Friday, September 28, 2018

88 Percent Of Taxpayers Projected To Use Standard Deduction Under New Tax Law

From Tax Foundation, "Nearly 90 Percent of Taxpayers Are Projected to Take the TCJA’s Expanded Standard Deduction" by Erica York:
The Tax Cuts and Jobs Act increased the standard deduction from $6,500 to $12,000 for single filers and $13,000 to $24,000 for taxpayers who are married filing jointly. Thus, millions of households will no longer need to go through the complex process of itemizing their deductions. The Joint Committee on Taxation estimates that the number of filers who itemize will fall from 46.5 million in 2017 to just over 18 million in 2018, meaning that about 88 percent of the 150 million households that file taxes will take the increased standard deduction.
Source: Tax Foundation

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