New Trumpo tax law is on their obligation. Unless you are a corporation it is horrible news. Fuck.
Hopefully it will be even bigger this year.
I thought my prop taxes were high at $4K, sheesh, how do you people rationalize over $10K?
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a $750,000 house in a state where they tax the crap out of real estate and add on huge state income taxes.
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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.
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.
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.
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.
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It’s going to be close, but I think I will avoid it this year.
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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.
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
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.
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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
But, I'm glad you and I can find some common ground. Let's drain the swamp together.
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