HR 7714
To amend the Internal Revenue Code of 1986 to reduce the floor on the deduction for medical expenses.
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Bill overview
This bill permanently lowers the threshold for deducting medical expenses. Currently, taxpayers must have medical expenses exceeding 10% of their adjusted gross income (AGI) to claim a deduction. This bill reduces that threshold to 7.5% of AGI, with a further reduction to 5% for tax years beginning in 2020 and 2021. It aims to make it easier for more taxpayers to deduct their medical costs.
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