About 1,000 "taxpayers" making over $1 million a year failed to even file returns at least once, 2017-2021.

What gets swept under the rug is that the virtual elimination of the choice to itemize severely hurt many people. Anyone with casualty, medical, etc. losses obviously got screwed. Anyone who paid mortgage interest got totally screwed. 

Charitable contributions dropped by a third, as anything over $300 was no longer deductible. And the housing markets were negatively affected, as prospective buyers often no longer qualified for mortgages due to no longer being able to deduct the interest.

The mortgage interest deduction elimination most affected those states and areas where housing costs are high--liberal cities and states. The conservative trailer park crowd wasn't affected. Big surprise there!

And last but not least--Trump took away most of the federal education credits, which students or their parents could use to defray the cost of attending college. But he loves the uneducated!

Charitable contributions dropped by a third

cpa kevin continues the lie

https://philanthropy.iupui.edu/news-events/news-item/giving-usa:-total-u.s.-charitable-giving-declined-in-2022-to-$499.33-billion-following-two-years-of-record-generosity.html?id=422#:~:text=Total%20giving%20declined%203.4%25%20in,of%20%24516.65%20billion%20in%202021.&text=The%202022%20results%20follow%20the,billion%20for%20the%20first%20time.

What gets swept under the rug is that the virtual elimination of the choice to itemize severely hurt many people

cpa kevin wrong again.  Lets try simple 3rd grade math

1-A person has $50k in income & has $10k in deuctions.  Net taxable income is $40k

2- Same person has $50k in income but instead take the $27k standard decution.  Net taxable income is $23k

Which person will pay more in taxes; #1 or #2?

"The $27K standard deduction" is for A MARRIED COUPLE. You fucking idiot.

And the issue is whether a person can itemize or not. The option to do so used to exist, and a person could itemize if his itemized deductions added up to more than his standard deduction. Now, that choice is gone.

The standard deduction increase was MORE than canceled out by an increase in tax rates--after 2018. Trump just kicked the pain down the road, so he could blame those higher taxes on future administrations.

Stupid Tommie-poo.

(Temporary suspension of Shortbus boycott to counter tax disinformation spread by Trumper Tommy.)

kevin is the guy who makes up words & is concerned about when I didn't say people or couple but I will play along.

1-A single person making $50k has a $10k in deductions.  The taxable income is $40k

2-A sngle person making $50k has a standard deduction of $14k.  The taxable income is $36k.

Who has less taxable income

The standard deduction increase was MORE than canceled out by an increase in tax rates--after 2018.

False

Obviously, the person with less total itemized deductions would choose the standard deduction.

1. A single person making $50K has $20K in itemized deductions. His taxable income is $30K.

2. A single person making $50K has a standard deduction of $14K. His taxable income is $36K.

Who has less taxable income?

DUHHHHH, stupid Tommie-poo.

Whoa whoa whoa......why can't the person itemize again if his itemized deductions are greater than the standard deduction?  

He can. But if you examine the sea change from prior years to TY 2018 and beyond, it's now very rare that itemized deductions exceed the standard deduction, because a) the standard deduction is larger, and b) itemized deductions have been virtually eliminated.

This was touted as a wonderful thing. But at best, it was a shell game, because tax rates on income over the standard deduction (or, over the total of itemized deductions) were sharply increased. Dig up a 2019 1040 tax table and compare it to prior years if you don't believe me. AND...the Trumpy shell game decreed that those rates would go up every year through 2025.

The net effect was an overall increase in tax rates of about 2% for the average taxpayer. But the people who were really fucked were those who would have wanted to itemize before. Those consisted primarily of two groups: those who had suffered one-time large, unusual losses (like uninsured medical or disaster losses), and those who had large mortgage interest expenses (recurring). One could EASILY pay far more in interest expenses than the standard deduction would compensate for. Thus, if one couldn't itemize, and one paid substantial mortgage interest, the doubling of the standard deduction wouldn't have come close to making up for it. And as I've said before, homeowners in blue states and cities were most affected by this--so of course, the Trump team didn't give a shit (or maybe they cackled to themselves about sticking it to them LIBBURULS).

Itemized deductions were created to recognize the fact that someone whose house burns down or who breaks a leg has functionally less income than someone who earns the same amount but has nothing untoward happen. They were also created to encourage home ownership and make it easier to attain.

I can only laugh ruefully at the RepubliQ efforts to stamp out that iconic aspect of traditional AMURRICAN values--home ownership. Two kids, a puppy dog, and a white picket fence. Oh, wait, not any more--corporate profits must take precedence!

Ok, you said virtually eliminated.  I missed that.  Thought you said they were completely elliminated.  I agree with a lot of what you said here.  The SALT limitation was a real doozy too.  (where your property taxes plus state taxes are capped at 10K)  

I told other republicans right away that this Trump "tax cut" was not one at all.  

Well...it was...if you were a rich person or a big corporation. In other words, the RepubliQ's clientele/masters.

The SALT move also hurt...you guessed it...blue-state taxpayers, since property taxes tend to be higher in affluent areas and places where they have libraries and sidewalks and indoor plumbing. This was a massive wealth transfer from the average taxpayer to corporations and the rich, but the smoke and mirrors made it seem less hurtful than it was. The irony is that the people at the bottom of the heap actually benefited somewhat, as instead of paying a small amount of income tax, many of them now paid none.

We can look at the effects of the Trump tax mess after five years. Even with high inflation and the lingering effects of the pandemic, coporate profits in America are at a massive all-time high. I guess that's what the RepubliQ fat cats wanted, but I can't imagine Joe America being all that thrilled about it.

Well...it was...if you were a rich person or a big corporation. In other words, the RepubliQ's clientele/masters.

The SALT move also hurt...you guessed it...blue-state taxpayers, since property taxes tend to be higher in affluent areas and places where they have libraries and sidewalks and indoor plumbing. This was a massive wealth transfer from the average taxpayer to corporations and the rich, but the smoke and mirrors made it seem less hurtful than it was. The irony is that the people at the bottom of the heap actually benefited somewhat, as instead of paying a small amount of income tax, many of them now paid none.

We can look at the effects of the Trump tax mess after five years. Even with high inflation and the lingering effects of the pandemic, coporate profits in America are at a massive all-time high. I guess that's what the RepubliQ fat cats wanted, but I can't imagine Joe America being all that thrilled about it.