|By Marketwired .||
|September 22, 2016 10:02 AM EDT|
WASHINGTON, DC--(Marketwired - September 22, 2016) - The Tax Revolution Institute (TRI) -- a nonpartisan, nonprofit organization that promotes "justice and integrity in the tax system" -- is pleased to report that on Tuesday, September 13, the House of Representatives voted 261 to 147 to pass H.R. 3590, the "Halt Tax Increases on the Middle Class and Seniors Act."
This legislation, authored by Rep. Martha McSally (R-AZ), aims to protect seniors and middle-class Americans from yet another tax hike. The bill repeals a provision of the Affordable Care Act that changed the medical deductions in a way that compelled seniors to pay more in taxes.
"Many Arizona seniors have saved their entire lives in the hopes of a secure retirement. It would be completely unfair now to hand them the bill for the runaway spending of the past few years. Our bill stops this looming tax hike before it hits seniors and rolls it back on middle class families already being squeezed by it. I thank Congresswoman Sinema and all the supporters of this bill for their efforts to get it to this point, and we will continue to work to move this legislation forward," Rep. McSally said.
Just recently, TRI Legal Director Robert Rodrigo published an article, titled "Unwelcome Tax Surprise on the Way for Seniors," directing attention to this very issue.
"These Affordable Care Provisions add a tax burden to the elderly that is both complicated and expensive," Rodrigo reported.
The income threshold for determining medical-care deductions was set to increase by 2.5 percent. The impact to our seniors would have been a real-dollars tax increase on budgets that are typically based on a "fixed income."
The 10 percent floor generally went into effect for tax years beginning after December 31, 2012, except with respect to persons age 65 or older; for those seniors, current law provides that the 10 percent floor will take effect for tax years ending after December 31, 2016.
Repealing this law is in the best interest of all American taxpayers.
About the Tax Revolution Institute
The Tax Revolution Institute (TRI) is a non-partisan, 501(c)(3) organization dedicated to promoting transparency, accountability, and integrity at all levels of the US tax system, while researching and developing simple and innovative tax-reform solutions to advance freedom and prosperity for all Americans.
Through FOIA requests, briefings, testimonies, advocacy, research studies, white papers, and educational programs, TRI will expose corruption, fraud, and incompetence within the US tax system. It will provide educational tools and resources for tax accountability to policy makers, grassroots organizations, and the American public.
Media Kit: https://taxrevolution.us/media-kit/
Email: [email protected]
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