RE: Not necessarily true: Incorrect, federal tax payers

Posted on: August 19, 2019 at 09:18:20 CT

received tax rate reductions and paid lower taxes. The deductions you cite that were lost were some of the itemized deductions, particularly for interest paid on a home mortgage and for State and local taxes. Most income tax payers do not itemize deductions. The State and local tax itemized tax deductions were actually subsidies to the States and cities that impose income taxes on their citizens. Again, most income tax payers were unaffected by the loss of these deductions. It was not a wash, as you indicate.