare and Social Security.
Seniors can't live on Social Security and Medicare alone. And if they have to go into a nursing home, Social Security doesn't pay for that. A typical nursing home in Colorado is $6,500 a month just for room and board. Medicare picks up some therapy and medication, but that room and board is a huge amount of money to pay. The only break is if you end up in the nursing home after a medical injury and need rehabilitation, which runs about $10,000 a month, Medicare pays for 120 days. Then, you are on your own.
Medicaid only helps if the people are poor, in which case they likely won't owe income tax anyway.[More...]
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