Saturday, December 09, 2017

Trump's tax plan hurts some retirees and is not that good for big business (Forbes)

The pro-business Forbes magazine in an article by John Wasik, is quite critical of the Trump-GOP tax plan, in its various incarnations, especially the Senate bill which has now passed. It's  turnaround from September when the publication had predicted a result good for seniors. 

The article notices the loss of medical expense deductions, which could be hard on seniors just before age 65, still not on Medicare but depending on “private”, often employer-sponsored retiree health insurance.  (Mine with ING, which ended in 2005, wasn’t too bad, but after all I had worked for an insurance company;  they had more incentive to be fair with it.  It turns out United Health Care did take care of a major skin cancer at age 64, almost 100% coverage)   The article gets into other areas, like college financial aid (which affects retired parents and grandparents).   What seems remarkable about this article is that it looks at the GOP’s supposed “pro-rich” tax bill as not very good for most companies and employers at all.   And this is from a publication related to Steve Forbes.

Trump seems to be ignoring the showdown that will come soon with Social Security, the next time we have a debt ceiling crisis. 
There are ads that claim that Trump's tax plan will hit Medicare Advantage customers particularly hard. 

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