Just wrapped up my returns and I’m paying an additional $23000 in taxes this year despite having similar income YoY. Anyone else getting hosed? I even dropped my withholdings to zero and I’m still going to have to write a check for over $10k. FML.
Congrats on voting for an Orange
Lots of people here are all about social programs and love politicians that talk about 70% tax rates. Then, when higher taxes actually come around look like
Except in this case all those programs are also cut. This is just funding bigger cuts for people that made much more
SALT was just a shell game that high tax States were able to exploit. The problem isn't the recent SALT changes, it's that you live in a high tax State.
Someone has got to pay for the billionaires tax cut
You moron that’s not how it works. It’s not a zero sum game
Uh, in an annual budget it is actually a zero sum game. Although you seem to be taking this a bit personally so maybe you feel bad that Orange’s promises are all bs.
yeah higher taxes for ppl and tax cuts for corporations.
I thought changes in rates and brackets and the higher standard deduction and pretty much eradication of AMT was going to offset the SALT limitation for most of us. I guess there are winners and losers. I'm saving 23k on my taxes for 2018 because of new law. I'm also in Bay area HCOL.
Did you own a expensive 🏠 for which you can't deduct prop tax and insurance?
Taxation is theft.
@amazon : Hmmm ever wonder why your neighborhood is safe, kids can access public schools and big beautiful freeways you drive on are so convenient? Stop complaining and you should be grateful that you can work in tech.
You mean the public schools where the teachers try to sleep with the students and the pothole covered roads? Those?
Why were high earners able to write off more in the first place? Implementing those SALT deductions in the first place screwed everybody else, I look at it more as evening the playing field.
Stop saying people who make 200-500k elite. Most of us make that and most of us feel nowhere near elite
23k is a huge difference. What was the W2 income?
Yea me too. Much higher effective tax rate. Single filers earning more than $200k got hosed regardless of living in higher cost geographies since the federal tax rates aren’t adjusted for cost of living. It was a great way for republicans to screw the people living in the larger, bluer cities.
not really true for Seattle where no state tax is there. And Seattle is very liberal.
People living in large blue cities like bigger government and higher taxes. Why wouldn't they want to pay more?