Sure, but if the standard deduction is tens of thousands less than what you actually paid in state and local taxes, then it’s not doing it’s job.
Sure, but if the standard deduction is tens of thousands less than what you actually paid in state and local taxes, then it’s not doing it’s job.
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Sorry, I guess we’ll just have to disagree on this point. The standard deduction is simply to have a way to exclude a certain STANDARD amount of income before federal taxation begins to kick in. And that STANDARD amount is the same regardless of where the taxpayer lives in the country and how high or low their income is. And THAT is a good thing IMHO. The standard deduction’s “job” is not to subsidize state & local taxes — thank goodness!