Under the bill, the standard deduction would nearly double for all taxpayers before returning to current law in 2026. That means starting next year, an individual would need their total deductions to exceed $12,000, the tax bill's new standard deduction for individual taxpayers, up from the current $6,350.
Married couples filing jointly would need deductions worth more than their new standard deduction of $24,000 under the bill, which is up from $12,700 for 2017; for heads of households it's $18,000, up from $9,350 this year.
About 49 million taxpayers, or 28 percent, currently itemize, according to the Urban-Brookings Tax Policy Center. If the bill is approved, it's likely even fewer taxpayers would do so.
About 8.8 million Americans used the medical expense deduction in 2015, saving themselves an aggregate $86.9 billion. Nearly half of them (49 percent) had annual income below $50,000 and 69 percent had income under $75,000, according to the AARP's Public Policy Institute.
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