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AMT is repealed as part of the bill, unless they changed that recently. So someone now subject to AMT gets $10k in property taxes and thus benefits. They lose personal and dependent exemptions, so high income with kids is probably bad.
I’m pretty sure those personal and dependent exceptions are phased out for me anyway.
I'm a CPA, and this tax law change is cringe worthy IMO. All those in favor now, I'd like to see what they say when they're prepping their 2018 tax returns.
What’s your opinion of this tax calculator on the thread? Is it accurate?
It says I will save $33k in the new plan, so I am really hoping it is accurate.
Same boat. Up to 35k savings. Some of which is propped up with the elimination of AMT. And also I could finally deduct property taxes, although capped at 10k. How real is this? It sounds like those chiming in on AMT category, 200-700k (max AMT phase out) joint income are seeing huge savings per this calculator.
AMT helps those with higher income than the mainstream middle class. I've always hated AMT and can see savings for many who are wallowed in it year after year. That's good for you , but for a LOT of other taxpayers the results will be different.
I’m pretty sure those personal and dependent exceptions are phased out for me anyway.
The personal exemption phaseout is well above the AMT threshold, though. It took a really good equity year for a poor programmer like me to hit the phaseout, unlike you rich docs who hit it all the time.
The personal exemption phaseout is well above the AMT threshold, though. It took a really good equity year for a poor programmer like me to hit the phaseout, unlike you rich docs who hit it all the time.
There is no reason this needs to be so complicated. I’m sure there has to ba a fair way to tax people where the same rules apply to everybody.
Also fun fact, NJ residents pay ~70% more in taxes to the federal government per person than the the average state. This is before SALT is eliminated.
Can you explain this? How is it that at the Federal level two people, one in N.J. and one in Iowa have different tax liabilities, with the one in N.J. forking more than the one in Iowa? I have heard this argument before, but it doesn't quite make sense to me. Usually when the topic is brought up, the explanation as to how this comes about to be is not offered.
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, but for a LOT of other taxpayers the results will be different.
