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Old 11-09-2017, 01:21 PM
 
343 posts, read 615,258 times
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so the senate bill that just came out is even worse :P SALT is eliminated entirely.

Just doing some math here, let's assume i am in the middle class with a decent house in a somewhat desirable area and say make 200k per year as a family

In NJ i have property tax ~18k, state income tax ~12k, i will no longer be able to deduct ~30k worth on my tax return

If i move to somewhere like tampa florida. I have property tax ~6k and state income tax of $0, i will no longer be able to deduct 6k on my tax return. (ignore the fact similar house in tampa is much cheaper).

So basically, i lose ~10k in tax refund in NJ vs ~1.8k in tampa. And NJ pays the most federal taxes out of all the 50 states That's gotta sting, i guess it comes down to how much salary you will lose moving out of NJ for the same type of job.
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