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IRS data show progressive plans require huge middle-class tax hikes

Source: https://washingtonexaminer.com/opinion/editorials/irs-data-show-progressive-plans-require-huge-middle-class-tax-hikes - Mar 9, 2020

Last week, the IRS released its annual Statistics of Income. This much-anticipated document is exactly what it sounds like: a thorough analysis of taxpayers’ incomes and payments to the IRS, this time for 2018.

Each year, these numbers are illuminating for a number of reasons. For one thing, they show the progression of tax payments over time. For example, revenues have continued to rise since the Tax Cuts and Jobs Act lowered income tax rates for everyone. And the number of filers taking the mortgage interest deduction plummeted from 33 million in 2017 to just 13 million in 2018, as more taxpayers took advantage of the new and far more generous standard deduction.

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Category: General Business