Trump’s Tax Reform Passes – What That Means for You
For families with a household income of $25,000 and $75,000, we assumed they would claim the standard deduction in both 2017 and 2018. According to the most recent IRS analysis of individual tax returns, 70.4% of taxpayers claimed the standard deduction on their tax return.
The Senate’s bill would allow married taxpayers who file jointly and have two children to deduct $24,000 — less than the current combined $28,900 deduction, which includes the standard deduction and four personal exemptions. The House’s bill proposes a standard deduction of $24,400.
For a family of four with a household income of $175,000, we assumed they would itemize deductions in 2017, and claim the standard deduction in 2018. Among those who itemize deductions, the average claimed was $27,053 in 2015. The most common itemized deductions and the total amount deducted by US taxpayers in 2015 were:
Taxes paid, including state and local income taxes and sales tax: $539.8 billion.
Interest paid, which primarily covers mortgage interest: $294.5 billion.
Charitable contributions: $201.3 billion.
Medical and dental expenses: $84.2 billion.
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