5 ways tax reform could squeeze the middle class

[cawacko]

Post a list of everyone of your ID's and I will show you how FOS you are. Fair enuf?

You going to do the same racist?

 

[tsuke]

Not necessarily true, new homeowners probably use itemized deductions, as do those living in States with state and state sales tax, statistically, it isn't the majority, but that is because a lot of people don't pay Federal Tax

In addition, they are talking doubling the standard deduction but haven't detailed who falls into what tax bracket, as it stands, it is only a framework and a lot of rhetoric promising everyone everything

according to the IRS in 2013 68.5% of households use standardized deductions while the rest dont. If you increase the standardized deduction then those people benefit. In fact if you increase it then more people would take it. It would only be those who have massive deductions who would remain using itemized.

Aside from the monetary savings imagine the time you would save. You just figure out your income tax level and standard deduction. Done! Tax season would take less than a day for the people and IRS. IRS wouldnt even have to validate it as you cant really deny the standard deduction.

People act like the government is not getting this money eventually. When you give back money to people like this they will not hide it under the mattress. They will spend or save it and you either tax it thru sales or enable banks to lend more.