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Monday, September 20, 2021

Opinion | What the war of moderates vs. liberals over taxes on the rich is really about

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The context is that while the main objective of the 2017 Republican tax law was to cut taxes for the wealthy and corporations, it also dramatically reduced the number of people who itemize deductions, by around 60 percent. That’s because it significantly increased the standard deduction, so for people who had only a few deductions — charitable giving, the mortgage interest deduction, and yes, state and local taxes — it no longer made sense to itemize.

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