Rep. Negrete McLeod Introduces Legislation to Protect Older Americans

Press Release

Today, Rep. Gloria Negrete McLeod (D-Montclair) introduced new legislation addressing a potential tax deduction loss for Americans 65 and older.

Beginning in 2017, the threshold for the medical expense tax deduction for Americans 65 and over will increase to 10 percent of adjusted gross income (AGI) meaning seniors will have to pay more out-of-pocket in order to qualify for the tax credit. Negrete McLeod's legislation, the Savings on Medical Expenses for Seniors Act of 2014, would prevent this increase in AGI from occurring saving older Americans hundreds of dollars.

"Congress cannot change this tax credit that many of America's seniors already rely on," said Negrete McLeod. "The medical expense tax deduction at current levels provides much needed relief for seniors struggling to pay for their health care. With many living on fixed incomes, we cannot ask our nation's elderly to pay more out-of-pocket. We must protect seniors and ensure those who are most vulnerable do not face greater economic insecurity."

The Savings on Medical Expenses for Seniors Act of 2014 will ensure that seniors do not see an increase in the income threshold for medical tax deductions and will hold the AGI threshold for the medical expense tax deduction for seniors at the current level of 7.5 percent. This will save the average senior approximately $877 a year in qualifying tax deductions.

Source