Tax

Why Doubling the Standard Deduction Won’t Help Most Homeowners

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Comments
  1. Thank you for pointing out where the proposal falls short by providing a real life scenario with numbers in the equation. As we know in our business – details count.

  2. I for one real estate broker like the idea of eliminating the state property tax and state income tax as a deduction since it allows people in high tax states like New York & California to pay less federal taxes than most of all the other states. Just because those high tax states spend & tax their residents huge amounts it would be unfair to those of us who live in more fiscally responsible states to make up for their lower fed taxes!

  3. Steve Kozicky

    In response to Dale Ewald’s comments I would like to add a little different perspective. In states where state taxes are low or nonexistent we see more Federal dollars being sent to those states. It’s not just that some states are getting way more in return for their federal tax dollars, but the disproportionate amount of federal aid that some states receive allows them to keep their own taxes artificially low. I hardly think that punishing states with high state taxes by disallowing tax payers to deduct their state taxes from federal returns while giving low or no state tax states a huge return on every dollar they spend of federal taxes is fair. Just one opinion.

  4. Jane hill

    These are great arguments to do away with deductions and go to a flat tax program. The political posturing stops and everyone contributes.

  5. very well-written!

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