Sep
27

Double Deduction

schedule a The standard deduction in 2017, if married is $12,700; $6,350 if single. Trump proposes doubling it. This will eliminate itemizing for married households with deductions between $12,701 and $25,400. Based on 2015 data, the average itemizing household with AGI of between $50,000 and $100,000 has $22,872 in deductions, including $7,007 in mortgage interest. These households will stop itemizing, enjoying lower taxes but not benefiting from any deductions including mortgage interest.

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