So, it’s almost November. Which means we should be considering our 2020 tax positions.
Most of you know that it’s become nearly impossible to itemize deductions nowadays. Overall, the Tax Cut and Jobs Act (effective for 2018 forward) decimated the number of folks who itemize- from 31% of all returns down to 13.7%. But, you can see from the chart that it really has hurt those that are not the richest folks in America the most.
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