H.R. 8820, titled the “Improving Access to Long-Term Care Insurance Act,” proposes changes to the Internal Revenue Code of 1986. It aims to allow taxpayers to deduct long-term care insurance premiums without needing to itemize their deductions and without these expenses...
Simple Explanation
H.R. 8820 is a plan to let people save money on their taxes by taking away the need to spend a lot before getting help to pay for long-term care insurance, like what helps the elderly or sick when they need extra care. But to make up for this, other ways people save on taxes, called credits, might be reduced.