Elimination of medical expense deductions

[zydecocruiser]

Expenses for medical deductions will be phased out over the next 2-3 years. This will include assisted living and nursing home expenses. The elderly are going to be hit very hard and Trump Care Death Squads will kill them off even earlier. For those who whined about Obamacare premiums not being deductible, are you happy with what you get now?

MAGA - Morons Are Governing America

[Bruce Chafkin1]

Originally Posted by zydecocruiser

Expenses for medical deductions will be phased out over the next 2-3 years. This will include assisted living and nursing home expenses. The elderly are going to be hit very hard and Trump Care Death Squads will kill them off even earlier. For those who whined about Obamacare premiums not being deductible, are you happy with what you get now?

MAGA - Morons Are Governing America

Thank you for reminding me why I'm so happy to be living outside the USA.
My Japanese full Medical and Dental insurance costs me about US$500 per year, with full coverage for everything, my choice on any Dentist, Doctor or Hospital, with a 10% co-pay on ridiculously low fees. My last medical check-up cost me US$1.60.
If I ever manage to spend more than US$1,000 on medical/dental in one year (which is nearly impossible), I can deduct the full amount from my income taxes - which are a flat 10%.

What ever happened to that promise that you could file your US income taxes on a postcard? I guess they forgot about that.

In Japan at the end of the year, I am not required to file anything.
Instead, the government sends me a receipt and a thank you note for paying my 10% that was deducted during the year.

There seems to be some advantage living in a country that is not busy threatening, bombing, and invading other countries. Spend all that money at home instead.
Didn't your new president promise that he was going to something like that?
Maybe he forgot.

[zydecocruiser]

He's not my president. OTOH, Japan is within easy striking distance of the wacko in North Korea and might end up in the crossfire with the wacko in he White House. For that matter, the orange dung probably can't find North Korea on a map and might bomb Japan instead.

Property values, tsunamis, nuclear plant meltdowns, etc. might require and endless supply of *****.

[Manuel]

I also don't consider that Orange crap face my President.


However I am happy to be living in the USA and I am not leaving. I was not born here but this is where my home is and we are doing fine. Many Americans choose to live overseas and they have that choice. But this the the best country for me and my family. We have a nice home and live a comfortable life and have many friends in our community.


But I would be happier if they got rid of the orange idiot.


TM

[Mike M]

Not true:

"Taxpayers can deduct medical expenses not covered by insurance when they exceed 10 percent of adjusted gross income. The threshold is 7.5 percent for taxpayers who are 65 or older.

The bill temporarily expands the medical expense deduction by applying the 7.5 percent threshold to all taxpayers in 2018 and 2019.

A return to the 10 percent threshold takes place beginning in 2020."

More fear mongering.

[zydecocruiser]

Not so clear. The House version was a complete repeal. The Senate version was an expansion of the 7.5% to all taxpayers until 2019. The conference chose the Senate amendment. It is obvious what the House wants to do. It is debatable what happens in 2019. Congress will be adding and modifying amendments to the bill long before that. They will blow through the 1.5 trillion if they don't.

If Congress doesn't eliminate the deduction, they will achieve the numbers by reducing medicaid, medicare, etc. One way or another, Americans are screwed.

Conference Agreement

The conference agreement follows the Senate amendment.

7. Repeal of deduction for medical expenses (sec. 1308 of the House bill, sec. 11028 of the
Senate amendment and sec. 213 of the Code)

Present Law
Individuals may claim an itemized deduction for unreimbursed medical expenses, but
only to the extent that such expenses exceed 10 percent of adjusted gross income. For taxable
years beginning before January 1, 2017, the 10-percent threshold is reduced to 7.5 percent in the
case of taxpayers who have attained the age of 65 before the close of the taxable year. In the
case of married taxpayers, the 7.5 percent threshold applies if either spouse has obtained the age
of 65 before the close of the taxable year. For these taxpayers, during these years, the threshold
is 10 percent for AMT purposes.

House Bill
The House bill repeals the deduction for unreimbursed medical expenses.
Effective date.−The provision is effective for taxable years beginning after December 31,2017.

Senate Amendment
The Senate amendment provides that, for taxable years beginning after December 31,
2016 and ending before January 1, 2019, the threshold for deducting medical expenses shall be
7.5-percent for all taxpayers. For these years, this threshold applies for purposes of the AMT in
addition to the regular tax.
Effective date.−The provision is effective for taxable years beginning after December 31, 2016.

[Manuel]

Mike, I thank you for your clarification.


TM