Limiting the State and Local Tax deduction to 10k is a great way to keep you rich. While you can still deduct your private Jet.. and keep the planet a little warmer. No deduction on state income tax here in the bay. The property tax is already more than 10k. 🙇🏻♂️
With that amount of state tax you would be hitting Amt anyways. Can’t deduct either
What is Amt. property tax of a house in the bay is already more than 10k. Local income tax is a lot if you’re single and and Paying tax twice on that. But it’s a good problem to have isn’t it? 😁
Alternative minimum tax. Before tax revamp, typical Californians with six figure job and a home usually hit amt
How about the option: This should make us all finally wake up and see that our local and state politicians are raping us with all the taxes they’ve levied on us!
You still have to keep property tax and income tax for the local gov. It’s only weird when you have to pay tax twice
Not weird at all. There is double taxation on corporate income. There is double taxation on FICA (you pay half, employer pays half), there is double taxation for social security (you pay all your life for social security then you pay taxes when you collect social security), etc.
Why should states with low state income tax subsidize those states with high income tax rates?
Thank your Blue state policies.
Move to red state, baby
Please don’t, you vote in the same bad ideas wherever you go.
Do you think the poor and middle class get hurt by this deduction? Nope, only the comparatively well off with an expensive house / high income. You should be happy to help the poor pay less. Where is your sense of social justice?
I’m happy to pay more tax than the poor. But all houses in the bay has property tax more than 10k. Basically we don’t have deduction on local income tax.
This is exactly right. Anti-trumpers want it both ways. They ask that the rich be taxed higher. SALT and mortgage interest deductions (and deductions is general) primarily benefit the rich (the poor don’t clear the standard deduction). They should be happy.
The current tax law isn't fair. It's that simple. There are all sorts of more fair ways to tax the wealthy, such as through capital gains, or tax brackets. This was a targeted move to systematically make generally blue states pay more. It was quite brilliant
Just rent instead of buying and you will be fine.
Problem solved 😁
Trump tax laws made renting more favorable vs buying. Just the truth. Better rent cheaper place and invest your savings in stocks.
Sorry I don’t feel bad for anyone who owns a multi million dollar property in the Bay Area
Talk to state government about your property taxes.
Exactly.