Part of President Donald Trump's tax reform outline released on Wednesday would do away with itemized deductions on individuals' tax returns except for the mortgage and charitable giving deductions.
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Here are the tax breaks Trump's plan would eliminate
Trump's tax plan would eliminate deductions on everything from state taxes to gambling losses.
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Here's a rundown of the itemized deductions this plan would cut:
- Deductible state and local taxes:
- state and local taxes from their federal tax payments.
- Gambling losses:
- Interest expense:
- Union and/or Club expenses:
- helps you do your job," the membership fee can be deducted.
The Trump outline is not a finalized plan, and the White House said they could change the plan as they work with Congress, so it is not a guarantee if these deductions will ultimately be eliminated.
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