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Old 04-11-2019, 09:13 AM
 
Location: the very edge of the continent
88,556 posts, read 44,263,959 times
Reputation: 13504

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Quote:
Originally Posted by NomadicDrifter View Post
Which is the point, in California, Hawaii, New Jersey, Massachusetts (etc) middle class people are being hit by this SALT limit. So it's low. You're punishing residents in certain states over others.
The states that are taxing too highly are the problem. There's no reason others should subsidize blue state governments' corruption and grift.
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Old 04-11-2019, 09:15 AM
 
2,362 posts, read 767,297 times
Reputation: 873
Quote:
Originally Posted by InformedConsent View Post
The states that are taxing too highly are the problem. There's no reason others should subsidize blue state governments' corruption and grift.
These states are taxing high so they can provide infrastructure to their residents, unlike third world red states that let everything go up in smoke.
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Old 04-11-2019, 09:17 AM
 
Location: Florida
76,873 posts, read 47,170,347 times
Reputation: 14729
Quote:
Originally Posted by remsleep View Post
I am middle class and live in a red state, one of the reddest.


The SALT cap wiped out several thousand dollars worth of deductions. My real estate tax is about 8k per year, so not much left over for the state income tax. Trump bent me over with his tax 'cut'.
Texas is a red State, and their property taxes are very high, so lot of people there got hit too.
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Old 04-11-2019, 09:17 AM
 
Location: Wisconsin
37,565 posts, read 21,756,102 times
Reputation: 13556
Quote:
Originally Posted by StuartGotts View Post
Just finished my tax returns...

I made more money, paid more in taxes and am getting back 1/3 the amount I got last year!

SOOOOOO HAAAPPPPY your rich 1% buddies got a tax break, they REEEAAAALLY need it.

Congrats however, now I know I'm voting for ANYONE but Trump.

Do you live in a state that has high state income taxes? If so, blame your state for taxing you into oblivion, since the rest of the nation is no longer subsidizing your state income tax burdens any longer.
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Old 04-11-2019, 09:17 AM
 
45,680 posts, read 23,815,156 times
Reputation: 15558
Quote:
Originally Posted by godofthunder9010 View Post
Just finished with our taxes. We got WAY more back than expected!! About three times as much!!

So as the saying goes, results may vary.

Thanks Mr Trump. I still think your a pompous ass, but I might be warming up to you.
So what was your tax rate in 2017 and what was your tax rate in 2018?

You know the amt. of your refund is not an indicator of the success or failure of the Trump tax credit.
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Old 04-11-2019, 09:18 AM
 
45,680 posts, read 23,815,156 times
Reputation: 15558
I live in a low tax state...South Carolina -- and we don't have a whole bunch of deductions...but the standardized deduction total this year (even with the child tax credit) was less than the amt. of deductions we were able to take last year.
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Old 04-11-2019, 09:22 AM
 
2,923 posts, read 967,828 times
Reputation: 2080
Quote:
Originally Posted by remsleep View Post
No, I live in a midsize city in red state flyover country. This will eventually end up taking a bite out of the housing market. Most of my neighbors are Trump supporters and the ones I know are freaking out, they are beyond pissed at what they feel is a massive betrayal by Trump's GOP.
sorry gotta call bs. I live in a mid size city in a red area and no one is freaking out. most middle class ppl got a tax break. yes, most have kids and benefitted from the increase to the child credit. I doubt you know all your neighbors politics or if they are freaking out. sounds like a tall tale to me.
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Old 04-11-2019, 09:23 AM
 
Location: Florida
76,873 posts, read 47,170,347 times
Reputation: 14729
Quote:
Originally Posted by NomadicDrifter View Post
They're still deductible, just that you can claim up to $12,000 without showing receipts. That's good news for you, you're getting a $12,000 deduction for free. I just looked it up (https://arstechnica.com/information-...16/?comments=1), prior to 2018 it was at $6,350, so this was a tax deduction for you, you're just not smart enough to realize it.
No, it's not worth it anymore, unless you donate a very high amount. Maybe you should look at it again before pretending to be smarter than others.

Its still good to give to charity, but don't expect it to help you with taxes. Well, not you since you don't even live in US.
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Old 04-11-2019, 09:25 AM
 
2,923 posts, read 967,828 times
Reputation: 2080
Quote:
Originally Posted by moneill View Post
I live in a low tax state...South Carolina -- and we don't have a whole bunch of deductions...but the standardized deduction total this year (even with the child tax credit) was less than the amt. of deductions we were able to take last year.
a deduction and a credit are two different things
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Old 04-11-2019, 09:25 AM
 
Location: the very edge of the continent
88,556 posts, read 44,263,959 times
Reputation: 13504
Quote:
Originally Posted by remsleep View Post
I am middle class and live in a red state, one of the reddest.


The SALT cap wiped out several thousand dollars worth of deductions. My real estate tax is about 8k per year, so not much left over for the state income tax. Trump bent me over with his tax 'cut'.
Hmmm... I live in a red state now, and my annual real estate tax on a $950,000 home is $6,500. Same value home in blue state IL, the annual real estate tax was over $19,000.
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