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Sure, but that would require a significant shift away from our current deduction-based approach. Good luck prying that out of the cold dead hands of boomers (a
by RC_ITR 6y ago
Sure, but that would require a significant shift away from our current deduction-based approach.
Good luck prying that out of the cold dead hands of boomers (and eventually Gen X)
- bluGill 6y agoA large part of it has been. The standard deduction is high enough now that most people can't take advantage of the deduction based approach. Of course most tax people will tell you to save all receipts, they will happily charge you to look through them and calculate that they are not big enough to matter. If people knew how simple their taxes really were most people wouldn't be willing to pay as much for it.
- ghaff 6y agoI've itemized the past couple of years for various reasons and I have some other complexities. But, yeah, most people--especially if they don't have a mortgage--are just going to take the standard deduction.
- RC_ITR 6y agoThat ignores the effect of wealth inequality in the US. You may not know a lot of people who itemize, but our elite / political class does at almost a 100% rate. So long as they want / use it, it will 'trickle down' to others. https://www.taxpolicycenter.org/briefing-book/what-are-itemized-deductions-and-who-claims-them#:~:text=In%20recent%20years%2C%20about%2030,and%20medical%20and%20dental%20expenses https://www.taxpolicycenter.org/briefing-book/what-are-itemi....