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mortgage interest is still deductible. as is state or local taxes.
Correct. But the $4050/person personal exemption was previously added to the mortgage interest and tax deductions which were itemized. This $4050 deduction per person was eliminated.
A married couple with no children will lose the $8100 deduction that they previously added to the mortgage and tax deductions when they itemized. Now the total itemized deduction is much lower than prior years.
Multiple supporters of President Donald Trump over the past couple of weeks have taken to Twitter to air their grievances about the president’s signature tax cut plan. Here's one example.
What's shocking is that they are just now figuring this out.
It was all great fun when his targets were the people they hated. Now they find themselves targeted and suddenly it's not fun any more. This tax legislation is hitting his middle class supporters hard. They were warned, but they're obviously slow learners.
High taxation states are no longer allowed to screw the rest of the country by passing on those exorbitant tax bills to the federal government via a tax deduction. That's over. You want to tax your residents to oblivion? You suck up the cost.
Same. I just looked at mine, and I got a significant tax reduction. Are these people just basing on the fact that they are getting smaller return and not looking that the total $$ deducted on a W2 is actually lower?
In what situation would their taxes go up? They are a significant property owner in a high local tax state? and their children are adults now? All of the property owners in high tax low-child families in CA, NY, NJ, IL should be getting hammered right about now, and rightly so. The majority should be seeing modest decreases.
Yes, I am in a high-tax state. My combined state income and property taxes are about $23,000, but I can only deduct $10,000. So I am getting hammered. Why would you say "rightly so"? People in my state contribute more than their share to the Federal government, while the low-tax states with their lousy schools and healthcare systems get the bulk of government aid.
How do we know they are Trump supporters and not the lying left ? Oh yeah....we don't.
Then how do we know the people posting here claiming they got large tax cut are not the lying whatever? Oh yeah....we don't, unless they release their tax returns. Oh wait...
High taxation states are no longer allowed to screw the rest of the country by passing on those exorbitant tax bills to the federal government via a tax deduction. That's over. You want to tax your residents to oblivion? You suck up the cost.
this exactly. should have been done long ago.
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