Gop tax plan leaves 401(k) contribution limits — but abolishes a key medical deduction for seniors – the washington post gas dryer vs electric dryer hookups


On release of the bill, AARP Executive Vice k electric bill statement President Nancy LeaMond said in a statement, ”As AARP evaluates the bill, we will be analyzing several areas of concern. For example, eliminating the medical expense deduction amounts to a health tax on millions of Americans with high medical costs – especially middle-income seniors. AARP is strongly opposed to this provision.”

Lydia Ramsey of Business Insider writes the medical expense deduction is “key for families with high medical costs, like those dealing with british gas jokes chronic conditions that require medical devices and other expensive equipment. Right now, those expenses can be deducted from their taxes, but under the Republican tax plan, they wouldn’t be able to. Under current law, individuals who spend over 10 percent of their income on medical expenses are allowed to deduct part of those costs from their taxes. The proposed new bill would remove that deduction.

As Julie Rovner electricity 101 pdf wrote for Kaiser Health News: “Because it is available only to people who itemize their deductions, the medical expense deduction is not used by many people — an estimated 8.8 million claimed it on their 2015 taxes, according to the IRS. But those 8.8 million tax filers claimed an estimated $87 billion in deductions; meaning that those who do qualify for the deduction have very high out-of-pocket health costs.”

David Certner, legislative counsel for AARP says in the Kaiser article that the organization “has calculated that about three-quarters of those who claim the medical expense deduction are 50 or older, and more than 70 percent have incomes $75,000 or below. Many of those expenses are for long-term care, which gas bloating back pain is typically not covered by health insurance. Long-term care can cost thousands or tens of thousands of dollars a year.”

Laura Granberry of Grand Prairie, Tex., wanted to rant about tax reform, writing, “The size of the national debt makes me doubt I’ll have a livable Social Security income when turn 67 — in 2036. Republicans keep promising to take away my federal retirement. The Thrift Savings Plan is my safety net. I’m close to contributing the maximum allowed and I’m budgeting for catch-up contributions when I’m eligible. My story is probably like many other gas exchange in the lungs Americans: I lost most of my retirement savings in 2008, which is when I lost my job. The only full-time employment I could find electricity facts for 4th graders paid less than 50 percent of what I was earning in 2007. Halfway into my working years I was starting over. I would bet that most of the working class hasn’t completely recovered from the recession — with their savings emptied and debts increased. Now is not the time for tax increases disguised as tax cuts.”

As Scism writes, “Long-term-care insurance took off in the early 1990s. The policies had strong appeal to older people, and many insurers thought they had the perfect product to profit from people’s concerns about becoming unable to care for themselves and electricity and circuits test outliving their savings. Some early versions of long-term-care policies provided lifetime benefits. But by the mid 2000s, many insurers were rapidly ratcheting back the benefits, concluding they had badly miscalculated how many people would file claims and how long they would draw benefits before dying, among other things.”

Tim O’Neill of Venice, Fla., had a question electricity how it works about leaving assets to heirs. He wrote, “Can you address a change in the tax code that will no longer allow heirs to value the inherited property when they receive it rather than the original value. That change will adversely affect millions of citizens. For example, if I bought a house for $40,000 30 years ago, but is now worth $250,000, and leave it to my children, under current law, when I die, the value of the house to them is $250,000 and no taxes are due bp gas prices ny.”

No need to worry. The bill makes a good thing even better. In 2018, the estate and gift tax exemption is slated to increase from $5.49 million for an individual to $5.6 million. ($11.2 million for a married couple.) Under the GOP’s new bill, that limit would increase to $10 million for an individual. The bill eventually calls for the estate tax to be eliminated by 2024

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