I'm not rich and I itemize my deductions. Anyone - with a house payment, paying Posted: Oct 12th, 2017 - 7:02 am In Reply to: Itemized deductions going away, standard deduction increasing. - Sounds good to me! sm
real estate taxes on your home and working at home would itemize their deductions. If you're not, you should be. I also don't hire an attorney to itemize my taxes. I do my own on one of the online tax programs. I used to do it on paper the old-fashioned way. I also didn't buy farming property and plant a shrub to get government kickbacks.
From what I see, this tax plan would really hurt people with children, which is a lot of middle class people, and the very poor who are barely making it on what they earn by having their rate increased. The ones getting helped would be the very wealthy, corporations and perhaps some of the middle class who have no children, no house payment, don't work at home and pay no real estate taxes.
They really haven't given a lot of details on this plan so it's hard to really know, but my observations are by what I am seeing.
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