Professor Constantine Katsoris talked with John Catsimatidis on The Cats Roundtable about his newly published article titled, America is Selling Its Seniors Short, which discusses how recent tax revisions are unfairly impacting seniors.
“You delve into the issue a little bit about what causes these two disturbing situations—increasing bankruptcies and depleting your retirement savings—and there’s a lot of causes. Number one there’s politics, there’s inflation, there’s underfunded pensions, there’s rising taxes, there’s poor planning. But hidden within all of this is taxes and there are two taxes particularly that were in the tax cuts and jobs act of last year. One of them was the cap on the deductibility of taxes, of state and local taxes, and second one was they raised the threshold limitation for the deductibility of medical expenses to ten percent from seven and a half percent.”