Tax increase for everyone , including seniors over 65
Check this out, under Obamacare, if your medical expenses are over 7.5% of your AGI, you can take a tax deduction for medical expenses. I understand it goes to 10% of AGI in Jan 2013, but for seniors this higher rate doesn't go into effect untill 2017.
See PPACA; page 1,994-1,995.
Here's the thing everybody wants to cut spending but nobody wants to give up anything. This is a national not a party issue. Except both parties do not have the guts to apply the cuts uniformly.
Most seniors have fixed incomes and higher medical expenses as they age. Increasing their exclusion increases their taxes. Nice way to treat the old folks right?
For as long as I can remember, you've always been able to take a deduction if your medical expenses exceed 7.5% of your AGI. That is not new.
Lorrie; you are correct, but this rate increases to 10% in Jan 2013. For seniors over 65 the increase starts in 2017.
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