You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Reply #26: Sounds good in the headline, but you need to think about what [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Latest Breaking News Donate to DU
napi21 Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Jun-06-04 10:41 AM
Response to Original message
26. Sounds good in the headline, but you need to think about what
it would actually do for the low to middle income people.

Because the standard deduction is fairly high now, 80% of tax filers don't itemize anymore. Things that have been capped, like only being able to deduct medical expenses in excess of 7% of your adj. gross income, and very low mtg. interest rates, have made it a much better deal for most to just use the standard deduction. Allowing you to deduct the sales tax or state income taxes isn't going to help low to middle income taxpayers at all. They are still going to be better off using the standard deducton.

For upper middle income people, it would give some benefit, but is that really what we're looking for? Yet another break for them!
Printer Friendly | Permalink |  | Top
 

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC