Re:US Senator Warren Introduces Bill to Simplify Tax Filing
by harryh on Wednesday April 13, 2016 @06:54PM
(#11493021)
That's very easy to imagine:
- Have a job that pays enough to get you in the top 5%
- Don't own a house
- Live in one of the 7 states without an income tax
Re:US Senator Warren Introduces Bill to Simplify Tax Filing
by pjc50 on Thursday April 14, 2016 @06:33AM
(#11495496)
- Have a job that pays enough to get you in the top 5%
- Don't own a house
That's going to be a very small set of frequent-travelling professionals. Also, having a top 5% income but no savings/investment income from previous years of saved top 5% income seems unlikely.
Re:US Senator Warren Introduces Bill to Simplify Tax Filing
by harryh on Thursday April 14, 2016 @08:51AM
(#11496196)
That's going to be a very small set of frequent-travelling professionals.
No it's not. It's a huge swath of technology workers (and other professionals) that live in cities with expensive housing. Many of the commenters on HN fall into this exact category!
You're right about savings & investment income, but that won't have anything to do with your deduction status for most people.
Less-wealthy property owners might own property in a low-enough cost-of-living and low-enough-tax state (or have bought long enough ago) that their mortgage interest and property tax is still less than the standard deduction.