Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM

Note that 71% of tax filers do NOT itemize......these people will have a doubling of their standard deduction which will have a positive effect on any taxes paid, period. There is no discussion on this.

Of the remaining 29% of filers they will have an option of either using the new doubled-standard deduction OR itemizing under the new rules with the new rates (see data, below).

As you can see it is not until the $200-$250 category that the decision to itemize becomes an issue of decisions under the new proposals. Hardly middle class, folks.

Will there be someone out there who can pay more taxes? Of course, especially since it's suspected a large portion of people fudge their taxes.


(Data Based on Preliminary 2014 IRS Statistics)

"Based on the latest IRS statistics, itemized deductions were claimed on only 29 percent of all tax returns filed but represented an estimated 57 percent of the total deductions. The average for total itemized deductions (after limitation) was $26,374, a 3.2-percent increase from the average of $25,568 for 2013.

The following are preliminary figures released by the IRS (their reports lag behind the current tax year because of the time needed to compile figures). These are averages only. The IRS cautions taxpayers that they should not base their claimed deductions on these figures.

The numbers are useful, however, for two purposes:

to see if your actual deduction is out of line (so you can take extra care to document your claim); and
to see if the deductions meet the expectations of policymakers.

Also, note that these averages take into account only those individuals who claimed an itemized deduction for that type of expense. Zero deductions are not factored in. Thus, the “average” taxpayer with adjusted gross income between $50,000 and $100,000 did not take an “average” medical expense deduction of $9,614, only the “average” taxpayer who itemized and claimed a medical expense deduction did."

ADJUSTED GROSS INCOME MEDICAL EXPENSES TAXES INTEREST CHARITABLE CONTRIBUTIONS
under $15,000 $8,787 $3,566 $7,129 $1,427

$15,000 to
$30,000. $8,477 $3,376 $6,619 $2,339

$30,000 to
$50,000. $8,209 $4,098 $6,511 $2,594

$50,000 to
$100,000. $9,614 $6,679 $7,553 $3,147

$100,000 to
$200,000. $11,122 $10,983 $9,147 $4,130

$200,000 to
$250,000. $18,092 $17,763 $11,642 $5,786

$250,000 or more. $36,992 $50,679 $16,982 $21,596

Architect1776 Loc: In my mind

Interesting. Especially the deductions of charitable donations for the under 15K income. BS they give that away.

Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM

Mine is not to question why..........🤠

Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM

By the way....Thanks for reading it! The left wing nuts will eventually just attack it ....you know how data confuses their itty bitty, intolerant minds!

Architect1776 Loc: In my mind

Yes I know.
But what do you expect for those who are information challenged.

Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM

Agreed. I am astonished at their anger, intolerance, and GOP derangement.

I get it......they are pissed at how many thought so little of Obama (at best a mediocre president), at Hillary's epic loss, at the progressive loss of e******ns all over America at every level, etc. However, I will say that most of the vitriol directed toward Obama did not start for quite a while in office....with Trump, it was begfore the e******ns and even worse, these left wing nuts can not acknowledge any GOP politicians, any GOP policiy, etc. while lauding any progressive of the same ilk no matter how lame, crooked, etc they are.

nakkh Loc: San Mateo, Ca

CBO will tell the true tale.

I'll wait for their ruling.

Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM

What's to Tell? The data above is from the IRS......71% of filers get a larger deduction assuming they file and pay taxes.

nakkh Loc: San Mateo, Ca

That's fine as long as it doesn't blow a hole in the debt. This plan
is projected to add an additional 1.5 trillion to the debt. I would
rather pay more tax to plug the deficit than have a tax cut.

ken hubert Loc: Missouri

A Liberal worried about the debt? Bwahahahaha! Hilarious.

nakkh Loc: San Mateo, Ca

Hey s**tposter. How about posting some original material?



Chicken?

How about a couple of positive articles about trump?

Cykdelic Loc: Now outside of Chiraq & Santa Fe, NM

Given the last president got 10 trillion over 8 years to play with, I will not begrudge this one a theoretical 1.5 trillion over 10 years. I understand taxes, banking, and modeling very well, and though I would like a break in individual v. corporate v****g and even more changes, I believe this one has a better than average chance to goose up growth, and a higher growth, ESPECIALLY If they can get it to 4-4.5%, will make the 1.5 trillion moot. I will also add that virtually every major tax rate drop of the past resulted in quick increases to government revenues......the b***h has been that our elected officials ALWAYS use that as an excuse to increase spending at rates greater than the revenue increase, then be shocked that deficits occur.

ken hubert Loc: Missouri

Bwahahahaha! I'm positive that Trump drives your ass bonkers!

sueyeisert Loc: New Jersey

This is a tax cut for the wealthy.Just to mention a few things. If your a hedge fund manager the loophole that allows you to pay 20% interest rate stays, Inheritance tax is eliminated in 5-6 years. Right now a couple can leave 11 million dollars and pay no tax. NO interest deduction for school loans or medical bills. Where I live in New Jersey - a middle class town with good schools a house is easily $500,000. Loans over $500,000 will not ne deductible. State income tax and property tax above $10,000 is not deductible. An average house can cost $10,000 in property tax. What about state income tax. A teacher can pay $5000 a year on state income tax. From what I've read a family of 5 will do worse under this tax plan. It is a boon to multi millionaires. This bill leaves our children with a1.5 trillion dollar dept. Important issues like infra structure aren't addressed. The pot holes will only get bigger. This bill is a boon to the Koch brothers and other millionaires who bought this bill with campaign finance. This is stealing from the middle class to give to the rich. Ask yourself how much money to millionaires and billionaires need to be happy.

WNC Ralf Loc: Candler NC, in the mountains!

Amen brother, tRump continues to screw the middle class.