By Chris Orestis
The Senate’s passage of the Republican-sponsored tax reform bill, which could result in a $1.5 trillion tax cut, is seen by some as a Christmas present to most American taxpayers. Critics of the proposed legislation, however, suggest that the Grinch will have stolen Christmas from some seniors.
Older Americans have some important issues to consider in terms of how the bill could affect their health-care costs.
“For starters, the tax reform proposal would eliminate the tax deduction for medical expenses, and although a relatively small percentage of the population claim this deduction, it has the potential to galvanize a very powerful coalition of opposition to the largest tax reform proposal in a generation,” says Chris Orestis, Executive Vice President of GWG Life (www.gwglife.com) and author of the books Help on the Way and A Survival Guide to Aging.
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