Same here! And I agree they still haven’t figured it out.
JWK
Biden was absolutely correct about us having a “cold winter”. But that’s only true if Biden gets elected, and he ends fracking, closed down oil, gas and coal fired power plants, which now heat our homes in the winter.
I live in NJ, and even though my property taxes are over $10,000/year, my tax bill went down by over $5,000. How exactly did your overall tax burden go up?
If you took the standard deduction and your total of deductions would have been greater than the standard deduction without the salt cap.
Your taxes went down, but not by as much as if there was no cap on salt.
Do you guys want an echo chamber and not a debate?
My SALT was over the cap? Where in previous years I could claim all of it.
This isn’t hard.
It’s a State and local issue so take it up with your State Legislature & “peacefully” protest and rally for lower taxes, that isn’t hard either.
Federal tax code.
This isn’t that hard.
I thought Democrats wanted the wealthy to pay more taxes?
It was a simple question. How did someone end up paying more taxes under Trumps tax “cut.”
I explained it.
This isn’t that hard.
I don’t know if I paid more because I got a promotion and also vested stocks the year Trump’s tax cut took effect and it bumped me up a bracket.
You have the same federal tax rates I do.
Not after deductions.
The standard deduction was raised from $12,000 to $24,000. My total itemized deductions would still have been under $24,000. So even though my property taxes are over $10,000/year I was still better off because the standard deduction was raised. In other words if your itemized deductions were high due to high property taxes and high state taxes then you were impacted but that still would have been offset because of the cut in the marginal rate along with the increase in the child tax credit.
There is a doughnut in there where the value of the decreased marginal rate is less than than the increased overall income imposed by the difference between standard deduction and previous deductions without SALT cap.
Rates. And Trump lowered them. For both of us.
What does SALT stand for?
That’s the kind of half-context sophistry i’d expect from a lawyer.
But your marginal rates were lowered which should have offset that. Also if you have children the child tax credit was increased.
Is it true?
Is your standard deduction different than mine?
