Republican tax bill would eliminate medical expense deductions

A new tax bill proposed by Republican leaders in the House would eliminate the ability for individuals to deduct medical expenses that exceed 10 percent of their annual adjusted gross income, according to The Hill.

Advertisement

The current rule allows people to deduct preventative care, surgeries and dental care if the costs exceed the 10 percent threshold. The deduction can also be used for long-term care expenses for chronically ill patients or the family members who pay for their care.

The estimated cost to repeal the deduction is $10 billion per year.

More articles on leadership and management:

Study: Gender inequality is due to bias, not behavior
Senate considers Medicare, HHS extenders: 7 things to know
HHS seeks to reduce burden on religious groups to participate in healthcare

Advertisement

Next Up in Leadership & Management

Advertisement

Comments are closed.