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Fix The Tax Code Friday: Standard Deduction

ByKelly Phillips Erb

In light of President Bush’s plan to allow a standard deduction for all persons who pay for healthcare insurance (or receive insurance through an employer), today’s Fix the Tax Code Friday question is:

Should itemized deductions be eliminated completely in favor of a standard deduction?

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Kelly Phillips Erb, known as Taxgirl, is a tax attorney, writer, and speaker who explains taxes, IRS news, financial crime, scams, and the law in plain English.

One Comment

  1. I’ve always believed that the only “fair” tax cut would be raising the standard deduction. It could be raised high enough that itemizing would be a thing of the past. Raise it $10.000 and save the 10% bracket $1000 while saving the 28% bracket $2800. It would in effect be taking taxes off of the last dollar earned. Leave the itemizing option there if they want. I haven’t been able to use it in years.

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