U.S. Representative, Nancy Pelosi (D-CA) at the ceremonial swearing in of Representative Elect Kweisi Mfume (D-MD).
Michael Brochstein | Barcroft Media | Getty Images
Fewer people itemizing
Since the new tax law, significantly fewer people are claiming the SALT deduction.
About 16 million taxpayers claimed the SALT deduction for the 2018 tax year, according to an IRS analysis of returns processed through Nov. 21, 2019. That’s down from 44.3 million households in the 2017 tax year.
And since the tax overhaul roughly doubled the standard deduction to $12,000 for singles in 2018 ($24,000 for married-filing-jointly), fewer taxpayers claimed itemized deductions at all.
This article was originally published by Cnbc.com. Read the original article here.