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.

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.

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