Henry159 Wrote:
Dec 28, 2012 10:31 PM
The point has been made earlier that only middle class home owners (or above) need worry at all about this. If you are a renter your only substantial deductions are going to be auto and state income taxes. Given the average household income of just short of $70,000, itemizing deductions probably would not be a way to save on taxes due. The standard deduction is $11,900, which is 17% of that. Given that the average charitable giving is around 3.2%, that would mean mighty high state and local taxes to make up the gap. Bottom line, give because it is the right thing to do and take the standard deduction unless you own a home.