So no more medical expense deduction

[SHRED]

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]

1. Those of us spending more than 10% of our income on medical stuff will not be happy.

[greatauntoftriplets]

2. I had $5,000 in out-of-pocket medical expenses.

An equal amount this year, if not more. Friends had $24,000 last year.

[SHRED]

3. And the GOP wants to take your deductions...

...to help pay for Donald's tax break.

[greatauntoftriplets]

5. Yup.

The bastards.

[dumbcat]

4. I didn't see any proposed changes

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.

[OKNancy]

6. here:

http://thehill.com/policy/finance/358437-gop-tax-bill-would-eliminate-medical-expense-deductions

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 person’s 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.

----------------------------

My expenses were over $12,000 this past year. Not counting Medicare and Supplemental insurance premium

[dumbcat]

7. Thank you

I hadn't seen that in any of the summaries I read.

[BigmanPigman]

8. Yup, one of many items that are going to hurt the seniors,

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]

9. Cruel people.

[marybourg]

10. Expense for my bed bound WWII vet spouse's

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.