“, I took $16K in itemized deductions and a $4K personal allowance. That’s $20K. With a $12K standard deduction, my taxable income will increase by $8K, and my tax will increase by about $1700.”
If you have 16,000 in itemized deductions, why wouldn’t you take those instead of the new $12,000 standard deduction?
Or is it because they are due to not being able to deduct the SALT?
If so, this will only affect people in a small handful of states. I think you need to work on your local government, it is the problem.
i agree about being strategic to avoid paying taxes. Being retired gives you a lot of options if you are making 401k withdrawals , but those not there yet still have a few. Like IRA contributions. We will be doing that this year, probably not so necessary next year.
In other words, millions and millions of people in several states that are at the forefront of our nation’s economic growth, and who already pay a large portion of total Federal taxes.