Explain the limitations imposed on itemized deductions, especially the 2% floor for miscellaneous itemized deductions and the

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Explain the limitations imposed on itemized deductions, especially the 2% floor for miscellaneous itemized deductions and the overall limitation on certain itemized deductions. Why do these limitations exist? Why would the Code disallow so much that many taxpayers are unable to deduct any amounts, such as on medical and miscellaneous? Do you think this these provisions are biased against those in certain tax brackets?

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Explain the limitations imposed on itemized deductions, especially the 2% floor for miscellaneous itemized deductions and the

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The itemized deductions are subject to limitations for the following reasons Higher income levels al... View the full answer

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