I live in Illinois, a high tax state (Property Taxes, Income Taxes, Sales Taxes) so I get hammered under the Trump tax plan.
Add to that, I was recently divorced (not something I wanted) and am forced to pay exhorbitant alimony which under the Trump tax plan will no longer be tax deductible either.
Not only do I pay the tax on the money the ex gets from the forced alimony, I get ZERO of it back after taxes.
People like me are getting hammered by the Trump proposal nine different ways from Sunday. My only way "out" at this point is to quit my job, leave the state, go somewhere where it doesn't get bitter cold during the winter and live under a bridge somewhere.
A plan I'm strongly considering at the moment since I don't have much else of a choice!
I voted for President Trump, I didn't vote to have my taxes increase so dramatically.
I pray for you. I live in a high tax State too, so eliminating the deductions is going to hammer us. Thanks a lot Trump.
I agree. This is a betrayal.
I also smell Paul Ryan.
The elimination of the deductions and the "over 10 years" jargon is the exact same rhetoric that Ryan used when he inserted language in the 2013 budget agreement to slash the pensions of military retirees, even those who were 100% disabled due to combat injuries.
http://www.washingtontimes.com/news/2013/dec/23/rep-paul-ryan-defends-cuts-military-retirement/