AARP Letter on H.R. 1, the Tax Cuts and Jobs Act of 2017
Dear Representative:
On behalf of our members and all Americans age 50 and older,
Efforts to restructure all or part of the federal tax system should in particular recognize the importance of -- and therefore maintain -- incentives for health and retirement security. Such incentives are not only important to assist individuals in attaining the security they deserve, but are vital to our nation's future economic well-being.
As tax legislation advances, changes to the tax code should not result in a disproportionate, adverse impact on older Americans. According to the
The impact on older tax filers is the cumulative result of many policy changes made in H.R. 1, but a number of specific provisions disproportionately affect older Americans. Nearly three-quarters of tax filers who claim the medical expense deduction are age 50 or older and live with a chronic condition or illness. Seventy percent of filers who claim this deduction have income below
Also troubling is the negative effect H.R. 1 will have on the nation's ability to fund critical priorities. H.R. 1 will increase the deficit by
We urge
Sincerely,
Chief Advocacy and Engagement Officer
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Kentucky Business Leaders Urge Congress to Immediately Delay the Health Insurance Tax
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