Articles in The Day about the new tax law want people to believe that the majority of taxpayers are going to be hurt by the cap of $10,000 of itemization on their tax forms. In accordance with the Congressional Research Service, 17 percent of people with incomes of $20,000 to $50,000 itemize an average of $15,600 on their tax forms. Thus 83 percent of the people in this range aren’t affected by the cap.

For the 83 percent the standard deduction increases from $12,000 to about $24,000 and their taxable income drops by an additional $12,000. Those in the 17 percent group can now take the standard deduction and still realize a $24,000-$15,600 or $8,400 income reduction and more take home money. Also, 46 percent of people with incomes of $50,000 to $100,000 itemize $19,200 on their tax forms. Thus 54 percent of the people making up to $100,000 aren’t affected and will realize the additional $12,000 taxable income tax reduction and the 46 percent who itemize will see a $24,00-$19,200 or an additional $4,800 taxable income tax reduction.

Only people making somewhere around $150,000 will either break even or see a small increase in their taxes.

High tax states should lower their taxes to help stop the exodus of high-income people from their state.

Frank Ricci

Groton