I'm looking at the standard deduction - sm

Posted: Oct 12th, 2017 - 10:17 am In Reply to: I'm not rich and I itemize my deductions. Anyone - with a house payment, paying

I haven't seen what the proposed rate increases are. Doubling the standard deduction will definitely help the poor and middle class.

Using the 2016 tax table a family with $50,000 of taxable income (after the current standard deduction) pays $6576. It the standard deduction was doubled their taxable income would drop to $37,400 and they'd pay $4686. They saved $1890!

That's almost enough to offset their Obamacare payment for one month. Woo hooo! (That's a joke BTW.)

Doubling the standard deduction helps the poor way more than it helps the rich, especially when you look at percentage of income paid.

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Trump's tax plan - well (Views: 846, 2017-10-11, 5:03 pm)
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      - I was responding to someone who said - only the rich itemize. (Views: 361, 2017-10-12, 9:06 am)
        I didn't say only the rich itemize - Read it again. sm (Views: 356, 2017-10-12, 9:41 am)
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    - I'm looking at the standard deduction - sm
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