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Don't forget though, that the standard deduction has doubled in this new law. So for example, for a married couple it is now 24k. For most people on LI, they are not going to be hit negatively by this change unless they have extremely high property taxes (even for LI) and/or a very generous income (given up to 6 and change percent state income tax - unless you are over a million in annual income).
The majority are most likely going to be at least slightly better off, even here on LI, and the bulk of families wont have to even bother to itemize any longer. Before everyone goes nuts, if you itemized last year (property, state, etc), look at the itemized total line on your return. If it is below 24k you are better off and you have less paper work to do. If it is above, then take into account the child tax credit increases, bracket deductions, AMT fixes, etc. and then make a determination. Some of the media coverage of this is ludicrous.
Finally, someone who actually gets it. The mass Hysteria here, and all over the news is ridiculous. People need to do some research on their own. Use your brain!
Finally, someone who actually gets it. The mass Hysteria here, and all over the news is ridiculous. People need to do some research on their own. Use your brain!
Brain?
Ha ha!
Are you kidding?
Brain? LOL
Mindless sheep. That’s we are dealing with.
The ironic thing is that even the majority of people in deep blue urban areas are making out in this change. Given the majority in a city like NYC, Chicago, etc are non millionaire income apartment renters, they most likely had no deductions. Now suddenly they have a huge tax break, yet they are whipped up into a frenzy by confusing coverage.
Either party could come up with the best tax plan ever in the history of the United States and yet the opposite party will condemn it. Fact.
That’s how divided we are as a nation.
No more common sense or middle ground.
Blue or red and that’s it.
So basically I have no idea what’s going on even though I’m told what’s going on.
Facebook.
My first order as President would be to abolish social media sites.
Real communism, but necessary.
That crap has single handedly dumbed down this country into a bunch of useless twits.
The ironic thing is that even the majority of people in deep blue urban areas are making out in this change. Given the majority in a city like NYC, Chicago, etc are non millionaire income apartment renters, they most likely had no deductions. Now suddenly they have a huge tax break, yet they are whipped up into a frenzy by confusing coverage.
I'm upper middle class in Nassau, and I'm about break-even with this bill. However, when my wife resumes working I won't have to worry about AMT so that's a plus. Then hopefully (doubtful) NYS and LI counties will rethink their taxation approach.
Either way, my original post was to give you an extra tax advantage this year.
Then hopefully (doubtful) NYS and LI counties will rethink their taxation approach.
Hahahahahahahahahaahahahahaha
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