And, it will raise net taxes on those who itemize.
The author thinks the indirect benefits will outweigh this downer. But those of us who will pay more think it sucks.
And will oppose it with every breath.
How is that?
Yep...our bracket doesn’t change, but it looks like we will lose deductibility of our high state and local property taxes. We are going to get creamed...On our very first tax return after retiring and moving to a fixed income.
You gotta love government — you spend decades planning around their tax code and they change the long-standing rules when it’s too late to do anything about it. I get porked by them every time I turn around.
Your angst over this is warranted, but you have no idea what the end product will be when voted on in the House and Senate.
Hang in there.