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Reduce the threshold for claiming deductions for medical expenses (insurance, prescription drugs, hearing aids, etc.)
Eliminate the threshold altogether for families of four with incomes below household income of $35,000.
This is a huge savings for middle class working families. Remember at one time the threshold for 3% and creeped up during the Reagan 'tax cut' years. Those so-called tax cuts were smoke and mirrors and actually resulted in many middle class families paying more in taxes because: they lost deductions for sales taxes, interest on loans, credit card interest, gasoline taxes, and the creep upward in the medical expense threshold. If the threshold for medical deductions were reduced for families earning $200,000 and below what a bonaza that would be for the middle class that is now strapped with paying for eldercare, childcare, and who get little of no help with presecription drugs.
Am i wrong about this? Such plan would be worth more than $300 to most families.
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