GOP Unveils Tax Bill

GRAND JUNCTION, Colo. - A tax plan unveiled by the Republicans in the house would eliminate current deductions and one of those would greatly affect the seniors living in nursing homes.

Medical needs is not a widely used tax deduction, but the bill could have an impact on those in assisted living facilities or nursing homes

Families facing crippling nursing home costs could be affected by the new tax bill proposed.

"Meaning no more deduction of medical expenses" explains Certified Public Accountant, Christopher West.

The Republican tax bill would write off those people who spend more than 10 percent of their income on out of pocket health costs. According to the IRS, 8.8 million households --about 6 percent of filers --claimed medical deduction in 2015. But its the senate plan that wants to preserve those significant medical expenses.

"Above a certain percentage of your income would remain intact and and benefit those people that have a fairly significant amount of medical expenses"

Democrat Senator Michael Bennett spoke on behalf of the bill and the implications it would bring to younger generations.

"This should seem deeply unfair to Americans in their 20s and younger, to know that we are investing less in them than our grandparents invested in us and then we have the nerve to say 'you need to pay back the debt', that we accrue investing in ourselves"

The Senate's tax relief legislation claims to lower and simplify taxes as well as create more jobs. Colorado's Republican Senator Cory Gardner issued a statement supporting the tax plan --"Lower taxes will mean bigger paychecks and result in Coloradans keeping more of their hard earned dollars"

While only 6 percent of tax filers claim medical deduction, it's not quite clear who it will affect.

The House and Senate bill still have to reconcile their bills --so right now we don't know what will be the final plan.


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