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House tax bill would scrap deduction for medical expenses

House tax bill would scrap deduction for medical expenses

Finance
What's in the GOP proposed tax planThe tax bill unveiled by Republicans in the House on Thursday would not, as had been rumored, eliminate the tax penalty for failure to have health insurance. But it would eliminate a decades-old deduction for people with very high medical costs. The controversial bill is an effort by Republicans to revamp the nation's tax code and provide dramatic tax cuts for business and individuals. However, its future is not yet clear because Republicans, who control both the House and Senate, appear divided on key measures. The medical deduction, originally created in World War II, is available only to taxpayers whose expenses are above 10% of their adjusted gross income. Because of that threshold, and because it is available only to people who itemize their deduct...
Unexpected back-to-school expenses can easily add up this fall

Unexpected back-to-school expenses can easily add up this fall

Finance
Watch out, parents: Back-to-school season can easily put a four-figure dent in your budget.Parents of high school students can expect to pay an average $ 1,489 per child for school supplies and activity fees, according to the annual Huntington Bank Backpack Index. That's a drop of $ 9, or less than 1 percent, from 2016. Parents of elementary-school students can expect to pay an average $ 662 per child, up 1 percent from last year. Middle-school students' parents will fork over $ 1,001, a 4.6 percent increase. Some parents expect to shell out even more. One in 5 parents said they plan to spend more than $ 2,000 per child in back-to-school shopping, according to a new Capital One survey. Teen boys and girls said the most important items to have when returning to school are new clothes and ne...