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I admit that the new tax law did affect me badly in some ways, but nothing compared to the way that it did my friends in California. My best friend didn’t even want to talk about it when I asked him. He said that it was the FIRST time that he ever OWED $ back. It seems to me that it hit them like a sudden earthquake. Then, I recalled the way that Reagan instituted his Tax Reform back in 1986. I was only in my 20s then, but remember that the estate tax was raised GRADUALLY from $600,000 to higher amounts over time. The credit card debt went from a 100% deduction GRADUALLY to lower deductible percentages each year. Bottom line, it gave taxpayers some time to prepare! The way in which these tax increases were rolled out seems too sudden and like simple retribution. No matter what, we are all still Americans whether we live in a blue or red state. I think that Reagan understood that regardless of his other faults.
In addition, I understand that the $10000 SALT limit will NOT increase with inflation (home price appreciation and tax increases). That also puts an additional TAX INCREASE over time for those ppl.
I admit that the new tax law did affect me badly in some ways, but nothing compared to the way that it did my friends in California. My best friend didn’t even want to talk about it when I asked him. He said that it was the FIRST time that he ever OWED $ back. It seems to me that it hit them like a sudden earthquake. Then, I recalled the way that Reagan instituted his Tax Reform back in 1986. I was only in my 20s then, but remember that the estate tax was raised GRADUALLY from $600,000 to higher amounts over time. The credit card debt went from a 100% deduction GRADUALLY to lower deductible percentages each year. Bottom line, it gave taxpayers some time to prepare! The way in which these tax increases were rolled out seems too sudden and like simple retribution. No matter what, we are all still Americans whether we live in a blue or red state. I think that Reagan understood that regardless of his other faults.
In addition, I understand that the $10000 SALT limit will NOT increase with inflation (home price appreciation and tax increases). That also puts an additional TAX INCREASE over time for those ppl.
the 10k limit on the salt taxes is a reasonable limit (sure they could have made it 15k)
my property tax (as a New Yorker) is 13k..I still can write off 10k of that
I admit that the new tax law did affect me badly in some ways, but nothing compared to the way that it did my friends in California. My best friend didn’t even want to talk about it when I asked him. He said that it was the FIRST time that he ever OWED $ back. It seems to me that it hit them like a sudden earthquake. Then, I recalled the way that Reagan instituted his Tax Reform back in 1986. I was only in my 20s then, but remember that the estate tax was raised GRADUALLY from $600,000 to higher amounts over time. The credit card debt went from a 100% deduction GRADUALLY to lower deductible percentages each year. Bottom line, it gave taxpayers some time to prepare! The way in which these tax increases were rolled out seems too sudden and like simple retribution. No matter what, we are all still Americans whether we live in a blue or red state. I think that Reagan understood that regardless of his other faults.
In addition, I understand that the $10000 SALT limit will NOT increase with inflation (home price appreciation and tax increases). That also puts an additional TAX INCREASE over time for those ppl.
Tough, they choose to live in a place that taxes them to near death and they try to get it back from other people. They can deal with it.
Isnt the new Trump tax law is excessively cruel to Blue states
It's the residence of the blue states that allowed, continued to support politicians who imposed high taxation. Expecting the rest of the country to pick up the tab is not fair. In the end my answer to your question OP is no, they deserve it and need to do something about their local politicians.
OP, put the blame where it belongs ---> on the local politicians.
Wait until the impact of the SALT deduction limit ripples through the housing market. When people figure out that the tax deductible incentives of home ownership have been effectively eliminated, residential real estate values are going to decrease dramatically. Tax incentives for buying a house have been a major factor for decades.
Exactly. We’re considering selling the house and renting when we both retire. That way we can live in different regions throughout the year without the hassle of maintaining houses.
Wait until the impact of the SALT deduction limit ripples through the housing market. When people figure out that the tax deductible incentives of home ownership have been effectively eliminated, residential real estate values are going to decrease dramatically. Tax incentives for buying a house have been a major factor for decades.
But only those states with high tax rates.
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