Posted on 03/03/2019 8:27:30 PM PST by GuavaCheesePuff
Nearly 11 million Americans nationwide would have been capped from deducting more than $323 billion in state and local taxes in 2017 because of changes enacted in the GOP's tax reform legislation, according to an audit released Tuesday by the Treasury Inspector General for Tax Administration — and expect similar results for the 2018 tax year.
The 28-page report offers a new window into the full scope of the $10,000 cap on SALT deductions, which is supported by the White House and top congressional Republicans but has been heavily criticized by the leaders of many high-tax Democratic states, including New York, and by elected officials on Long Island. The cap went into effect in the 2018 tax year.
The audit, which relies on federal tax returns, estimates that if the SALT limits had been in place in 2017, 10.8 million tax filers would have lost a combined $323 billion in deductions. Auditors estimate similar results in tax year 2018, where more than 10 million taxpayers will be unable to fully deduct their state and local taxes, the report said.
(Excerpt) Read more at newsday.com ...
You've lived in a house for 35 years and still have a mortgage?
The tax changes tax the rich. Democrats always say they want to tax the rich. But when it happens, they squeal like pigs.
Trump eliminated AMT - alternative minimum tax.
Most higher income types would lose their SALT deductions under the AMT anyway.
Finally some relief for Barbara Streisand, Warren Buffet, and all the other rich people who complain that they don’t pay enough taxes!
I will pay more in taxes but my stock portfolio has done very well and the earnings are in excess of the extra taxes.
I am here in Washington state so am a victim of high property taxes.
It is really not complicated. If a taxpayer in NY is able to deduct $24k, but a taxpayer in FL with identical AGI has lower SALT and can only take the standard deduction of $12k, then even AOC can understand that as a NY resident she benefits with a lower tax rate than the Florida taxpayer, all because SALT are higher in NY. That is totally unfair to the FL taxpayer. Why should he be paying higher tax than a NY taxpayer simply because he chose to live in a low tax state.
A resident of Florida could deduct their SALT, charitable contributions, and everything else in itemization.
You are complaining because a resident of a high tax state has to pay higher state taxes? All the SALT deduction did was prevent the hungry Feds from taxing people upon taxes that they already paid. Now, they are taxed twice. How in the heck is that a Conservative position?
And now that the tax bill has destroyed many deductions, people are not itemizing (the estimate is only 5% will). That was exactly the intention of the blood suckers in Washington - take as much money from the people as they could in order to make up for the $4 trillion deficit of giving the corporations such a massive tax break.
Just the opposite. I wish every state & Local taxes were low. One of the reasons I moved to Florida was low taxes.
I moved out of Illinois due to crazy property taxes.
If someone insists on living in a liberal-blue state that is their problem.
So if my AGI is $180,000 and AOC living in NY has an AGI of $180,000, with my low taxes I get the standard deduction of $12,000. New Yorker AOC could deduct $30,000 state & local taxes until the new tax law was passed.
So my taxable income is 180-12= $168,000.
AOC’s taxable income is 180-30= $150,000.
What that simply means is for the identical income I pay more federal income tax than AOC. That is unjustified, unfair, and ridiculous. We should pay the same tax directly based on income.
As one who chooses to live in a republican state run conservatively, I am happy out the new tax law supported by PDJT.
LOL ROFL...
$3,600 a year for health insurance is nothing.
I pay $9,750 a year and still have a $6,000 out of pocket max deductible.
Who is your provider?
Bob, if I can help, call. My tears have ceased to fall and, I think that I am over the news. Snif.
Dont pay that now.
120 per month
Cigna
Covers everything great.
Went to the emergency room on New Year’s
Just received the bill for 19.2
I can pay that ...
Then you’re lucky.
Yeah, compared to my friends who pay 2,300 per month for insurance....
Yeah I pay $811 for not so good. Next year, because of a pay raise, I’ll be able to afford good and it will cost $933 a month.
Most of my coverage now I am liable for 30% of nearly everything.
You’re right - this is a saner incentive.
I live in California. Haven’t done my taxes yet. Suspect I’m going to get hammered.
Wow
Yep. Private plan. My employer only offers ACA plans. Have you seen them? They are worse than the plan I currently have.
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