2018 Federal Income Tax (math not politics)

Pretty damn small, seeing as the bottom 20 percent of tax payers have an effective federal tax rate of minus-4.5 percent, and the top 95-99 percent only pay an effective rate of only 14 percent.

Well, these states tend to like higher taxes. You got 'em.

 

Jesus, dude. That study’s of the 2013 tax year. He’s asking about 2018.

 

So?

It was also 30% in 2014. I believe that's the most recent tax year available.

Do you think 30% of all returns is insubstantial?

 

Shaking my head ...

 

Am I misunderstanding this post?

 

He’s. Asking. About. 2018.

 

And you implied that very few people choose to itemize.

Nearly a third of all returns itemize.

Are you suggesting that a change to tax law effecting 44 million returns is inconsequential?

 

No, I didn’t.

No, I’m not. The question as to its consequentiality was never raised.

And it’s “affecting” ...

 

hmmm.

 

In the semantics of all this the point appears to have been lost.

Yes, 2013 and 2018 will be different.

The 44 million or so 2013 (or 2017) people are wondering, "I have been itemizing and have found it to be beneficial. In 2018 I'm afraid it will not be of any benefit, and my tax burden will be noticeably higher."

I'm not one of the 44 million. I expect a small tax break in 2018. If someone with a $700,000 mortgage in the Bay Area finds his taxes are higher in 2018, that's fine with me.

 

Ok, how I wrote it wasn't correct, but the end result remains: because the law nearly doubled the standard deduction, fewer people will itemize deductions — and you can ONLY deduct charitable contributions if you itemize.

Charities are bracing for an expected decline in contributions.

 

благодаря!