GOP Tax Reform Bill Wants Me Bankrupt and Dead - Eliminates Deductions for Medical Costs
We itemize our medical expenses on our income taxes because our medical costs consistently exceed $20,000 a year. Last year it was $26,000. But the GOP bill will eliminate that deduction which means we will have to dip further into our limited savings.
Source: NY Times
“This bill helps Americans keep more of the money they earn for expenses that arise throughout their lives — such as medical bills — rather than providing a myriad of provisions that many Americans may only use once in their lifetimes, and only if they go through the hassle and frustration of itemizing,” said Lauren Aronson, a spokeswoman for the House Ways and Means committee.
I call bullshit. We have itemized taxes for years. Now our income is limited to what disability pays for my wife. Our income is fixed, but every year medical costs rise, and will get worse should my wife's cancer return. Or if the cost of her cognitive rehab for her brain injury from chemo increases. Or if my autoimmune disorder worsens. I've also had heart problems. But to siphon more money to the One percent, whatever costs we incur will no longer be deductible. We and millions like us will have to pay more to health insurance companies, pharmaceutical companies and health care providers, while also paying more in taxes.
According to an analysis in January from the Joint Committee on Taxation, most taxpayers who claim the deduction have incomes below $100,000, with about 40 percent below $75,000. More than half of those who claim it are older than 65, according to AARP, the lobby for older Americans. They often face staggering medical and long-term care costs.
The deduction also helps younger families struggling to pay the enormous cost of caring for children with chronic conditions or disabilities, and couples going through costly fertility treatments like in vitro fertilization. In interviews, some who claimed it said the deduction is the difference allowing them to afford mental health care, new chemotherapy drugs, or cancer surgeries by doctors who fall outside insurance networks. [...]
[E]liminating the deduction could hasten the speed at which some older Americans spend down their savings and have to go on Medicaid, a far greater expense for the federal government.
“Already I’m having to dip severely into whatever I’ve saved,” said Jennifer Clark, 76, of Falls Church, Va. She has multiple sclerosis and a form of blood cancer, and while insurance covers her chemotherapy and other medications, she pays out of pocket for part-time aides, dental care, a portion of her physical therapy, some of her medications and the continuing care retirement community she lives in.
Of course, the GOP plan is to eliminate Medicaid as well.
And how much does eliminating the right to itemize medical costs on income taxes save the government? Ten billion dollars, less than the one fifth of the increase to the military/defense budget of $54 Billion. That tells you all you need to know about our government's priorities. They would rather spend money on massively expensive killing machines than help people suffering from chronic or life threatening illnesses.
And what are Democrats talking about? #Russiagate. When they do talk about the Tax reform bill they rarely mention the damage it will do to disabled and sick people already crippled by medical debts. Mostly the rant about how the tax plan will explode the deficit. Nothing about how it will harm people. Check out Pelosi's tweets:
Really Nancy? That's the only thing you worried about considering this tax bill? Increasing our deficits? Not the pain and suffering it will cause the people who you claim must turn out and vote for Dems or else. No wonder no one looks to Dems for leadership. No wonder more and more people are turning Independent and opting out of both parties. They are both in bed with Oligarchs who want to profit off our misery.
Thanks for nothing.