Tax Cut and Jobs Act

How Rich Do You Have to Be to Not Pay Taxes?

How Rich Do You Have to Be to Not Pay Taxes?

What it would take for a small-business owner to avoid sending money to the IRS? “We don’t pay taxes. Only the little people pay taxes,” the billionaire hotelier Leona Helmsley was once quoted as saying.

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.