AARP To Congress: Keep 7.5% AGI Floor For Med Expense Deduction

The nation’s largest seniors lobby is urging Congress to include in a year-end spending package a permanent reversal of the Affordable Care Act policy that increased the income threshold above which medical expenses can be deducted. AARP stresses the policy must be reversed as soon as possible to prevent millions of Americas from facing higher taxes this filing season. Prior to the ACA, taxpayers could deduct medical expenses that exceeded 7.5% of adjusted gross income, but the law increased that...