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The Tax Bill's Effect on Medicare and Medicaid

The AARP says the Tax Bill jeopardizes Medicare and Medicaid.

In addition to spending cuts, there are these problems:

  • The cuts for individuals are temporary
  • The cuts for corporations are permanent
  • By changing the way the inflation index works, people may reach higher income brackets sooner than before, and the the increase in the standard deduction will slow over time, according to the Tax Policy Center.
  • The bill "limits the state and local tax deduction -- which could hurt those in high-tax states like New York, New Jersey and California."

Also, the AARP says, because there's no longer a penalty for not getting health insurance, more people will be uninsured which will raise insurance premiums for the rest of us.

As to future cuts: bq. "The large increase in the deficit will inevitably lead to calls for greater spending cuts, which are likely to include dramatic cuts to Medicare, Medicaid, and other important programs serving older Americans," it said. [More...]

Medicare premiums do go up. I just learned this when I recently received a notice from Social Security that notwithstanding the cost of living increase this year, my Medicare premium, that is automatically deducted from my SS check, is increasing because I'm in a higher bracket (just barely), so my SS check will be smaller each month

One person you don't want to ask about the tax bill is Ivanka Trump. She flubbed an interview on it, not even knowing what year Americans will first see changes reflected on their tax returns. I don't care if she's a dolt, but I do care that, like so many in Trump's circle, she is cast as a knowledgeable spokesman when she isn't and goes out there and gives incorrect information.

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