Taxes in 2017-Part 2

Will deductions be limited? One of the elements of the Trump tax plan is the limitation of itemized deductions. Those are the the items that are used to reduce income. The most common ones are mortgage interest, property taxes and charitable donations. At the present time the deductions are limited only if the taxpayers income is very high. Under the plan on proposed, itemized deductions will be limited to $100,00 for individuals and $200,000 for joint filers.