5 ms·
Yea, it's talked about very negatively by the president because it creates a lot of extra work, both for the IRS and tax attorneys.
by danschumann 9y ago
Yea, it's talked about very negatively by the president because it creates a lot of extra work, both for the IRS and tax attorneys.
- wavefunction 9y agoI would think tax attorneys would appreciate more billable hours. The 'postcard sized tax form' touted by the GOP left me wondering what the makers of TurboTax and other tax preparation software think about that specific proposal.
- jonas21 9y agoThe "postcard sized tax form" is essentially the same level of complexity as the 1040EZ, which already exists. See: https://www.vox.com/policy-and-politics/2017/8/30/16219906/paul-ryans-postcard-tax-return https://www.vox.com/policy-and-politics/2017/8/30/16219906/p...
- colek42 9y agoThe standard deduction doubling will mean that most people will be able to use a simple form rather than itemizing.
- ryandrake 9y agoRegardless of what the standard deduction is, don't you still have to first itemize in order to figure out whether you should itemize?
- deleted 9y ago[deleted]
- greenleafjacob 9y agoIf you have itemized before and no material changes have occurred in your tax situation then you don’t have to itemize again.
- sokoloff 9y ago> If you have itemized before and no material changes have occurred in your tax situation then you don’t have to itemize again. Explain this a bit more? I mean, it's technically true for most taxpayers that they aren't forced to itemize, but I doubt that's what you meant.
- ghaff 9y agoI think several people on this thread as using "itemized" as shorthand for "did the paperwork to figure out their total deductions and discovered it was less than the standard deduction."
- philwelch 9y agoEh, once you work through the big ticket deductions (like home mortgage interest), it's usually easy to tell.
- toast0 9y agoIf your income is less than the standard deduction, you don't need to itemize. If you're living off of stock dividends, or other capital gains, the threshold is when income minus standard deduction hits the top of the bracket for 0% on cap gains. If you have a general idea of what's itemizable, and an approximate amount for those, and it's much less than the standard deduction, you don't need to find all the receipts and do the work.
- sokoloff 9y agoNot necessarily. You could just take the standard deduction without regard to whether or not it was good for you to do so. Many people are in the situation where they just know that there's no point in itemizing, and more will be in that boat when state/local income taxes are excluded and the standard deduction is raised.
- mikeash 9y agoTurboTax et al absolutely hate it, of course, and work hard lobbying Congress to ensure it doesn't happen. https://www.propublica.org/article/filing-taxes-could-be-free-simple-hr-block-intuit-lobbying-against-it https://www.propublica.org/article/filing-taxes-could-be-fre...
- deleted 9y ago[deleted]
- shmerl 9y agoQuite disgusting to lobby for keeping the process complicated, to justify the middleman. I'm not using Intuit. TaxAct doesn't seem to do such stunts.
- microtherion 9y agoSurely, the fact that $31M of the $38M of tax he paid in 2005 was AMT had nothing whatsoever to do with it... https://www.marketwatch.com/story/read-this-to-see-if-you-owe-the-alternative-minimum-tax-2017-02-23 https://www.marketwatch.com/story/read-this-to-see-if-you-ow...
- ringaroundthetx 9y agoAMT has always been seen as poor solution/compromise and is also in both house and senate versions of this bill who cares about this populist president's past experience with it mayyyybe if he made the AMT repeal a part of a red line for him not to veto the bill congress sends him, then you could pull out that article but making everything about Trump? ehhh its hard to defend
- gergles 9y agoHe would pay more with the AMT being repealed, as the higher marginal tax rate would apply rather than the AMT rate. This trend of going "whaa, but Trump!!!!!!" every time anything happens in government makes for lazy debating.
- seattle_spring 9y agoIt's "Alternative Minimum Tax", not "Alternative Maximum Tax".
- ceejayoz 9y agoPer https://en.wikipedia.org/wiki/Alternative_minimum_tax https://en.wikipedia.org/wiki/Alternative_minimum_tax, "Each year a taxpayer must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax." If Trump paid AMT, his regular taxes were lower, which means he stands to gain. Is there something I'm missing here?