It’s likely that small increase is the standard deduction (taking into account the loss of the personal exemption) wasn’t enough to cover your SALT.
Sorry about that.
Unfortunately the RINOs are too cowardly to stand up to the democrats, so they increased taxes on some. A simpler across the board cut would’ve been better.
I am completely ignoring state income taxes, which I estimate will be less than $1,000 for us next year. What's dinging us is the loss of the deduction for medical expenses.
The premiums for an under 65 retiree plan plus Medicare, Medicare supplemental, and Plan D. along with minimum expected costs, is estimated to be over $12K. The deductible part of that expense, plus nearly $10K in property taxes, plus the mortgage interest (last third of the loan) doesn't get us to $24K.
Under the current plan, when the personal exemption is added in, we end up with a bit over $9K more in deductions. Even with the higher tax rates, we would still end up with $600-800 more in our pockets.
Retiree couples from high property tax states, like California, New York, Texas, Florida, etc., very well will see less money next year.