Congress is considering eliminating the medical expense deduction for personal income taxes. This could financially devastate some seniors. Many seniors (and some non-seniors) are confined to nursing homes and other care facilities.
Nursing home care can cost over $100,000 per year. Much of the money to pay for these expenses comes from taxable withdrawals from 401(k)s and IRAs. Currently, this tax burden is offset by the medical expense deduction. If the medical deduction is eliminated or curtailed, taxpayers incurring these high expenses will also suffer from a higher tax bill.
Tax reform needs to preserve the medical expense deduction.
Hilton Head Island
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