it says it removes ALL deductions except mortgage interest and charity ...
which would mean no more deductions for health plans provided by your work
no more medical expense deductions
no more child tax credits (for me for 4 children)
no more deducting your property taxes
no more deductions for college expenses
no more deducting your state sales taxes
no more deducting contributions to retirement accounts
I could go on and on about all the deductions I would be losing. Doubling the standard deduction wouldn’t come close to making up for all that is lost.
Please review post #115. Then go read the article again. It does say that (your first sentence). But if you continue reading, it confuses that by also stating which other deductions will be included and increased.
This is why I can’t understand what everyone is all over the board about yet. It seems like many folks did not FINISH reading the article.
Hell, maybe I’m the idiot. What are the tax brackets and what are the new rates. Did somebody slip me drugs?
“it says it removes ALL deductions except mortgage interest and charity ...
“which would mean no more deductions for health plans provided by your work”
What page do you deduct this on? I believe they are talking about deductions on schedule A only. My husband pays for health insurance pretax, so there isn’t even a deduction on the tax form.
“no more child tax credits”
A credit and deductions are not the same thing. The credit is taken off on the back page of the 1040.
“no more deducting contributions to retirement accounts”
This isn’t done on schedule A either. I believe it is on the front page of the 1040. It is not considered a deduction, but an income adjustment.
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