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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.
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.
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.
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.
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.
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.
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.
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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