Required

Cutting Entitlements to Offset Tax Cuts

Republicans in both the House of Representatives and the Senate have passed a tax reform package.  However, there is still a ways to go before anything becomes law.

The differences between the bills passed by the two chambers are significant enough that a final bill needs to be negotiated in committee and then both chambers of Congress will need to vote on it.

Both bills would add approximately $1.5 trillion to the national debt. This has caused many observers to wonder what happened to the GOP’s normal stance that the budget should be balanced.

Remarks by Sen. Rubio have come to light that have many observers nervous.

The Wills, Trusts & Estates Prof Blog reported on the remarks in “Rubio: Offset Tax Cuts By Reducing Social Security, Medicare Benefits.”

The Senator suggested that the tax cuts could be paid for eventually by cutting programs the elderly rely on including Social Security and Medicare. He proposed to cut benefits for future generations, since they would have plenty of time to prepare for the changes.

One problem with that is Americans are already not saving enough for their retirements with current benefit amounts. It is not certain that changes to benefits would spur them to save more.

It is likely that some version of tax reform will pass, since Republicans are very motivated to get something passed. Elder law advocates will want to watch what they do no next very closely.

Reference: Wills, Trusts & Estates Prof Blog (Dec. 3, 2017) “Rubio: Offset Tax Cuts By Reducing Social Security, Medicare Benefits.”

Hear From Our Clients
tes-prev
tes-next

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben