Tax Cuts Act Fails to Target Unjust Deductions, Hurting Taxpayers
The Tax Cuts and Jobs Act increased the standard deduction while reducing the number of taxpayers claiming itemized deductions. This change was meant to limit certain tax preferences indirectly, but it ended up affecting all taxpayers and not just the intended ones. The increase in the standard deduction may not be the best way to control tax preferences, as it impacts all deductions, regardless of their benefits, and only targets some taxpayers, making the preferences less effective.