Allow full Medical Expense tax deductions - Abolish 7.5% AGI Threshold
Lower our tax bill by allowing full deduction for out of pocket medical costs
From Kiplinger's Personal Finance magazine, October 2008:
"Few taxpayers are able to deduct medical expenses on their tax return because the eligibility threshold is so high: Only qualified expenses in excess of 7.5% of your adjusted gross income are deductible."
In this age when health care costs and insurance premiums are rising much faster than wages, most people STILL can't deduct their out-of- pocket medical expenses from their income Taxes. Why? Because the threshold for doing so is still too high! This hardship hits working and middle class families disproportionately since the super wealthy can afford expensive private insurance and can easily cover anything that's out of pocket, and the poor have Medicaid or do not pay income tax. It is a hardship that is breaking our backs and it is time for a change! Congress needs to change the tax code that prevents the average family from deducting legitimate medical expenses. Expenses that eat up a larger percentage of our income every year even though the 7.5% of AGI threshold still remains out of reach for most.
Congress must act now to abolish the 7.5% of AGI threshold for the 2009 tax year!
"Few taxpayers are able to deduct medical expenses on their tax return because the eligibility threshold is so high: Only qualified expenses in excess of 7.5% of your adjusted gross income are deductible."
In this age when health care costs and insurance premiums are rising much faster than wages, most people STILL can't deduct their out-of- pocket medical expenses from their income Taxes. Why? Because the threshold for doing so is still too high! This hardship hits working and middle class families disproportionately since the super wealthy can afford expensive private insurance and can easily cover anything that's out of pocket, and the poor have Medicaid or do not pay income tax. It is a hardship that is breaking our backs and it is time for a change! Congress needs to change the tax code that prevents the average family from deducting legitimate medical expenses. Expenses that eat up a larger percentage of our income every year even though the 7.5% of AGI threshold still remains out of reach for most.
Congress must act now to abolish the 7.5% of AGI threshold for the 2009 tax year!
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