End of the medical care deduction (slightly OT)

The tax bill introduced today would repeal the itemized deduction for medical expenses in excess of 10 percent of adjusted gross income (7.5 percent for oldsters). I don't intend to comment pro or con about the bill as a whole -- I'm sure no one wants to relive the ACA debates of 2009-10 -- but this will be relevant to those with high out-of-pocket medical expenses, so I thought it might be of interest to some of us here.

Male, white, straight, live in CA, don't need an abortion, comfortably retired and the market is up. People in red states are going to be f'ed.

BUT.....The $12,000 standard deduction is being doubled so that means at least $24,000 of income will be tax free for a couple.
Plus...they lowered the lower bracket from 15-12%. There will be a lot of seniors that may not owe any tax.

Seniors will get hit big time on this.
Just think of all the couples that spend thousands of dollars a year on long term care ( assuming they don't have long term insurance )
Right now they can take money right out of their IRA ( via Required Minimum Distributions ) to pay for it and they pay no taxes on it,
but with the new plan it will all be taxable income.

Is that the way we want to treat our seniors? and that is only one example how they will get hit.

xxyzx wrote:

LSAT wrote:BUT.....The $12,000 standard deduction is being doubled so that means at least $24,000 of income will be tax free for a couple.
Plus...they lowered the lower bracket from 15-12%. There will be a lot of seniors that may not owe any tax.

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they need to stop taxing SS

Don't tell me.....Call your Congressman

Clearly, there is no end to the woe and discrimination that xxyzx has been and is still subjected to.

LSAT wrote:BUT.....The $12,000 standard deduction is being doubled so that means at least $24,000 of income will be tax free for a couple.
Plus...they lowered the lower bracket from 15-12%. There will be a lot of seniors that may not owe any tax.

What about the personal exemption? I heard somewhere that was going away so might need to factor in that in reducing the effect of this "doubling" of the standard deduction.

Trump is a total outcast. Nothing he comes up with passes. No worries.

We don't hate anyone. xxyzx seems to hate a lot of people, I hate no one.

X's hatred begins with himself.
One cannot exude such bile without a deep, abiding self-hatred.

xxyzx wrote:

TASmart wrote:We don't hate anyone. xxyzx seems to hate a lot of people, I hate no one.

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bullshit

you stalk and harass me
that is not a friend

i hate nobody
but i will give libtard bullies back what they give to me first

try being a mensch for a change
stop lying
stop being an asshole bully

Such lies and vitriol. You hate libtards and have called a great many people libtards. I am just nice enough to put a face to your hate.

xxyzx wrote:

TASmart wrote:

xxyzx wrote:

TASmart wrote:We don't hate anyone. xxyzx seems to hate a lot of people, I hate no one.

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bullshit

you stalk and harass me
that is not a friend

i hate nobody
but i will give libtard bullies back what they give to me first

try being a mensch for a change
stop lying
stop being an asshole bully

Such lies and vitriol. You hate libtards and have called a great many people libtards. I am just nice enough to put a face to your hate.

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i dont hate people
i hate lies

but you are the devil incarnate with your lies and harassment

you deserve worse than i am describign you as but the english language does not have words that adequately describe how evil you are

More name calling and defamation. The things you say about people, your piling on and badgering of max, Julie, and AMESS all point to severe hatred in my view. I note your spelling is getting worse, is all that foam in your mouth getting on the keyboard?

+100

If truth is an absolute defense, you have no defense. I have never posted a lie. Prove me wrong.

Plus . . . Infinity!