A Minnesota couple spent years planning to live with Alzheimer’s disease. The GOP tax bill may upend those plans.

Tuesday, 07 November 2017, 07:56:42 PM. When Diane Thorsen began to show signs at an early age of the Alzheimer’s disease that had stolen her mother’s mind, she and her husband, Richard Davis, were as ready as they could be.
By Carolyn Y. Johnson, The Washington Post When Diane Thorsen began to show signs at an early age of the Alzheimer’s disease that had stolen her mother’s mind, she and her husband, Richard Davis, were as ready as they could be. They sold their house in California to prepare for the cost of care and moved to Minnesota to live with one of Thorsen’s daughters. Davis planned their finances methodically; once Thorsen’s long-term care insurance ran out, the daunting $98,000 bill for her nursing home would be manageable — because they could deduct medical expenses from their tax bill. But as the Republican tax plan took shape, Davis felt as though the rug was being pulled out from under them. He plugged numbers into a spreadsheet as details of the plan emerged, finally concluding that after all his budgeting to avoid digging into savings, he would need to withdraw about $24,000 next year. “I kind of had everything all planned out. I had it planned out to where I really wasn’t spending any time worrying about the finances,” Davis said. “It’s kind of a kick in the stomach to have it all figured out and then to have it kind of all start falling apart.” In their plan to cut taxes and declutter the tax code, Republicans have proposed repealing all but a small handful of tax breaks. But people rely on those tax breaks in budgeting for medical expenses, adopting children, replacing stolen or disaster-damaged property, and even paying for business expenses. These credits and deductions...Read more
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