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What are folks thoughts about the possibility in the reduction of the standard deduction? Any proposed legislation out there on this? I didn't see any discussion in a quick google search.

It's not a possibility - it's a reality. Under the TCJA law, in 2026, the rules on standard deductions and exemptions will revert to the previous calculations, unless Congress makes the TCJA changes permanent. That means that the standard deduction will be cut about in half. That, along with the restoration of miscellaneous deductions, will allow a lot of taxpayers to itemize again. Even though the deduction will be lowered, exemptions will make up for much, and possibly even more than, the lower standard deduction. It's a trade-off and the impact to each taxpayer will be dependent on their personal situation. Some taxpayers will benefit, and others will not.

Of course, the law may always change.

AJ
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