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To: CatOwner

You’ve got company. Those of us with significant SALT deductions, are going to see a sizable tax increase.


62 posted on 12/15/2017 5:13:36 PM PST by Truth29
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To: Truth29
Those of us with significant SALT deductions, are going to see a sizable tax increase.

That isn't the main impact for us. We'll be right at the $10k limit, and for next year, our estimated state income taxes will be less than $600, so it's not a huge deduction. Thankfully, California doesn't tax social security (for how much longer remains the question).

Our problem is the loss of medical expenses as a deduction. Sure, they dropped the threshold from 10% to 7.5% of AGI, but the standard deduction of $24k for filing jointly will trump that in all but the most extreme cases of huge medical expenses.

66 posted on 12/15/2017 5:20:42 PM PST by CatOwner
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