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Nelson (D-Ne) offers bill aimed at those who don't itemize deductions

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Omaha Steve Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 09:21 AM
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Nelson (D-Ne) offers bill aimed at those who don't itemize deductions

http://www.omaha.com/index.php?u_page=2798&u_sid=101870...

Published Saturday | November 17, 2007
Nelson offers bill aimed at those who don't itemize deductions
BY JOSEPH MORTON
WORLD-HERALD BUREAU



WASHINGTON Nebraskans often complain about high property taxes, but they can take some solace in deducting those bills on their federal income tax returns.

At least they can if they itemize their deductions.


Ben Nelson


For those who take the standard deduction, nearly 250,000 households in Nebraska, there is no way to deduct property taxes. Critics say that amounts to double taxation.

Legislation offered this week by Democratic Sens. Ben Nelson of Nebraska and Evan Bayh of Indiana would grant a special break to homeowners who opt for the standard deduction, which is $5,350 for single taxpayers and $10,700 for married couples filing jointly.

Those tax filers would receive an additional deduction for property taxes they've paid up to $350 for single filers and $700 for joint filers.

Itemizing is a good deal for homeowners who pay a lot of mortgage interest. But for people who have already paid off their homes and for those living in less-expensive rural areas, itemizing may not make sense.


FULL story at link.

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MaineDem Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 09:32 AM
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1. Thank you!!!
The whole tax law has to be revisited but this is a good first step.

I still can't figure out why we can't deduct federal income tax paid from the next year's returns. Seems to be that is truly double taxation.
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yellowdogintexas Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Nov-17-07 09:38 AM
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2. itemizing is impossible unless you can beat the standard deduction!
without mortgage interest and property taxes,most people can't beat the high standard deduction. But once you do equal or beat it with your mortgage interest and taxes, then you can throw in all your charitable stuff, and end up paying less tax.

Standard deduction is set way too high for many people to take advantage of Itemizing, but it was originally raised to offer a built in deduction of gross income for non homeowners. So his idea of a credit or line item deduction similar to child care or state sales tax is excellent!

Of course the whole way our taxes are collected and accounted for is such a maelstrom of complicated BS it does need a complete overhaul, but this is a help.
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