Originally Posted by NeBassman
Anyone affected by this?

http://thehill.com/policy/finance/358437-gop-tax-bill-would-eliminate-medical-expense-deductions

Quote
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.

Under current law, the IRS allows individuals to deduct qualified medical expenses that exceed 10 percent of a person’s adjusted gross income for the year. The bill would repeal that itemized deduction, effective in 2018.

The cost to repeal the medical expense deduction is about $10 billion per year.

The IRS currently allows individuals to deduct preventative care, treatment, surgeries and dental and vision care as qualifying medical expenses.

The medical expense deduction can also be used for long-term care expenses for chronically ill patients.

The provision could be a flashpoint for Republicans, as the repeal could hit both patients themselves and their families, who sometimes help pay for care.



I wonder how this will effect a Health Savings Account (HSA) type of health insurance. The money I put into the HSA every year is tax deductible now.

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Ronald Reagan