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Do you think that nice fat standard deduction will remain under Biden?
It's going to $27,700 for me this year.
@ Steven F currently a married couple over 65 can write off 27400 by taking the standard deduction and it's going up, hopefully, $300 next year. Look it up.
4 Answers
- STEVEN FLv 74 months ago
No, there is NO filing status with a $27,700 standard deduction.
Biden has publicly promise to REPEAL the changes to tax law made under Trump.
- Wayne ZLv 74 months ago
1) Presidents can not change the tax law on their own. So, as of now, yes.
2) Trump's tax law is set to expire in 2025.
3) There is a stealthy tax increase in Trump's tax law. Not to get too wonky but, the inflation adjustments in tax code switched from the CPI to the Chained CPI in the new law which means that they will increase slower than under the old law. This means that you may pay higher taxes than you would have under the old law.
- Anonymous4 months ago
I'd be better off it it went back to the way it was before Trump. Trump's cap on property tax deduction screwed me.
