NY Times - The Republican tax overhaul bill introduced in the House would eliminate [the deduction] which allows people who itemize their federal income taxes to deduct medical expenses that exceed 10 percent of their total income. The change is part of a broad effort to rewrite the tax code in a way that Republicans say will be simpler and fairer. But while the party has framed its tax plan as a boon for the middle class, eliminating the medical-expense deduction would hit the middle class squarely, eliminating a source of relief that has helped millions of people cope with steep medical costs in a country without comprehensive, universal health coverage.
Washington Post - House Ways and Means Committee Chairman Kevin Brady (R-Tex.) said in a letter that businesses would continue to be able to deduct the full amount of their sales and property taxes paid from their income, while individuals would partially lose their ability to do so.
The state and local tax deductions, known as SALT, have emerged as a political flash point in the House tax bill. The bill's proposal to eliminate the individual deduction for state and local income and sales taxes and cap the deduction for property taxes at $10,000 has infuriated Democrats and a group of Republicans representing districts in high-tax, high-cost-of-living areas where a large proportion of taxpayers claim the deductions.
No comments:
Post a Comment