Quote:
Originally Posted by Dan9871
The $10,000 deduction only applies if you itemize. If you don't itemize you get a $24,000 standard deduction.
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$24000 married filing joint but you loose $8000 for the two personal exceptions. Thus it was $12000 standard deduction plus $8000 two personal exceptions for an income reduction of $20000 (2016 numbers). It will now be an income reduction of $24000 or a net increase in income reduction of $4000 not double like your favorite politician is trying to sell you.