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[news]Middle class feeling betrayed by Trump when filing taxes
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Attackcoog Offline
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RE: [news]Middle class feeling betrayed by Trump when filing taxes
Some with unique employee circumstances might take a hit. I know a salesman that does not have a company car and is not compensated for his mileage. He always itemizes and takes a large auto deduction for those miles. It’s about a 18-20k deduction that he will lose. Add that to his mortgage interest and his other smaller itemized deductians—-and he may actually be the type of person that the new standard deduction won’t offset his lost itemized deductions. By and large—the vast majority of Americans will come out way ahead under the new tax bills. Those that don’t will be those using lots of itemized deductions or those with tons of mortgage interest (those with multiple homes will get hurt). However—most folks with multiple homes make a crap load of money—so the lower marginal rates will probably offset most (or all) of the effect of these lost deductions.
(This post was last modified: 02-08-2019 10:33 AM by Attackcoog.)
02-08-2019 10:27 AM
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RE: [news]Middle class feeling betrayed by Trump when filing taxes - Attackcoog - 02-08-2019 10:27 AM



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