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"There's no crying in taxes," appears to be the response to many Americans who still feel that the U.S. tax system continues to be complicated. Those were the words of Ted Jenkin, the CEO and co-founder of oXYGen Financial who said taxpayers should realize that much more of their sources of income are taxable than they may think.
Many often wonder if they should itemize deductions or claim the standard deduction on their taxes, and it really depends on whichever one yields a better return. In 2016, Tax Foundation reported that 68.5% of households chose to take the standard deduction. In 2019, American Progress reported that 81.6% of tax filers claimed the standard deduction. Jenkin said,"The big thing people forget is that we're in a progressive tax system — the tax rates start at ten , and go to 12, to 22, all the way up to 37." As a result, just a small amount of extra income could put Social Security earners into a higher tax bracket.
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