under the tax proposals:
70% of the population takes the standard deduction. They all come out ahead because the increase in the standard deduction is greater than the loss of personal exemptions. Lower rates + higher child credits are a bonus.
People living in high tax states could be losers if they paid a lot in SALT. Maybe 15% of the people living in those states or 5% of the total population?
People with student loans could have a problem. Depends on how that gets resolved.
Charities are big losers. The incentive for upper middle income people to donate is getting crushed.
Real estate developers, agents, etc. could be a big losers with the loss of deductions. The best we can hope for is that more wealth will offset the impact of lost deductions.
70% of the population takes the standard deduction. They all come out ahead because the increase in the standard deduction is greater than the loss of personal exemptions. Lower rates + higher child credits are a bonus.
People living in high tax states could be losers if they paid a lot in SALT. Maybe 15% of the people living in those states or 5% of the total population?
People with student loans could have a problem. Depends on how that gets resolved.
Charities are big losers. The incentive for upper middle income people to donate is getting crushed.
Real estate developers, agents, etc. could be a big losers with the loss of deductions. The best we can hope for is that more wealth will offset the impact of lost deductions.
