43,000,000 Americans claim this deduction. Even the GOP and Trump know it will hurt millions of middle class families by raising their overall tax bill if fully repealed. Hence, the real discussions, debate of the facts, negotiations, and news stories on this very subject happens as Intupe this. You accuse me fear mongering. That charge would only have a basis if I was spreading falsehoods, which I am not. Instead, it sounds like you want to intimidate and silence voices you dont agree with.
All deductions will not be eliminated, mark my words. The tax base will be broadened, again, Mark these words. 50% pay no federal income tax and usually receive most of the benefits, this too is going to change.
The largest deductions used by most Americans are in these four categories:
Medical expenses in excess of 10% of AGI (7.5% for taxpayers over 65)
State and local income taxes paid
Mortgage interest
Charitable contributions
Each year, the IRS releases a breakdown of data from the tax returns it processes. Recently, the agency released its preliminary data for the 2015 tax year -- that is, the tax returns filed and processed in 2016. So, here's the latest picture of how large the average American taxpayer's deductions are. It's important to note that only about 30% of taxpayers choose to itemize deductions on their tax returns, with the rest opting for the standard deduction instead. These figures may be useful to offset against areas where taxation is reduced suc.h as the raised thresholds purposed
Also, these are the averages among itemized returns that claimed each type of deduction. For example, only 19% of itemized returns claimed a deduction for medical expenses, and of those returns that claimed the deduction, these are the average amounts that were claimed.