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Coral Ridge and Las Olas are completely different neighborhoods. You can park a 150 ft yacht in your back yard canal in Las Olas (see pic), while in Coral Ridge you can park a 20 ft boat on a trailer on your driveway.
I said the rates in IL and TX are more or less the same, not FL. I used the Las Olas, FL as an example where municipal millage rates can affect the local rates from zip to zip when another poster said his rate was low in WI, but only are miles away the rates were very high. If FL the average is 1.05%, but in Broward country it is 2.3%, and some zips in Broward and Miami are higher, when you add the local extras.
So, Trump is trying to stick it to the blue States because it makes his base happy, and libs in blue States will flood to the red States to save money, and turn those red States blue. Is this really such a great strategy?
But rates in IL and TX are NOT more or less the same and I demonstrated that with links. A half a percent is not a big deal if you are buying a pair of jeans, but when you're buying a house, especially in Cook County, ILL, where housing prices are inflated, it's a different story. In my comparison of fixed value $300K houses, property taxes in Cook County, ILL was 16% higher than Austin, TX. For that premium, you get less house, less quality education, and more crime. But I do hear that Cook County gives away the free lead.
I CLEARLY stated and YOU CLEARLY didn't read that Zillow/Google, whatever, didn't provide much of a distinction between Coral Ridge and Las Olas. I frankly don't care where they are in relation to each other as while their taxes are not cheap, you still get a HELL of a lot more for your tax dollar that in Cook County, ILL.
Lastly, why would a blue stater flee a blue state for a red state because of blue state policies only to vote for blue state policies in a red state? Your statement is perhaps one of the most nonsensical statements I've read in quite a while.
Take an individual filing in 2017. She could have taken her standard deduction of $6,350 and a personal deduction of $4,050, totaling $10,400.
Under the new tax law, her personal deduction is zero in 2018 and her standard deduction is $12,000. In this example, the single taxpayer has a larger deduction in 2018.
Your example missed someone which itemized in 2017 and added the $4050 to her itemized deductions For example, she had itemized deduction of $18,000(12k mortgage interest + $6k state/local tax). Making her total 2017 deduction $22050 when the $4050 is added.
For 2018 she can itemize but she loses the $4050 personal exemption so can only deduct 18k for 2018. Or take the 12k standard deduction for 2018.
Your example missed someone which itemized in 2017 and added the $4050 to her itemized deductions For example, she had itemized deduction of $18,000(12k mortgage interest + $6k state/local tax). Making her total 2017 deduction $22050 when the $4050 is added.
For 2018 she can itemize but she loses the $4050 personal exemption so can only deduct 18k for 2018. Or take the 12k standard deduction for 2018.
How much does the $4050 personal exemption actually represent in real dollars? And if her income was $50,000.00, how much was her federal tax liability decreased due to a lower tax bracket? What would be the break-even point in regards to annual pay?
Again, tell the entire story.
Last edited by Mad_Jasper; 02-08-2019 at 07:43 PM..
Yep. Tax season is just beginning. Millions and millions of middle class Americans are in for a nasty surprise. There's a reason the GOP made sure this didn't go into effect until after the 2018 midterms--for all the good it did them. People tend to remember when they have been screwed out of money.
But the GOP did make sure to change the withholding tables right away to give the illusion of lowered taxes before the midterms. That didn't work out too well for them, so now they'll probably try to blame the higher tax bills on the Democrats taking over of the House.
But the GOP did make sure to change the withholding tables right away to give the illusion of lowered taxes before the midterms. That didn't work out too well for them, so now they'll probably try to blame the higher tax bills on the Democrats taking over of the House.
Please expand based on sware2cod's assertion and my question.
Originally Posted by sware2cod View Post
Your example missed someone which itemized in 2017 and added the $4050 to her itemized deductions For example, she had itemized deduction of $18,000(12k mortgage interest + $6k state/local tax). Making her total 2017 deduction $22050 when the $4050 is added.
For 2018 she can itemize but she loses the $4050 personal exemption so can only deduct 18k for 2018. Or take the 12k standard deduction for 2018.
Me:
How much does the $4050 personal exemption actually represent in real dollars? And if her income was $50,000.00, how much was her federal tax liability decreased due to a lower tax bracket? What would be the break-even point in regards to annual pay?
Again, tell the entire story.
I genuinely would appreciate your detailed explanation based on the example above.
Please expand based on sware2cod's assertion and my question.
Originally Posted by sware2cod View Post
Your example missed someone which itemized in 2017 and added the $4050 to her itemized deductions For example, she had itemized deduction of $18,000(12k mortgage interest + $6k state/local tax). Making her total 2017 deduction $22050 when the $4050 is added.
For 2018 she can itemize but she loses the $4050 personal exemption so can only deduct 18k for 2018. Or take the 12k standard deduction for 2018.
Me:
How much does the $4050 personal exemption actually represent in real dollars? And if her income was $50,000.00, how much was her federal tax liability decreased due to a lower tax bracket? What would be the break-even point in regards to annual pay?
Again, tell the entire story.
I genuinely would appreciate your detailed explanation based on the example above.
I'm not who you asked but I'll bite. The 4050 personal exemption accounts for about 20% of the 2017 tax year deductions. This was removed for 2018 meaning $4,050 dollars should everything else be kept the same would be added to the person's tax liability. That would translate to about $486 in additional taxes paid this year to last (since it would be at the 12% rate as it would be about 32k after deductions.) Depending on the amount of withholding changed per check, that $486 difference COULD put them in the red for owing.
Now if they couldn't itemize, they would owe quite a bit more. An additional $6000 would be taxable and they would be just outside the 22% rate. An additional $720 plus the $486 would be the new additional tax liability. Over $1.1k in new liability if they didn't itemize or go to a tax preparer. This 1.1k would likely make them owe on taxes. That is a tax bomb.
Now if they couldn't itemize, they would owe quite a bit more. An additional $6000 would be taxable and they would be just outside the 22% rate.
I appreciate your response, but I don't understand the quoted section. The aforementioned fake case study made 50K a year and easily falls within the 22% tax bracket, down from 25% prior to Tax Cuts and Jobs Act of 2017.
Single
22% $38,701 to $82,500
Head of Household
$51,801 to $82,500
Depending on what her AGI was, it is very difficult to imagine a scenario where the elimination of the personal exemption would exceed the reduction in rates.
Could they be examples? Perhaps. But I think it is essentially akin to threading a needle outside of high property/income tax states.
Last edited by Mad_Jasper; 02-08-2019 at 11:40 PM..
The GOP not just trump threw a ton of wealthy but not rich people under the bus for the .01%.
This is news?
Let me mostly guess. Decent earners in high tax states?
Let's not forget, the tax cuts for the peons sunsets in four years, while the tax cut for the .01% is permanent (for now) and is adding a trillion dollars to our national debt every 18 months. It was a completely unfair and immoral tax deal.
But the GOP did make sure to change the withholding tables right away to give the illusion of lowered taxes before the midterms. That didn't work out too well for them, so now they'll probably try to blame the higher tax bills on the Democrats taking over of the House.
When they told people to make sure they adjust their W-4s with their employers, these people didn't do it. The people who file this early aren't the middle class. The ones that file this early are looking to get their hands on that EITC money.
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