Even if you don't itemize deductions, you can deduct up to 300 (600 married) of charitable contributions. 2020 only, it was in the original Covid relief act.

Thanks for the reminder!

I'm wondering if congress will fix the limitation on property tax deduction put in place to screw blue state residents.

quote:

Originally posted by kluurs:
I'm wondering if congress will fix the limitation on property tax deduction put in place to screw blue state residents.

I've been waiting for that!

Also some of the other "screw Blue" provisions in that horrendous Tax Bill, passed in the middle of the night without warning.

Expecting several revisions on inheritance tax. First (of course), to reduce the exemption beyond which estates are taxable, to at most $5MM as it was under Clinton and Obama. (Instead of $11.5 MM as per Trump).

Also (by chance, very disadvantageous to a needy son ) to cancel the step-up provision on inherited assets - to reinstate the amount on which tax is charged heirs, so it begins with the original basis.

Another basic way to help pare down the Deficit is to raise the threshold on income taxed for FICA. This would help the Middle and Lower Class' SS payouts while not really hurting the wealthier. (As always, it's the in-betweenies who get pinched - those whose incomes go JUST over the present cut-offs without counting them as really rich. Especially true of those living in very high COL areas where a seemingly high income, doesn't really let them live high off the hog. Or even break even in basics like housing!)

To stick in one of my own strongest gripes here: Far more tax provisions/benefits ought to be zip-code linked. There are such immense differences in COL throughout the country, without accounting for which taxpayers are unfairly penalized or benefitted.

Reminding me, I'm glad Biden seems to be FINALLY considering reducing income eligibility for the much debated Covid Benefit Bill.

Why should EVERYONE get $1400/pp regardless of income? Let it only go to those earning at most $50K/pp, or even tiered below that. It's not as if we can afford to just splurge on reimbursing everyone the same regardless of need! (Deficit, anyone?) Besides which analyses of where those checks go, show the perks aren't spent (to improve the economy) by those for whom it's mostly pocket change.

I suspect, Biden and upper middle class+ DEM cohorts have lost track of what a dollar means to the bottom quartile compared to themselves. This kind of extravagance gives the Left a bad name when real budgeting is attempted.

(Oh, yeah, the time has surely come to expunge infamous tax loopholes benefitting only those at the top - those with expert tax preparers able to help them slither through the eye of those needles. The "Mega Back-Door Roth" first and foremost!)