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IRS Releases Tax Tables for New Deduction. The tables can be found in IRS publication 600. Whatever.

Interestingly, the sales tax deduction was added to the tax code as part of the ridiculously named Jobs Creation Act or Jumpstart Our Business Strength (JOBS) Act. Taxpayers in high income tax states (California, New York, etc.) won’t benefit from the new deduction since it cannot be combined with the state and local income tax deduction. Also, the rules for deferred compensation seem to have changed to the extent that if there are no restrictions on withdrawing the deferred income, then it is considered taxable. If you fail to report that income, income deferred in prior years also becomes taxable.

And over $140B in corporate tax breaks was doled out in a pork barrel frenzy approved by both Dems and Repubs. Looks like the only jobs that will be created by this act are in the field of tax preparation and law.