“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.
And now, a la what's on DRUDGE, the damned DEMs want to add the insane VAT to this proposition. Ergo...EVERYONE will be SCREWED, if the GOPers cave and Trump okays that.
Can you further explain this to me? I’m still not understanding it.
How much would a married couple tentatively get to deduct for their standard deduction? Is there a personal deduction for each person?
Right now I am figuring we will owe thousands more, because (based on my most probably flawed calculations), we are over the cutoff for the one category by .085%, jumping us up to the next percentage tax bracket.
We have no mortgage or child care or interest.