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Tax law changes definitely suck for me. Income around $200k in income & property tax state (MA), two 20 yr olds in college with no financial aid and no ability to deduct tuition. Deductions went from $48k last year to $30k this year because of Trumps tax law. What a scam. Seems designed to screw people in blue states, except of course for the very wealthy who are the only real beneficiaries anywhere. Looking at whether it makes more sense to just have husband (who makes less) retire.
I'm in exactly the same boat in the NYC suburbs (another "blue" region of a "blue" state). Income around $230k so we don't make nearly enough money for the lower tax rates to offset the devastation caused by limiting the SALT deduction to $10,000. Our state and real estate taxes together are over $31,000, and now only $10,000 is deductible. Just infuriating to me from a selfish perspective.
I get it-have relatives in Westchester-those school taxes on top of property & income just kill-the only positive was at least you could deduct them.
I was definitely not happy doing my taxes this year. For whatever reason (maintaining sanity?) I had totally forgotten about the cap going into effect this year.
Quote:
Originally Posted by BD1978
I'm in exactly the same boat in the NYC suburbs (another "blue" region of a "blue" state). Income around $230k so we don't make nearly enough money for the lower tax rates to offset the devastation caused by limiting the SALT deduction to $10,000. Our state and real estate taxes together are over $31,000, and now only $10,000 is deductible. Just infuriating to me from a selfish perspective.
I'm in exactly the same boat in the NYC suburbs (another "blue" region of a "blue" state). Income around $230k so we don't make nearly enough money for the lower tax rates to offset the devastation caused by limiting the SALT deduction to $10,000. Our state and real estate taxes together are over $31,000, and now only $10,000 is deductible. Just infuriating to me from a selfish perspective.
It's not selfish.
The Feds are taking in more taxes than ever per capita.
That limitation was specifically a f*** you from the GOP aimed at states like yours.
Do you feel the same about parents, homeowners, those who give to charity? I’m trying to figure out where the mark is
No, because those are tax policies designed to influence certain positive behaviors society wants.
The SALT deduction...not so much.
I don’t think they’re remotely the same.
Not to mention, it’s like 5 states that had over half the deduction. What do the SALT taxes in those states do on a national level for someone 2 states over? And the last time I checked there’s like 3 states (IA AL and LA) that allow somewhere within their state tax laws for federal income taxes to be deducted on state returns. Shocker...it’s none of those 5 states. Those 5 states aren’t interested in lowering their citizen’s tax bill locally or federally. They’re interested in their own bloat being subsidized on the backs of others.
Only 1/3 of filers used to itemize and take advantage of it. Now, with the new higher standard deduction many more people get a higher deduction. It’s not like most people actually “lost” anything.
Last edited by Thatsright19; 02-07-2019 at 05:28 PM..
No, because those are tax policies designed to influence certain positive behaviors society wants.
The SALT deduction...not so much.
I don’t think they’re remotely the same.
Not to mention, it’s like 5 states that had over half the deduction. What do the SALT taxes in those states do on a national level for someone 2 states over? And the last time I checked there’s like 3 states (IA AL and LA) that allow somewhere within their state tax laws for federal income taxes to be deducted on state returns. Shocker...it’s none of those 5 states. Those 5 states aren’t interested in lowering their citizen’s tax bill locally or federally. They’re interested in their own bloat being subsidized on the backs of others.
Only 1/3 of filers used to itemize and take advantage of it. Now, with the new higher standard deduction many more people get a higher deduction. It’s not like most people actually “lost” anything.
The SALT limitations do impact some homeowners, it did me and I have no state income tax so yes in that direct line they are the same.
How much of a positive impact is there giving money to a church? Questionable to say the least
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Ouch!
