AARP Hearing Center
It's a big week in Washington, with Senate Republicans aiming to push through their massive tax overhaul plan.
The Senate plan diverges in a number of areas from the tax bill passed by the House of Representatives 12 days earlier. While there could be a flurry of amendments and changes ahead of a full Senate vote, here’s how the current Senate proposal could affect you:
Medical expenses. Taxpayers would still be allowed to deduct medical and health care expenses exceeding 10 percent of their income. The income threshold to take the deduction increased from 7.5 percent to 10 percent in 2017. Nearly three-quarters of tax filers who claim the medical expense deduction are age 50 or older and live with a chronic condition or illness, and 70 percent of filers who claim this deduction have incomes below $75,000. (The House bill would repeal the medical expense deduction.)
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