Standard deduction

The Tax Foundation has a blog post rightly criticizing complicating the simpler standard deduction with extended standard deductions for state and local real estate taxes, new motor vehicle taxes, or a net disaster loss.. The standard deduction is absurdly low, and raising it would nullify the raft of itemized deductions that people obtain to get them over this limit. Raising this deduction would be a boon to many low and medium income people and save them time and money in preparing their taxes. I can’t for the life of me remember a politician suggesting raising the standard deduction. Maybe we need an exciting moniker like “American Prosperity Deduction Tax Cut” that raises the standard deduction commensurate with the renewed American dream of everyone owning a home, not just those taking the mortage tax credit deduction  or deducting one of a myriad of possible new exceptions.

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