GOP Destroys Valuable Medical Deduction with Tax Scam - Insurance News | InsuranceNewsNet

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November 8, 2017 Newswires
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GOP Destroys Valuable Medical Deduction with Tax Scam

Congressional Documents & Publications

From the House Democratic Leader's Press Office

Under the Ryan-McConnell tax bill, not only are Republicans raising taxes on the middle class in order to hand massive tax cuts to the rich, they are destroying a key tax deduction for working families dealing with medical bills: the medical expense deduction, which helps families with children with disabilities, long-term care needs, a need for expensive fertility treatments that have very high medical costs.

Nearly 9 million American households claim this deduction. Every day, it becomes more clear the GOP tax bill is a very bad deal for middle class America.

Associated Press: Threatened medical deduction seen as valuable, versatile [http://abcnews.go.com/Health/wireStory/threatened-medical-deduction-valuable-versatile-50978741]

Several million people unlucky enough to face big medical bills not covered by their insurance would lose a valuable and versatile deduction under the House GOP tax bill. Groups representing older people and patients are trying to save it... About 9 million households -- 6 percent of tax filers -- claim the medical expense deduction.

The medical expense deduction is also versatile. In addition to nursing home care, not generally covered by medical insurance plans, it can be used for:

--Fertility treatments.

--Transportation expenses to a top hospital, like a comprehensive cancer center.

--Laser surgery to correct vision problems.

--Some long-term care insurance premiums.

--Installing specialized medical equipment in a patient's home or vehicle.

--Dental procedures.

--Bills from out-of-network doctors.

The Hill: GOP tax bill would eliminate medical expense deductions [http://thehill.com/policy/finance/358437-gop-tax-bill-would-eliminate-medical-expense-deductions]

The 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.

CNBC: The GOP tax bill would wipe out key deduction for nursing home residents [https://www.cnbc.com/2017/11/02/the-gop-tax-bill-would-wipe-out-key-deduction-for-nursing-home-residents.html]

The Republican tax bill would wipe out a key medical deduction for many elderly Americans in nursing homes... The bill would repeal the medical expense deduction, which allows people who spend more than 10 percent of their income on out-of-pocket health costs to write them off.

"This would be a joke if the consequences weren't so serious," said Brad Woodhouse, campaign director of health-care advocacy group Protect Our Care.

Older

Mark Farrah Associates Reports on Mid-Year 2017 Medicaid Market Insights and Competition

Newer

Sen. Cruz Urges Congress to Act on Real Tax Cuts for American Families

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