Limiting Itemized Deductions Would Hit Wealthiest The Hardest - KTUL.com - Tulsa, Oklahoma - News, Weather & Sports

Limiting Itemized Deductions Would Hit Wealthiest The Hardest

Posted: Updated:

A new CNNMoney analysis shows a limit on itemized deductions would overwhelmingly affect the wealthy. The analysis shows their tax burdens would go up by an average of 14-thousand dollars each year. The reason for that is simple: taxpayers who earn 250-thousand dollars or more each year almost always itemize their taxes.

The analysis of IRS data shows nearly 97-percent of those Americans itemize their taxes. The number is much less for those in the 30-thousand to 50-thousand-dollar bracket; less than 30-percent of them itemize.

The most popular deduction among wealthier Americans was for state and local income taxes. Meanwhile, home mortgage interest is a popular deduction among middle-class taxpayers.

(source: CNN)

  • NewsMore>>

  • Two in Police Custody for North Tulsa Homicide

    Two in Police Custody for North Tulsa Homicide

    22-year-old Henry Harris22-year-old Henry Harris
    Tulsa Police have arrested a suspect in a burglary turned fatal shooting this evening.Police say a 16-year-old and 22-year-old Henry Harris were taken into custody earlier this afternoon in relation to a shooting.According to police, the suspect attempted to break into a vehicle near 6300 N. Elwood. The residents of the home yelled at the burglar and a several shots from a handgun were fired. One of them struck 44-year-old Armando Hernandez, who later died of his injuries.Evidence found at th...More >>
    Tulsa Police have arrested a suspect in a burglary turned fatal shooting this evening.Police say a 16-year-old and 22-year-old Henry Harris were taken into custody earlier this afternoon in relation to a shooting.According to police, the suspect attempted to break into a vehicle near 6300 N. Elwood. The residents of the home yelled at the burglar and a several shots from a handgun were fired. One of them struck 44-year-old Armando Hernandez, who later died of his injuries.Evidence found at th...More >>
  • Gang Activity Happening All Over Tulsa

    Gang Activity Happening All Over Tulsa

    About 20 defendants linked to a major drug investigation are still on the streets. Investigators continue to search for them, many said to be members of the Hoover Crips street gang. According to the U.S. Attorney's Office, some of the defendants who were already arrested in connection with the drug investigation will be released with conditions pending trial or other resolution of the case.While some members of the dangerous Hoover Crips gang are indicted, there are still other street gangs ...More >>
    About 20 defendants linked to a major drug investigation are still on the streets. Investigators continue to search for them, many said to be members of the Hoover Crips street gang. According to the U.S. Attorney's Office, some of the defendants who were already arrested in connection with the drug investigation will be released with conditions pending trial or other resolution of the case.While some members of the dangerous Hoover Crips gang are indicted, there are still other street gangs ...More >>
  • Archbishop Sues Over "Black Mass" Planned In Oklahoma

    Archbishop Sues Over "Black Mass" Planned In Oklahoma

    The archbishop of Oklahoma City is suing to stop a group of Satanists from staging a "Black Mass" there.  Archbishop Paul Coakley alleges the Dakhma of Angra Mainyu and its leader Adam Daniels is using a communion wafer stolen from the Catholic Church to be used in the mass.More >>
    The archbishop of Oklahoma City is suing to stop a group of Satanists from staging a "Black Mass" there.  Archbishop Paul Coakley alleges the Dakhma of Angra Mainyu and its leader Adam Daniels is using a communion wafer stolen from the Catholic Church to be used in the mass.More >>
Powered by WorldNow

P.O. Box 8 Tulsa, OK 74101-0008

Powered by WorldNow

All content © Copyright 2000 - 2014 Worldnow and KTUL. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.