http://www.arahcpa.com/blog/what-tru...business/42476


Itemized Deductions – During the campaign, Trump proposed limiting itemized deductions to $100,000 for single filers and $200,000 for joint filers, which would cause an increase in taxes for the wealthiest taxpayers and not impact middle-income taxpayers. However, the current proposal would do away with all itemized deductions except those that incentivize home ownership and charitable deductions. The theory is that the other deductions primarily benefit the wealthiest taxpayers. However, this would also have a significant impact on other taxpayers as well. Here are a few examples of its effects:
Medical deduction – Medical deductions would be eliminated, impacting seniors with significant medical costs during the year.
State & Local Tax – Taxpayers living in states with income tax would no longer be able to deduct the state and local income taxes they pay.
Employee Business Expenses – It would also eliminate the deduction for employee business expenses.
Recreational Gambling – Those who gamble recreationally would have to pay taxes on all their winnings and would not be able to deduct losses.