And that is Trumps fault HOW?
Even without tax reform if your child aged out of the deductions your taxes would have gone up.
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$15,000 definitely is high, mine are $10,000 what state do you live in? So your total itemized deductions are over $24,000? By how much? Do you have any kids that will qualify for the tax credit? Also did you factor in the lower marginal rate as well?
What is he complaining about anyway? If he got hurt by losing SALT deductions, he is most definitely in the upper income brackets, I thought liberals wanted the rich to pay more taxes?
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That’s exactly why one of the first things asked about his woes was which racket he’s in. lol
My wife and I have a combined income around $180,000 per year with two kids and based on how my tax guy put it we are going to be better off by about $8,000 because of the new tax laws. So I would guess that his family income would have to comfortably higher than mine along with a property value around $500,000 (my property value is around $300,000).
He’s out there somewhere desperately running the math to see if he can come up with any way to make out like he was hurt while being middle class or lower no doubt. Might take him a while but he might find a convoluted way to do it that wouldn’t actually apply to more then a small handful of real people, anythings possible I guess.
NJ.
Bought in the 90s and our town and appreciated considerably.
combined in come around 120K.
I’m not sure why everyone is so animated by this. I simply stated my taxes went up.
Our household income is around 120K.
Why does it upset you so much that I mentioned my taxes went up?
There it is, folks. lol
Obama?
Is There Any Bammy Up There? (to the similar Pink Floyd tune, parodied on 07/06/2010)
Is there any Bammy up there?
Is there any Bammy up there?
Is … there … any … Bammy … up … there?
Hello, is there any Bammy up there?
Just wave if you can hear us.
Is there anyone at home?
Comeon, now, the nation’s feeling down,
You said you could ease our pain,
And get us on our feet again!
We’d relax, if you’d share some information with us,
Just the basic facts,
What happened to transparency?
There is no shift in the polls
I am succeeding!
Moving the Ship of State
Where you’re not perceiving!
Though it’s only been coming through in waves
Your gonna really get it any day!
When I was a child I caught a fleeting glimpse,
Out of the corner of my eye,
But now that child is in the White House,
I can grasp for it now,
The dream is now,
To transform the world and make Mao proud!
I … I, I have become the One!!!
Reason being the math doesn’t seem to add up. I’m a NJ resident too with a higher combined income albeit lower property taxes, but our total itemized deductions should be about the same. Last year our total itemized deductions were well under $24,000. It’s hard to see how yours would #1 significantly above that and #2 that even if they were the lower marginal rates should have more than made up for that.
You must live in one of the good towns. A while back I had occasion to look up property taxes in NJ and while some were low others looked jaw droppingly high.
Well, I don’t know what to tell you.
Like I said, we lost one kid’s deduction, so maybe that’s the difference?
I suppose I’ll be speaking with my accountant in a month or so. If I think of it, I’ll ask about it again.
Damn Trump for making your kid grow up.
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Yes, a very affluent, desirable town. Though truth be told, I’m pretty sick of it. When we get our youngest off to college, might be time to move.
So have you approached you local politicians about your high taxes there? Or are you only concerned with them on the federal level?
So it sounds like you have other children that haven’t “aged out” of deductions yet.
Remember, under the old tax law, you took a little off your income for each one. NOW any kid you have is 2 grand off your tax liability. (say your tax is 5 grand before the child tax credit, it drops to 2 grand if you still have one kid you can claim. 2 kids it would drop to only a grand in taxes)
Where do you get such nonsense? MSNBC? CNN? POLITICO??
Fess up no one can be that obtuse.
It’s interesting how people pay their local, state taxes and when to comes to paying for their Federal Government they stroke out.
One should ask, why are my state and local taxes so high?? Why are my property taxes off the charts?
Now they can no longer be subsidized by the rest of the country, the people in high tax states will have to put pressure on their local politicians.
Yup. Income of 120k (according to the poster) and they pay 15k (according to the poster in taxes. That’s almost 10% of their gross income just for property tax! Then on top of that they have local income tax.
But it’s not a state issue, they are going to be paying more in federal tax (even though 10% of their net income goes to their state/local in just property taxes.)
I still think they need to start talking to their local/state politicians asking why they should be paying nearly 10% of their income (before taxes) in property tax.