Political Quotes

“for Americans struggling with high health care expenses, the tax deduction for certain medical expenses continues to be of significant assistance for many taxpayers. But unless it is extended, the income threshold for this vital deduction will increase at the end of this year. That is why I rise to introduce with my colleague, Senator Cantwell, a bill that would provide for a permanent extension of the medical expense deduction for unreimbursed health care costs that exceed 7.5 percent of a taxpayer's income. For those who suffer from pre-existing medical conditions, have chronic medical conditions, experience unexpected illnesses or injuries, or find that long-term care services are a necessity but are not covered by insurance, health care expenses can quickly become an unbearable burden. Too many Americans are forced to choose between purchasing medical services and making other equally necessary expenditures. The Affordable Care Act (ACA) increased the income threshold for taxpayers to deduct their medical expenses from 7.5 percent to 10 percent. For individuals under 65, the increase went into effect in 2013. Those over 65 would have been exposed to this higher threshold for the first time in 2017. When the ACA increase was phased in, individuals under 65 struggling with serious health conditions saw their financial health worsen.…”