Friday, July 7, 2017

New IRS Data Shows Largest Tax Deductions Of High Income Households

From Tax Foundation, "The Largest Deductions Taken by High-Income Households" by Scott Greenberg:
[W]hat are the largest [tax] deductions that high-income Americans currently claim?

We can answer this question with a new set of data, released by the IRS last week, on households with over $200,000 in income in 2014. [Footnote omitted.]
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Largest Tax Deductions Of High Income Households Chart
Source: Tax Foundation
The deduction for state and local taxes is the single largest deduction claimed by households making over $200,000. These households deducted $243 billion in state and local taxes in 2014 – accounting for 47 percent of all state and local taxes deducted by U.S. households that year. In recent years, several lawmakers have proposed eliminating the state and local tax deduction altogether; this data shows that doing so would mainly impact high-income households.

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