The House tax cut plan to eliminate medical deductions would significantly affect senior citizens.
Among the thousands of tax returns I’ve prepared over 35 years, few included deductions for medical expenses (less than 6 percent nationally, according to IRS statistics). Taxpayers able to take medical deductions were most often retirees, generally paid for their own health insurance (no employer assistance), had unusually large medical expenses and/or were in nursing homes.
The House plan would devastate those in nursing homes. For example, federal tax for a senior with basic Medicare, $65,000 in income and $60,000 in nursing home expense would go from about $450 to more than $7,000.
Is America great yet?