Tax Rate Hike Could Limit Itemized Deductions
(Washington, D.C.) A potential tax rate hike for the wealthy isn’t the only reason America’s top wage earners could be paying more in taxes next year.
A new CNN money analysis shows a limit on itemized deductions would overwhelmingly affect the wealthy.
The analysis shows their tax burdens would go up by an average of $14,000 each year.
The reason is nearly 97% of taxpayers who earn $250,000 dollars or more each year itemize their taxes.
The most popular deduction among wealthier americans was for state and local income taxes.