TCJA

The TCJA Shifted The Benefits Of Itemized Deductions To Higher-Income Households

The TCJA Shifted The Benefits Of Itemized Deductions To Higher-Income Households

The change was largely driven by two elements of the TCJA: Its increase in the standard deduction and its $10,000 cap on the state and local tax deduction. Combined with other changes, they resulted in a big decline in the number of people itemizing deductions.