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Aren't like >70% of the populations taxes extremely simple tho? Most people are just taking the standard deduction and not much else. Most of the complications
by azemetre 5y ago
Aren't like >70% of the populations taxes extremely simple tho? Most people are just taking the standard deduction and not much else.
Most of the complications in tax policy are affecting a small minority of people and corporations.
- aksss 5y agoYeah if you work a W-2 job and the company is making tax deductions from your paycheck, your taxes are pretty simple. If you have a mortgage, you can deduct the interest. I think most people are in this category. Taxes just start getting complicated proportionate to the creative compensation some jobs offer - deferred stock purchase programs, etc., - or if you have some complicated deduction or third-party income sources.
- TheCoelacanth 5y ago> If you have a mortgage, you can deduct the interest. I think most people are in this category That's true, but you need to have other deductions or a fairly large mortgage for it to be worth taking that deduction instead of the standard deduction. Most people are better off with the standard deduction.
- aksss 5y agoThis is true, especially after the standard deduction nearly doubled for most in 2017.