Most of President Trump's tax proposal is a shifting of the point of taxation (With a good dose of Laffer curve voodoo). The headline reduction in tax rates are accompanied by the elimination of many tax deductions.
Here are some of the deductions that will be eliminated:
Home office deductions
Business travel-related deductions:
These expenses include business travel away from home, business use of your car, business meals and entertainment, business travel,
Education expenses for your profession
Tools of your profession, e.g. a carpenter's hammer, a home computer
State and local taxes
Student loan interest
Some health expenses
Gambling losses
Alimony
Theft deductions
(via MarketWatch)
--- Some health expenses ---
ReplyDeleteSounds like El Trumpo wants to get rid of Flexible Spending Accounts, whoch were capped by the previous regime to a measly $2,500.00
I presume that the elimnation of these deductions is not offset by a doubling of the standard deduction.
ReplyDelete