Big changes could be coming to your finances in 2020


A Woman jogs past the U.S. Capitol in Washington, October 24, 2019.

Siphiwe Sibeko | Reuters

Washington can feel pretty gridlocked these days, with the impeachment proceedings against President Trump dividing politicians by party lines. Still, both Republicans and Democrats have rallied around a number of bills that could deliver real changes to your personal finances.

One measure would help Americans struggling with health-care expenses. Currently, your out-of-pocket health costs must be more than 10% of your income for you to claim the medical expenses tax deduction. The Medical Expense Savings Act would lower that threshold to 7.5%. Republican Sen. Susan Collins of Maine sponsored the…


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