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The latest on the Key Bridge collapse, New York puts forth legislation to get clean energy projects on the grid and Wisconsin and other states join a federal summer food program to help feed kids across the country.

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Republicans float conspiracy theories on the collapse of Baltimore's Key Bridge, South Carolina's congressional elections will use a map ruled unconstitutional, and the Senate schedules an impeachment trial for Homeland Secretary Mayorkas.

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Ohio Senators Fight to Stop Tax Hike on Older Americans

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Friday, September 2, 2016   

COLUMBUS, Ohio - Unless Congress takes action, Americans age 65-plus who need helping paying medical expenses will see a tax hike in 2017. A tax-deduction threshold for those with high healthcare costs is set to increase from 7.5 percent of income to 10 percent on January 1st, 2017.

But the Seniors Tax Hike Prevention Act, co-sponsored by Ohio Senators Sherrod Brown and Rob Portman, would postpone the increase for two years.

According to Portman, 10 million Americans claim the medical expense deduction, mainly seniors struggling to get by.

"This is about families and this is about people who otherwise cannot afford their health care," he said. "And people are having a tough time making ends meet, particularly those who are on fixed income with higher expenses. So, this is exactly the wrong time for us to be increasing those expenses, increasing taxes on them."

Portman said the tax credit eases the burden for seniors who pay high out-of-pocket costs for deductibles, co-pays and other expenses not covered by health insurance. In 2013, more than half of those claiming the medical expense deduction were 65 or older and reported annual income of $50,000 a year or less.

Eileen Bendel of Dayton was diagnosed with a chronic disease after turning 70. As a single woman living on one retirement income, she said was blown away when she discovered the high cost of medication to manage her illness.

"One prescription I had for my problem, with my co-pay, was $500 a month," she said. "Now that's quite a chunk out of my Social Security each month. So every little percent counts, every little bit."

Sen. Portman noted there could be broader implications if the tax cut is allowed to sunset.

"It would put a lot of people in a position where they might have to move to Medicaid or some other sorts of public payment for their health care, which affects all of us and affects the ability for Medicaid to continue to be viable," he explained.

The Seniors Tax Hike Prevention Act of 2016 was introduced in late June and referred to the Committee on Finance. It would cost about $3 billion, according to the Joint Committee on Taxation.

The full bill can be read here.


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