Has anyone done any tax planning to see the impact of the
New Trumpo tax law is on their obligation. Unless you are a corporation it is horrible news. Fuck.
Replies to: Has anyone done any tax planning to see the impact of the
I qualified for the EITC last year
Hopefully it will be even bigger this year.
Mine should be lower.
I thought my prop taxes were high at $4K, sheesh, how do you people rationalize over $10K?
Best I can tell my federal taxv burden dropped $4K.
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My Fed tax went down about $140 a month, but I don’t live in ...
a $750,000 house in a state where they tax the crap out of real estate and add on huge state income taxes.
I feel bad that you had 140 fewer chances to be patriotic.
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Good for you
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Surprise surprise surprise!............Gomer Pyle
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The limitation (cap) on the state and local tax deduction is a killer
As near as I can estimate at this point, the reduction in tax rate will just about be offset by the reduction in how much I can deduct on state income taxes.
Bingo. Don’tcha love your tax cut?
Typical politician BS.
This hurts the upper middle class that are getting socked already in these states.
No impact on the wealthy or the poor.
NJ is a nightmare
My prop taxes well over 10K … and I am not in a small group with prop taxes between 10K and 20K.
Couple this with a high state tax rate = brutal. I have not worked out the exact details yet, but this is a net negative for many in NJ and I expect the same CA/NY.
Are you a native of NJ?
What do you get in return for these high taxes? I was born and raised, and i wouldnt move back there if you paid me to.
Smacking me hard and I am in Virginia
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On the plus side, I think I will miss the AMT this year as the criteria has increased.
It’s going to be close, but I think I will avoid it this year.
my AMT differential is very tight as well.
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Hear you on that
I’m in a midwestern state where my property taxes are about $8k per year now, but I lived in Connecticut a few years ago where they were twice that for a home of similar value. Means none of your state income taxes (or property taxes on cars/boats) can be deducted. I’ve got to think that this will disincentive making new car/boat/home upgrade purchases once people understand the impacts.
You are spot on
There was already a vacuum pulling people out of this state and this just increased the pull. Interestingly, in NJ only the first 10K of prop tax is deductible from state income tax... so effectively I will be taxed on the same dollar 3x (pay the prop tax, tax the money already collected in the state, tax it again federally) ugh.
But I am the proverbial frog in boiling water (perhaps I should hop out?)
Go Irish
First of all corporations get taxed twice once at the corporate level and once at the individual
level. What the Tax act aimed to do was to not punish corporations too much and it has also benefited 85% of the country that does not earn big wages. It hurts California, New York, New Jersey and a couple of other high property tax, high income tax states. But it only really hurts the higher earners in those states because of the limitation to 10,000 for taxes paid to state and for property taxes.
The 10,000 limitation really sucks and has a significant negative impact.
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What have you found out?
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they are taxing the American dream into a nightmare.
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Wait, so you oppose higher taxes, and support lower taxes? Good to hear.
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What’s funny is you think this is a party issue. It doesn’t take much
To come up with a fair tax plan and cut stupid expenses including some military and entitlement reform. Neither party has the balls to do the right thing. Trumpo is exhibit A of what’s wrong and corrupt and Clinton is exhibit B. Take them down. Get on board or support the corruption
Well, every time the GOP wants to lower taxes, the Dems get upset. That's what tricked me.
But, I'm glad you and I can find some common ground. Let's drain the swamp together.
Irishscooter refuses to release his tax returns!
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