Publication Date: February 2007
Publisher: Tax Policy Center
Author(s): Eric Toder; Carol Rosenberg
Research Area: Banking and finance
Keywords: Economy; Income and Wealth Distribution; Tax Policy; Tax Distribution and Economic Trends
Individual taxpayers may claim some expenses (for example, mortgage interest, state and local taxes, and so on) as itemized deductions or claim a standard deduction. The standard deduction eliminates tax liability for many low-income filers and simplifies tax return preparation. Between 1995 and 2004, the share of itemizers increased from 29 percent to 35 percent. In addition, itemizers accounted for more than two-thirds of all adjusted gross income reported on tax returns and 80 percent of tax liability.
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