2 Matching Annotations
  1. Dec 2019
    1. There are several itemizable tax deductions, but the bulk of most taxpayers' deductions come from the "big four": Mortgage interest on as much as $750,000 in principal. Medical expenses in excess of 10% of your AGI. State and local taxes (SALT), including property taxes and state income or sales taxes, up to a maximum of $10,000 per year. Charitable contributions. For most Americans, adding up these four deductions can be a good indicator of whether itemizing will be worthwhile
  2. Oct 2017
    1. A Pew Research Center analysis of IRS data from 2015, the most recent available, shows that taxpayers with incomes of $200,000 or more paid well over half (58.8%) of federal income taxes,

      This data is "old". This also show how much leverage those tax payers have, their income tax can pay one or more teachers.