Tags: Health Topics | Healthcare Reform | Trump Administration | Trump Tax Reform | aarp | gop | medical expense

AARP Urges GOP to Keep Medical Expense Deduction in Tax Plan

Image: AARP Urges GOP to Keep Medical Expense Deduction in Tax Plan
Nancy LeaMond, AARP's executive vice president (Bob Child/AP)

By    |   Thursday, 02 November 2017 07:07 PM

AARP praised the Republican tax reform plan for not making changes to contributions to 401(k) plans but opposed a planned health tax that would come by eliminating the medical expense deduction.

"Millions of Americans with high medical costs, especially older Americans, face the risk of tax increases due to the elimination of the medical expense deduction," Nancy LeaMond, AARP's executive vice president, said in a statement.

The deduction, she said, is "a longtime feature of the tax code that provides some measure of financial relief to middle-income seniors who struggle with high health and long-term care costs.

"The removal of this deduction would create a burdensome health tax."

On the issue of 401(k) plans, LeaMond said that the Washington-based lobbying group was "pleased that the proposal today rejects making changes to contributions to 401(k) plans.

"Proposals to immediately tax income placed in a 401(k)-type retirement plan would have been a retirement tax on workers and likely discouraged savings for retirement."

Overall, LeaMond said: "On behalf of our members and all older Americans, we urge Congress to maintain tax incentives that promote retirement savings and financial security and help offset high out-of-pocket healthcare costs.

"We urge Congress to work together in a bipartisan manner on finding commonsense solutions that make the tax code fair for all Americans," she said.

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A planned health tax that would come by eliminating the medical expense deduction in the tax reform package announced by the GOP on Thursday has the AARP opposition.
aarp, gop, medical expense, deduction
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2017-07-02
Thursday, 02 November 2017 07:07 PM
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