It's actually twice that overall, and higher than 36% in some states. Of course the higher your income the more likely you are to itemize.
But regardless of whether it's 18% or 36%, I'm one who does and based on what's being discussed my taxes are headed up.
>>But regardless of whether it’s 18% or 36%, I’m one who does and based on what’s being discussed my taxes are headed up.<<
Reagan was right: the scariest words ever to hear are: “I am from the government/congress and am here to help.”
Unless and until they adopt a true flat tax the middle to upper middle class will get screwed by taxes. Irrespective of the gadgets they attempt to deploy.
>>Only 18% of all taxpayers itemize.
It’s actually twice that overall, and higher than 36% in some states. <<
I was quoting someone I heard on the radio this AM. A quick Google search says closer to 30 of all tax filers itemize.
Of course a higher standard deductible will decrease the number of itemizers.
Only 50% of taxpayers actually have a net liability. In earlier post I showed that the 44 million taxpayers who deduct state and local taxes represent just over half of the 85 million filers who actually have a net federal income tax liability. Moreover, if you screen out those who pay less than $5,000 I would guess this becomes a much larger number, since those who itemize, like myself, are typically paying out more than the median salary in our locales.