Almost 70% of taxpayers currently use the standard deduction (https://www.irs.gov/pub/irs-soi/16taxstatscard.pdf …); many of the remaining 30% barely have enough to itemize. It’s estimated that 85% will be better off with the nearly-doubled standard deduction, even with the loss of the personal exemptions.
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100% would benefit from reinstating exemptions. This is deceptive. The new tax rules change itemized deductions & eliminates exemptions. Over 30% of Tax households would benefit from SALT reinstatement with old law. All would benefit from elimination of exemptions repeal in new.
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