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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsSo no more medical expense deduction
Last edited Thu Nov 2, 2017, 07:44 PM - Edit history (1)
People aren't gonna like that.
Wow...the nerve.
GOP tax bill would eliminate medical expense deductions
http://thehill.com/policy/finance/358437-gop-tax-bill-would-eliminate-medical-expense-deductions
Shrike47
(6,913 posts)greatauntoftriplets
(175,742 posts)An equal amount this year, if not more. Friends had $24,000 last year.
SHRED
(28,136 posts)...to help pay for Donald's tax break.
greatauntoftriplets
(175,742 posts)The bastards.
dumbcat
(2,120 posts)in the medical deduction. Did anyone else?
I also didn't see any proposed changes in the special treatment of capital gains and qualified dividends.
he House Republican tax bill would eliminate the ability for individuals to deduct qualified medical expenses, a provision that could have major implications for households with extremely high health-care costs.
Under current law, the IRS allows individuals to deduct qualified medical expenses that exceed 10 percent of a persons adjusted gross income for the year. The bill would repeal that itemized deduction, effective in 2018.
The cost to repeal the medical expense deduction is about $10 billion per year.
The IRS currently allows individuals to deduct preventative care, treatment, surgeries and dental and vision care as qualifying medical expenses.
The medical expense deduction can also be used for long-term care expenses for chronically ill patients.
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My expenses were over $12,000 this past year. Not counting Medicare and Supplemental insurance premium
I hadn't seen that in any of the summaries I read.
BigmanPigman
(51,609 posts)ill, people with student loans, people who live in blue states and pay high city and state taxes, etc. Paul Ryan is seeing his boyhood dream come true. Cut and Kill Bill for the 1%.
Glimmer of Hope
(5,823 posts)marybourg
(12,633 posts)care: $50,000/year, which we've been paying ourselves. Not being able to deduct that, and with the loss also of personal exemptions, would cause a major upheaval in his care and my life.