Legislative Update for SeniorsLegislative Update for Seniors

Somewhere in the middle of the pandemic, the United States had a presidential election, swore in a new president and had a shift in the politics of Congress. Now that a COVID-19 vaccine has been developed and life is returning to normal, Congress is back to work and introducing bills that may have a significant effect on seniors and their families. Given the current ability to pass legislation during the reconciliation process, it’s wise to remain diligent about what may be coming.

Tax

While minor tweaks have been made in tax policy since the Internal Revenue Code of 1986, things remained largely unchanged until the Tax Cuts and Jobs Act (TCJA) was passed in
December 2017. However, when the TCJA was passed, the Republican majority didn’t o...