Re:Media Owned by Wealthy Are Quick to Tell You Wealth Taxes...
by davrosthedalek on Thursday October 22, 2020 @03:20PM
(#24862244)
You are right, pre-tax dollars is the same as tax deduction. But for self-employment (the first point), there are more conditions, and people might be out of luck. For example if you could be insured by your spouse's employee based insurance, and you choose to buy your own insurance.
Do they mean if for example a company pays $5000/year in employee insurance, they can subtract $5000 from their tax bill? If so, that's a tax credit right?
As I understand it, a "tax deduction" is a deduction on taxable income (in the case of an individual) or profit (in the case of a company).