The December 2017 tax reform bill significantly increased the standard deduction and eliminated an entire class of itemized deductions (the Miscellaneous Deductions including tax preparation costs, investment advisory fees, gambling losses, personal casualty losses, investment expenses, and work-related expenses of W2 employees). The tax reform law also limited the mortgage interest, real estate, property, sales, and state income tax deductions. Do each of the following:
What taxpayers will lose as a result of the eliminated deductions? How will that change the economic incentives that are present in our economy?
Explain the impact of the increased standard deduction on the number of taxpayers who itemize each year.
What taxpayers will benefit? Which taxpayers will not benefit?
Explain the economic impacts of limiting the real estate, property, sales, and state income tax deductions to $10,000.
What taxpayers will benefit? What taxpayers will not benefit?
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