A higher standard deduction should make up for most.
“A higher standard deduction should make up for most.”
Not really.
While there is a higher standard deduction they are also eliminating the personal exemption.
And severely limiting the 401k exemption.
It will make up the difference FOR A FEW and fewer than 50%.
My problem with that is: A higher standard deduction will mean MANY MORE people will not be able to itemize at all!
That means, a bunch of other deductions that come in handy every now and then will be gone. Things like: being able to offset Gambling winnings with other gambling LOSSES.