RE: The GOP's turd of a tax bill
November 3, 2017 at 1:21 pm
(This post was last modified: November 3, 2017 at 1:21 pm by Jackalope.)
(November 3, 2017 at 12:21 pm)popeyespappy Wrote: The marriage penalty / break usually works in a couple's favor if one of them earns considerably more than the other. Against them if their income close to the same level. It looks like it would work the same way under this plan.
Yeah, my experience with the marriage penalty was with fairly similar incomes.
Quote:Trumplethinskin is right about one thing. Most people could do their taxes on the back of post card under this plan. The thing is most people could do their taxes on the back of a post card now if they don't itemize deductions.
People who used the short form aren't going to see any real reduction in complexity. It already was simple.
People who use the long form typical do so because they itemize, many of them will continue to do so.
I itemize, and it's not hard or time consuming at all to do my taxes - it's almost entirely a matter of copying numbers from one form to my 1040 or Schedule A. I'l continue to itemize because my itemized deductions are larger than the standard deduction even with the loss of SALT. (I working in a high-tax state and pay a large amount of property tax and mortgage interest).
My girlfriend files on the short form, and it takes maybe half an hour to do her taxes using online tax prep. My situation is slightly more complex and taxes maybe an hour and a half.
The most complex things about doing your taxes do not appear to be changing. Charitable deductions can be complex, as can capital gains, and figuring the EITC.