Senate keeps medical expenses deduction in break with House
The Senate GOP tax bill will retain a key deduction for qualified medical expenses that was excluded from the House version, according to a Republican senator on the Senate Finance Committee.
Sen. Bill Cassidy (R-La.) told reporters that the deduction will remain in the initial version of legislation the Senate is set to unveil today.
“I think there’s always a sense that it’s a good thing to continue,” Cassidy said.
{mosads}Under current law, the IRS allows individuals to deduct qualified medical expenses that exceed 10 percent of a person’s adjusted gross income for the year.
The House bill would have repealed that deduction effective in 2018.
The IRS currently allows individuals to deduct preventative care, treatment, surgeries and dental and vision care as qualifying medical expenses.
The deduction is important for households with extremely high health-care costs. According to the AARP, more than two-thirds of the people who use the deduction have incomes under $75,000.
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