U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-03-2018, 01:07 PM
 
17,613 posts, read 12,203,533 times
Reputation: 12851

Advertisements

Quote:
Originally Posted by Grlzrl View Post
Well, I don't mean to doubt your intelligence, but do you understand how marginal tax brackets work? ALL of the brackets are lower and you don't pay the rate that your highest dollar of income is on ALL of the $$. You know that, right?
Iím well versed on how our tax system works and more than about average in math skills.
Reply With Quote Quick reply to this message

 
Old 10-03-2018, 01:12 PM
 
1,293 posts, read 290,880 times
Reputation: 1127
Quote:
Originally Posted by Lowexpectations View Post
Iím well versed on how our tax system works and more than about average in math skills.
You don't say if you are married. Do you live in a blue state (high tax state?)
Reply With Quote Quick reply to this message
 
Old 10-03-2018, 01:20 PM
 
17,613 posts, read 12,203,533 times
Reputation: 12851
Quote:
Originally Posted by Grlzrl View Post
You don't say if you are married. Do you live in a blue state (high tax state?)
I am married and no I am not in a blue state. My property taxes are over 10k and therefore the amount I can deduct is limited, I lose the ability to deduct my sales tax and I have lost 8100 in the personal exemption. The delta in marginal rates is not sufficient to cover the amount my taxable income increased yoy
Reply With Quote Quick reply to this message
 
Old 10-03-2018, 01:32 PM
 
1,293 posts, read 290,880 times
Reputation: 1127
Quote:
Originally Posted by Lowexpectations View Post
I am married and no I am not in a blue state. My property taxes are over 10k and therefore the amount I can deduct is limited, I lose the ability to deduct my sales tax and I have lost 8100 in the personal exemption. The delta in marginal rates is not sufficient to cover the amount my taxable income increased yoy
Did you factor in the doubling of your standard deduction?
Reply With Quote Quick reply to this message
 
Old 10-03-2018, 01:33 PM
 
1,293 posts, read 290,880 times
Reputation: 1127
Quote:
Originally Posted by Lowexpectations View Post
I am married and no I am not in a blue state. My property taxes are over 10k and therefore the amount I can deduct is limited, I lose the ability to deduct my sales tax and I have lost 8100 in the personal exemption. The delta in marginal rates is not sufficient to cover the amount my taxable income increased yoy
Can you send me a PM with your income and your state? (unless you want to say it on here). You have me curious.
Reply With Quote Quick reply to this message
 
Old 10-03-2018, 02:20 PM
 
17,613 posts, read 12,203,533 times
Reputation: 12851
Quote:
Originally Posted by Grlzrl View Post
Can you send me a PM with your income and your state? (unless you want to say it on here). You have me curious.
Tx and 200k gross
Reply With Quote Quick reply to this message
 
Old 10-03-2018, 02:23 PM
 
Location: Phoenix, AZ
1,651 posts, read 1,886,485 times
Reputation: 2488
Am I the only person who saw the title of this post and thought "Strategic Arms Limitation Treaty"? Yes? Okay I'll show my way out...
Reply With Quote Quick reply to this message
 
Old 10-03-2018, 02:28 PM
 
6,996 posts, read 6,632,415 times
Reputation: 5274
The taxes rise for a significant number that were in the 28 percent and 33 percent marginal tax rates because the brackets change. It is not just the SALT limitation or the zero bracket amount change, but the change in the blended rate because of the overlap between the 2017 and 2018 brackets. Lower tax brackets will also take a hit if they have high real estate taxes. It's all been covered when the law was discussed.
Reply With Quote Quick reply to this message
 
Old 10-03-2018, 02:46 PM
 
1,293 posts, read 290,880 times
Reputation: 1127
Quote:
Originally Posted by Lowexpectations View Post
Tx and 200k gross
And what are your property taxes? I know TX is a high property tax state. I can't look at hit now since my high maintenance kids just got home and I have to keep them on the straight and narrow.
Reply With Quote Quick reply to this message
 
Old 10-03-2018, 02:49 PM
 
17,613 posts, read 12,203,533 times
Reputation: 12851
Quote:
Originally Posted by Grlzrl View Post
And what are your property taxes? I know TX is a high property tax state. I can't look at hit now since my high maintenance kids just got home and I have to keep them on the straight and narrow.
I don’t need you to look at it. They are now well over 10k so as I’ve stated a couple of times for you I lost some write off ability for property taxes, all sales tax and I’ve lost the personal exemption x 2. The result is my taxable income is more than 10% higher than 2017 all things being equal
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top