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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?
I’m 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?)
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
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?
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.
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.
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.
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
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