Want Kids, a Degree or a Home? The Tax Bill Would Cost You

Don’t get sick or have a major accident. The tax bill takes away the medical expense deduction.

 Don’t have dependents. Under the proposal, dependent-care benefits that families receive from employers for things like day care or elder care, including flexible spending accounts, will become taxable. 

 Don’t move for a better job. The bill would repeal the deduction for moving expenses when families take a new job that is at least 50 miles away.

 Don’t plan to buy a home. The Republicans want to end a program that lets state and local governments issue private-activity bonds to finance housing and let homeowners claim a tax credit on certain mortgages. 

 Don’t plan to go to college. The bill repeals numerous education deductions and credits. It also makes taxable the value of the tuition and other benefits universities give to their graduate teaching and research assistants. Ditto for education benefits offered by employers to their workers. 

 Don’t keep up with inflation. One of the biggest changes in this bill is a technical one involving how income thresholds, credits and other parts of the tax code are adjusted for inflation. This will end up pushing middle-class families into higher tax brackets.





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