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Location: The place where the road & the sky collide
23,814 posts, read 34,678,989 times
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Quote:
Originally Posted by AnesthesiaMD
Because of the unfair AMT, I am never able to deduct things that non-AMT people have been able to deduct. So now that those deductions are not available to anybody, I didn’t take the hit that they did. Now that we are all in the same boat, I only see the positives from the lowering of th tax brackets rather than the negatives of losing deductions that I never had in the first place.
If I had my choice, we would ALL be able to have those deductions, but as long as I didn’t have them anyway, it is hard for me to be sympathetic with people who can no longer deduct things that I was never able to deduct in the first place.
I have just been informed by my tax accountant that under the new tax law, my taxes will go up next year by about $1,200. I am a 65 year old widow living on pension and investments, but working a few hours per week. But unfortunately, I live in California, and as we all know, Californians have been singled out for punishment. I will lose most of my deductions, including my medical deductions, and the higher standard deduction will not cover the difference, apparently.
Just thought that those of you that are convinced that Trump has the best interest of Americans in mind might like to know that he did not have my best interests in mind. I know that some of you will say it is my own fault for living in a state with high taxes. But the duty of the Federal Government is to make sure that all Americans are treated fairly, regardless of the state and local policies where they live.
You will not lose your medical deductions. Unless your accountant means the standard deduction will be higher than the the allowed medical.
Quote:
All taxpayers who itemize their deductions would be able to write off qualifying medical expenses that exceed 7.5 percent of their adjusted gross income for tax years 2017 and 2018. After that, the threshold would return to the current 10 percent.
They raised the bottom rate. I'm glad that tax preparers are warning people. I think that doing away with the deductions for charitable contributions really says something about the mindset.
They didn’t do away with charitable deductions. They raised the standard deduction, so that most people will be deducting MORE under the standard deduction than they would if they itemized with the charitable deductions. People that still itemize can still deduct charitable contributions.
They raised the bottom rate. I'm glad that tax preparers are warning people. I think that doing away with the deductions for charitable contributions really says something about the mindset.
Charitable contributions were not done away with at all. Many people will no longer claim them because the standard deduction is higher. If someone is itemizing the deduction is there.
In CA liberal politicians are wasting our tax money on things like hiring attorneys for illegal aliens and a high speed train for almost $100 billion ..
I've been in California rush hour traffic. The state needs as many trains as it can get.
I've been in California rush hour traffic. The state needs as many trains as it can get.
That rush hour traffic is not what the high speed trains would address.
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