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The bigger influence on the tax code is the litany of deductions, which are lobbied for by the wealthy. The value of a $100,000 deduction is worth $30,000 to a
by trendia 10y ago
The bigger influence on the tax code is the litany of deductions, which are lobbied for by the wealthy.
The value of a $100,000 deduction is worth $30,000 to a wealthy person, but probably around $1 for H&R block.
edit: fixed
- maxerickson 10y agoIt's worth more like $30,000. You only save the tax on the deduction, not the whole thing. (and some deductions will of course be worth less than the tax; a $100,000 donation to the Red Cross costs $100,000 and doesn't have any financial return, so the $30,000 tax benefit there costs $70,000)