{"id":134920,"date":"2017-10-04T14:56:39","date_gmt":"2017-10-04T20:56:39","guid":{"rendered":"http:\/\/hill-kleerup.org\/blog\/?p=134920"},"modified":"2017-10-05T08:04:33","modified_gmt":"2017-10-05T14:04:33","slug":"choose-tax-deduction","status":"publish","type":"post","link":"https:\/\/hill-kleerup.org\/blog\/2017\/10\/04\/choose-tax-deduction.html","title":{"rendered":"Choose Your Tax Deduction"},"content":{"rendered":"

Part of the Trump Tax Cuts (as currently being scribbled down by GOP Congressional teams behind closed doors) is getting rid of a number of tax deductions. The plan as proposed was going to do away with the deduction on state and local taxes, but keep the mortgage interest deduction. That’s unpopular in a number of quarters, but so would be getting rid of the mortgage one.<\/p>\n

So there are suggestions floating around Congress that, instead, taxpayers might get their choice: if they decided to itemize their taxes (rather than just taking the enlarged standard deduction), they might be offered the choice of taking either the state\/local tax deduction or<\/i> the mortgage interest (but no longer both<\/i> as is currently the case).<\/p>\n

I think the only winners here are financial planners and tax software publishers. Well, and rich people, because they benefit from a lot of the other<\/i> provisions in the tax cut plans.<\/p>\n


\n
\n<\/a>
\nWhich Tax Deduction Would You Rather Lose: Your Mortgage Interest Or Your State\/Local Taxes?<\/a><\/span>
\nThe Trump administration is moving forward with its plan to slash taxes on businesses, which means the government will have to get at least some of that money from elsewhere. Now comes news that ta\u2026<\/p><\/blockquote>\n

View on Google+<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Part of the Trump Tax Cuts (as currently being scribbled down by GOP Congressional teams behind closed doors) is getting rid of a number of tax deductions. The plan as proposed was going to do away with the deduction on state and local taxes, but keep the mortgage interest deduction. That’s unpopular in a number … Continue reading “Choose Your Tax Deduction”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":134937,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[106,374,376],"tags":[1247,1176],"class_list":["post-134920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-plusposts","category-money-politics","category-taxing-spending","tag-taxcuts","tag-taxreform"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/hill-kleerup.org\/blog\/wp\/wp-content\/uploads\/2017\/10\/unnamed-1-1.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":39350,"url":"https:\/\/hill-kleerup.org\/blog\/2013\/10\/23\/brilliant-deduction-j-p-morgan.html","url_meta":{"origin":134920,"position":0},"title":"Brilliant deduction, J.P. Morgan!","author":"***Dave","date":"Wed 23-Oct-13 5:24pm","format":false,"excerpt":"That really big $13bn payout that JPMorgan will have to make for all its financial shenanigans? \u00a0Turns out a big chunk of it may be tax-deductable as a business expense. \u00a0I'm sure the right wording is part of the negotiated points ...Well, at least Fox Business and the WSJ will\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":135259,"url":"https:\/\/hill-kleerup.org\/blog\/2017\/11\/02\/gop-house-unveils-tax-cut-plan-will-cost-1-5-trillion-dollars.html","url_meta":{"origin":134920,"position":1},"title":"GOP House unveils a tax cut plan that will cost $1.5 trillion dollars","author":"***Dave","date":"Thu 2-Nov-17 9:36am","format":false,"excerpt":"While some of the scarier bits that had been floated as ideas have gone away, there, still plenty of goofiness in this plan, which largely benefits the most wealthy, because that's what they paid for with the GOP. It's worth noting that none of this is final -- further GOP\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/hill-kleerup.org\/blog\/wp\/wp-content\/uploads\/2017\/11\/paul-ryan.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":30486,"url":"https:\/\/hill-kleerup.org\/blog\/2012\/10\/05\/capping-tax-deductions.html","url_meta":{"origin":134920,"position":2},"title":"Capping tax deductions","author":"***Dave","date":"Fri 5-Oct-12 6:34am","format":false,"excerpt":"Romney's new plan to ostensibly let him lower tax rates while keeping revenues neutral by capping deductions sounds attractive on the face of it. It lets him claim to be revenue neutral (though see below) while not taking any heat for killing any particular sacred cows.But, once again, there are\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":133353,"url":"https:\/\/hill-kleerup.org\/blog\/2017\/04\/26\/on-the-the-trump-tax-plan.html","url_meta":{"origin":134920,"position":3},"title":"On the The Trump Tax Plan","author":"***Dave","date":"Wed 26-Apr-17 2:45pm","format":false,"excerpt":"Nobody likes taxes, whether or not they pay for our living in \"a civilized society.\" I mean, I didn't particularly care for cutting a check for income tax this year, nor the deductions that come out of paychecks.That said, taxes are a necessary thing, and so when someone promises to\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/hill-kleerup.org\/blog\/wp\/wp-content\/uploads\/2017\/04\/trump%2Btax%2Bplan.jpgimgmax%3D660.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":7251,"url":"https:\/\/hill-kleerup.org\/blog\/2005\/04\/15\/saying_uncle_pa.html","url_meta":{"origin":134920,"position":4},"title":"Saying Uncle, Part II","author":"***Dave","date":"Fri 15-Apr-05 9:44am","format":false,"excerpt":"What everyone seems to agree upon with the US tax code is: It's too complex! It's too riddled with silly exemptions and loopholes (except for the ones I use) I...","rel":"","context":"In "Politics & Law"","block_context":{"text":"Politics & Law","link":"https:\/\/hill-kleerup.org\/blog\/category\/politics-law"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":130423,"url":"https:\/\/hill-kleerup.org\/blog\/2016\/04\/14\/the-irs-should-do-your-taxes-for-you.html","url_meta":{"origin":134920,"position":5},"title":"The IRS should do your taxes for you","author":"***Dave","date":"Thu 14-Apr-16 5:14pm","format":false,"excerpt":"This wouldn't directly benefit me, because we always end up itemizing deductions, but for the 70% of taxpayers who don't, it boils down to this: since the IRS already gets all the info you do on your income, if you're just taking the standard deduction, why don't you get a\u2026","rel":"","context":"In "~PlusPosts"","block_context":{"text":"~PlusPosts","link":"https:\/\/hill-kleerup.org\/blog\/category\/blogging\/plusposts"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/134920","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/comments?post=134920"}],"version-history":[{"count":1,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/134920\/revisions"}],"predecessor-version":[{"id":134938,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/posts\/134920\/revisions\/134938"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/media\/134937"}],"wp:attachment":[{"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/media?parent=134920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/categories?post=134920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hill-kleerup.org\/blog\/wp-json\/wp\/v2\/tags?post=134920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}