by: the Common Constitutionalist
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In May of 2015, Georgia Congressman, Dr. Tom Price, released a statement introducing the “Empowering Patients First Act.”
In his press release, Dr. Price, a former orthopedic surgeon, highlighted the “legislation that fully repeals Obamacare and starts over with patient-centered solutions.” Included in the Act are “solutions including individual health pools and expanded health savings accounts, tax credits for the purchase of coverage and lawsuit abuse reforms to reduce the costly practice of defensive medicine.”
Well this sounds good, as I’ve always been an advocate of health savings accounts, and tax credits are great – much better than a mere tax deduction. Unlike a tax deduction, which only lowers your taxable income slightly, a tax credit is an actual dollar-for-dollar reduction of your income tax liability. In other words, a $1,000 tax credit saves you $1,000 in taxes. And for those unfamiliar with the term “defensive medicine,” it is, for example, when a doctor will insist on doing a dozen tests on a patient, when one or two will do, for fear of getting his butt sued off.
So why bring this up almost two years later? Well, in case you haven’t heard, Dr. Price is Trump’s nominee to head up the Department of Health and Human Services, or HHS. This is good news, as it is evident the Congressman is no fan of Obamacare and will therefore be an integral part of its repeal, and replacement of the nationalized system with a private sector-based healthcare system.