Opposition to the entire tax reform process is mounting -- surveys show only 25% of the U.S. population support the effort -- but it’s likely President Donald Trump would sign any measure that crosses his desk as long as it provides a 20% corporate tax ceiling and gives him a legislative victory during his first year in office. AARP, the nation’s largest advocacy organization representing the interests of older Americans, is wasting no time voicing its dissatisfaction with the tax reform measure. The organization estimates the House version, HR 1, will raise taxes on 1.2 million seniors next year alone. “Millions more older Americans will see tax increases in the future, or at best, no tax relief at all,” says Nancy LeaMond, the organization’s top lobbyist. “The Congressional Budget Office has stated that the large deficits created by HR 1 will result in a $25 billion cut to Medicare absent additional Congressional action,” she says. AARP and other advocacy groups representing seniors are urging Congress to retain the medical expense deduction at the 7.5% income threshold for older tax filers. Nearly three-quarters of tax filers who claim the medical expense deduction are age 50 or older and live with a chronic health condition or illness,” LeaMond continued. “Seventy percent of filers who claim this deduction have income below $75,000,” says LeaMond. “Congress should also retain the standard deduction for the elderly, which helps reduce tax liability and can help seniors avoid a tax increase.” Reject Higher Premium Costs “W [...]
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11/17/17 5:46 PM