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To: Ge0ffrey
Only one deduction can be made here

That's because the tax law eliminates or caps most of our deductions.

:^>

11 posted on 12/30/2017 6:18:47 AM PST by SkyPilot ("I am the way and the truth and the life. No one comes to the Father except through me." John 14:6)
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To: SkyPilot

“That’s because the tax law eliminates or caps most of our deductions”

exactly! and makes any cuts for individuals temporary; reduces the not quite doubled standard deduction by eliminating the $4050 personal exemption and the $1250 exemption for those over 65; and adjusts the tax rate by the chained CPI; thus, further deflating the regular CPI inflation adjustment for your tax rate categories, and eliminates the deduction for those who use a tax preparer. it’s also interesting if you look at the tax rate category reductions, and see whom got the biggest cuts.


60 posted on 12/30/2017 8:31:46 AM PST by IWONDR
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