It's not anecdotal. I got pushed up into the 25% tax bracket and before anyone says it, I'll say it: YES, the hellhole that is known as Illinois TAXES TOO MUCH also.
That however does NOT excuse the fact that my FEDERAL tax rate went up to 25% when we were all told we were going to get our Federal taxes CUT.
1. I didn't make any more income in 2018 than I did in 2017, AND;
2. I reduced my SALT taxes to under the $10k cap when I sold my old home and reduced my property tax burden by more than 50%.
That meant my combined SALT taxes here in Illinois were under the $10k limit in 2018.
Now, can someone please explain to me exactly how I got pushed up into the 25% Federal Tax Bracket? My accountant (A CPA and Financial Advisor) flat-out says it's a byproduct of the Trump Tax Cuts. He and I are both Trump supporters and I support our President 100%. I'm simply saying it's not "anecdotal" that many of us saw our taxes GO UP despite doing everything right to manage them down.
There is something major f'ed up with the "Trump Tax Cut" and it's not just SALT taxes -- which are a HUGE problem in and of themselves.
I paid $4,200 more this year than last.
On the same income.
And it’s Congressional Republicans that raised my taxes.
Would your tax rate have gone up if there was no SALT limit ... probably not. Now think back on those past years when you were claiming those excessive SALT deductions and the rest of us were paying to subsidize NY, IL, CA, etc.
There is no 25% bracket. That existed for the prior year’s taxes.
“The old tax brackets were 10%, 15%, 25%, 28%, 33%, 35% and 39.6%.
The new 2018 tax brackets are 10%, 12%, 22%, 24%, 32%, 35% and 37%.”
https://www.mydollarplan.com/tax-brackets/
2017:
Single
25%: $37,951 – $91,900
Married filing joint
25%: $75,901 – $153,100
2018:
Single
24%: $82,501 – $157,500
Married filing joint
24%: $165,001 – $315,000
Your CPA is skimming massive dollars from you. The brackets are incredibly different and there is no current 25% bracket.