I think you are comparing total tax as a percentage from 2017 against your marginal tax rate in 2018. With similar income and excluding SALT issues, unless your kids are above 17 but still counted on your taxes, you should pay the same or less in total tax as a percent of your income.
Take a look at what both are for the same thing, and I think youll be a lot better off than you realize.
No, I'm not.
With similar income and excluding SALT issues, unless your kids are above 17 but still counted on your taxes, you should pay the same or less in total tax as a percent of your income.
I posted previously that I'd reduced my SALT issues by selling my previous home, downsizing, cutting my property tax by more than 50% and getting myself under the cap.
It is an "anomaly" that those of us in high SALT states get pushed up a tax bracket at the Federal level.
I'm not a CPA, I cannot explain it the way my accountant and financial advisor can. Damn' sure wish I could, it would make this conversation a whole lot easier.
There most certainly is a day of reckoning for states like Illinois who are going to have to deal with the over-taxation we have in this corrupt state. Currently Governor McCheese (as I call him, find a picture of J.B. Pritzker and you'll see what I'm talking about) is trying a scheme to reduce property taxes while implementing a progressive income tax. That'll really screw people like me (high income earners, empty nester, no dependents other than myself.) They're trying to play a shell game here, most people aren't falling for it which is why Illinois is a net-outflow state. We're losing far more population than "gaining" and for damn' good reason.
That's Governor McCheese in the middle. Doesn't he look just like Mayor McCheese of McDonald's fame? I think he does.