My cpa told me today about the 2018 returns: Bad for middle class if you own property

[lindysalsagal]

in many north eastern states. Suprisingly, those who would never elect the gangster in 2020.

He said those who are below middle class get a little break, but the middle gets hammered; Average 2K$ higher than 2017.

No link or evidence, sorry.

[DonaldsRump]

1. For sure, the West Coast too

The state and local tax (or SALT) cap of a $10,000 deduction will clearly hurt folks paying high property and state income taxes, among other SALTs.

I am dreading doing my taxes this year.

[SCantiGOP]

2. I'm doing my taxes this weekend

Really don’t know what to expect.

[treestar]

3. Diabolical

The Orange Disaster ‘s supporter who live in those states and get mad because of it won’t matter anyway.

[no_hypocrisy]

4. I'm in NJ and all reps except one (Frelinghuyser) and both senators voted no on the Tax Cut.

It wasn't enough to hold back the proverbial ocean.

[Gothmog]

5. My son adjusted his withholding twice and still owes a good amount

[bobbieinok]

6. IIRC many said at time that Rs deliberately targeted libs in blue states

High property taxes to pay for good services.

Many in red states refuse to pay taxes for good services.

[MichMan]

7. Won't many lower income folks that don't itemize see a bigger refund?

[lindysalsagal]

8. Yes, a little, if they don't own property.

[MichMan]

10. I own property and haven't itemized for over a decade

Never paid enough in SALT and Mortgage interest to overcome the standard deduction

[dixiegrrrrl]

11. Some states have tax exclusions for blind, disabled and/or those over 65.

Mostly Southern states. If I did have to pay property taxes, it would be around 300.00 a year.

My annual homeowners Insurance is around 1,000 a year.

[Drahthaardogs]

9. Yep. Very middle class here.

I got fucked.

[Gothmog]

12. Many will be owing this year

Link to tweet

?s=20