[robroys woman]

This is only partially true. What they did was eliminate the personal deduction while increasing the standard deduction.

The bottom line is that they are trying to do away with deductions to simplify it. For my wife and I, who are empty nesters and don’t itemize, we will pay less tax. For those that Itemize, they will pay more since they are losing the individual deduction. Some will no longer need to itemize because, though their itemized deduction used to be larger than the standard deduction, it may no longer be. These are the people who’s returns are now “simpler”, though they may end up paying more tax.

The big win in this tax plan is the elimination of the personal mandate for obamacare. However, this simplification will clean up taxes and put states on notice that squeeze a lot of money out of their citizens that the citizens can deduct from their federal taxes. That “gimme” is much reduced.

This really is a simplification of the tax code. Rates are lowered and deductions are eliminated. Kinda reminds me of Reagan.

[RitaOK]

Your explanation was expressly clear and concise.

Thanks for clarifying the impact of itemizing, as it relates to losing the individual deduction.

I appreciate it.

[LostInBayport]

Some will no longer need to itemize because, though their itemized deduction used to be larger than the standard deduction, it may no longer be.

I think this may be the case for me. The gap between my former itemization amount and the new standard deduction will be my tax cut. The only thing I don't know is if my accountant will reduce his bill since I won't be itemizing!