My home was built in 1947 and has the smallest closets I have ever seen! I followed the rule of "If you haven't worn it in six months..." I believe I reduced my clothes by half! I still have more than I probably need, but as I am required to have a professional wardrobe for my day job, I still need clothes!
Take a good, hard look at your closet. Use the six-month rule and be honest! Then load up those bags and head to Goodwill. Pass the good on to others!