It’s a flaming lie. The medical exclusion has been increased from 7.5% of income to 10%. This will cost anyone who deducts medical expenses ... in many cases under 250K, bigtime. Not to mention that prices will go up on all sorts of medical products to cover the taxes imposed on their manufacturers.
* Add to that 10% jump...
* FSA's being reduced to $2,500 down from $5,000
* And Medical Appliance Tax...
All that add's up to some very pissed off parents of special needs kids. Ask around, IMHO this is a voting block that will be heard.
I just heard Cavuto singing the praises of Zero oratory skills.
I thought yeah Neal, He lies with such panache.
Are we able to deduct all medical expenses throughout the year that we spent? I did not know that and never did this before. So we can deduct the out of pocket expenses on office visits and prescriptions? If so this is new to me but pleasantly glad to know about it.