I DO live in an expensive state and so do many, many others, who WILL suffer from not being able to deduct them.
That's an awfully LOW threshold, in Maryland, for what is "wealthy" and even more so, for Mississippi; but then, I did know that Mississippi was a poor state.
Is it really THAT lows in Arizona? GOSH....
“I DO live in an expensive state and so do many, many others, who WILL suffer from not being able to deduct them.”
Do your itemized deductions exceed $24,000? When I did other people’s taxes, it was in Arizona...but I’d guess less than 1% had itemized deductions over $24K, and they were folks with over $200K in income. That was only a couple of years ago, but it included people who were willing to pay to have their taxes done.
If Trump doubles the standard deduction, very few people will pay more in taxes due to losing the home mortgage interest deduction. Most will see a cut. At least based on what I saw in AZ a couple of years ago.