AARP Comments on Tax Legislation

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Nov 02, 2017, 18:09 ET

WASHINGTON, Nov. 2, 2017 /PRNewswire-USNewswire/ -- AARP Executive Vice President Nancy LeaMond gave initial comments in response to "tax reform" legislation being debated in the U.S. House of Representatives:

"AARP will carefully evaluate the legislation introduced today and communicate with our members how the proposals may affect them."

"We urge Congress to maintain tax incentives that promote retirement savings, retirement security and help offset the high out-of-pocket health care costs of older Americans. The tax system should also produce sufficient revenue to pay for important priorities, including Medicare, Medicaid, other programs important to older Americans, and maintain fiscal stability."

"AARP is pleased that the proposal today rejects making changes to contributions to 401(k) plans. Proposals to immediately tax income placed in a 401(k)-type retirement plan would have been a retirement tax on workers and likely discouraged savings for retirement.

"As AARP evaluates the bill, we will be analyzing several areas of concern. For example, eliminating the medical expense deduction amounts to a health tax on millions of Americans with high medical costs – especially middle income seniors. AARP is strongly opposed to this provision.

"We urge Congress to work together in a bipartisan manner on finding commonsense solutions that make the tax code fair for all Americans."

About AARP
AARP is the nation's largest nonprofit, nonpartisan organization dedicated to empowering Americans 50 and older to choose how they live as they age. With nearly 38 million members and offices in every state, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands, AARP works to strengthen communities and advocate for what matters most to families with a focus on health security, financial stability and personal fulfillment. AARP also works for individuals in the marketplace by sparking new solutions and allowing carefully chosen, high-quality products and services to carry the AARP name. As a trusted source for news and information, AARP produces the nation's largest circulation publications, AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org or follow @AARP and @AARPadvocates on social media.

SOURCE AARP