 |
|
What are you talking about?
Posted on: October 8, 2020 at 11:20:18 CT
BigDave MU
Posts:
8285
Member For:
25.93 yrs
Level:
User
M.O.B. Votes:
0
"Also, bringing back itemized deductions for many folks will lower their taxes."
Huh? Can you explain to me, a CPA by the way, how that would work?
Trump didn't take away itemized deductions. He raised the standard deduction (which helps lower income taxpayers more). You can, and should, still itemized if your itemized deductions are more than the standard deduction.
If you lower that standard deduction back down, yes more people will itemize. But that doesn't equate to paying less in taxes. In fact, I can't think of a single instance where anymore would be paying LESS in taxes. And those whose itemized deductions are between the old standard deduction and Trumps increased standard deduction will all be paying more. And all the people who don't itemize will be paying more.
Can you explain what you are talking about?
Huh? Can you explain to me, a CPA by the way, how that would work?
Trump didn't take away itemized deductions. He raised the standard deduction (which helps lower income taxpayers more). You can, and should, still itemized if your itemized deductions are more than the standard deduction.
If you lower that standard deduction back down, yes more people will itemize. But that doesn't equate to paying less in taxes. In fact, I can't think of a single instance where anymore would be paying LESS in taxes. And those whose itemized deductions are between the old standard deduction and Trumps increased standard deduction will all be paying more. And all the people who don't itemize will be paying more.
Can you explain what you are talking about?
Please explain why this message is being reported.
MESSAGE THREAD
What are you talking about? - BigDave MU - 10/8 11:20:18
-