S. 2962: Medical Expense Deduction Act

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Another Bill to Chip Away at ObamaCare was introduced on November 20, 2014..

Pat Toomey (R-PA) introduced the “Medical Expense Deduction Act” and referred the bill to the Senate Finance Committee.

This short bill would repeal the tax increase imposed by Obamacare on taxpayers who incur catastrophic medical expenses.

Prior to the ACA, individuals could deduct medical/dental expenses of greater than 7.5 percent of adjusted gross income. The ACA raised the floor to 10 percent.

Bill status and full text at: https://www.govtrack.us/congress/bills/113/s2962

Current IRS rule at: http://www.irs.gov/taxtopics/tc502.html

Synopsis courtesy of Marilyn Singleton, MD, JD @MSingletonMDJD

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