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Anyone with substantial state taxes and mortgage interest is unlikely to take the standard deduction currently, and the increase in the standard deduction seems
by jwatte 9y ago
Anyone with substantial state taxes and mortgage interest is unlikely to take the standard deduction currently, and the increase in the standard deduction seems unlikely to compensate nearly enough.
Couple with the significant impact on education cost (especially graduate education) and this tax plan looks tailor made too punish the coasts and benefit the aristocracy.
- bogomipz 9y agoIndeed people living in NY and CA are going to feel pain without the ability to deduct states taxes. People are in for a shock.