Retirees Friday Alert
The U.S. House approved a plan to provide tax breaks to the wealthiest Americans and corporations on Thursday by a vote of 227-205. If H.R.1, the Tax Cuts and Jobs Act, becomes law, the deficit will explode by more than $1.4 trillion and automatic spending cuts will kick in. For starters, there will be a $25 billion cut from Medicare, and more from Medicaid. In addition, eliminating the medical expense deduction will make it harder for families with high medical expenses, many of whom are seniors, to make ends meet.