It’s looking like a tax increase on the upper middle class.
That’s a very interesting demographic for Republicans to target.
Maybe it is a populist party now and any family with a gross income over $120K is the enemy.
Raising the standard deduction to 24k (12+12) will eliminate the ability for MOST families to itemize. Not all, but most. That is the plan. That is how it gets done on “a post card”. It becomes 1040 EZ. MOST families today do not have over 24k in itemized deductions.
I live in a red district in a very blue, very high tax state and I applaud this!
We never seem to be able to reach the threshold to itemize deductions. We're in the top few percentiles for both income and assets and we can't. We live in a fairly small house, have no mortgage, and I own a 20 year old Volvo with over 200K. My wife's 160K Honda actually has a rust hole in a fender.
Maybe it's "rich people" who are living the bazillionaire lifestyle who are taking all those deductions, because it's not us. I'm not sure who they vote for. Maybe it's not for Republicans.