CA homeowner mo here - tax bill going up by $13k+ next year on same income
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Poast new message in this thread
Date: December 18th, 2017 1:56 AM Author: fuchsia address
roughly make $500k/year. for 2017, i pay $44k in CA state income tax and $15k of property taxes (on a $1.5mil home) that i can deduct from my gross federal income. AMT adds $12k back to my tax bill.
next year my deductions go from $59k to the cap of $10k. so i lose $49k in deductions. the $12k i make back by doing away with the AMT plus the lower marginal tax rates don't come anywhere close to making up the difference. out of pocket calculates out to ~$13k higher federal tax bill. that's severe.
(http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946697) |
Date: December 18th, 2017 1:58 AM Author: Apoplectic national cuck
pumo living in CA = shitlib
eat shit
(http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34946708) |
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Date: December 18th, 2017 9:00 AM Author: cerise trump supporter
is the per capita claim specious?
is it really welfare per person or are we talking about welfare per non-illegals, but illegals get it
or are we talking about roads and infrastructure per person so montana looks like it's a drain, but that's not really a fair metric?
(http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34947430)
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Date: December 18th, 2017 2:14 PM Author: titillating temple
I'm not comparing states. I'm comparing taxpayers. You don't have to pay federal taxes that other high earners elsewhere do because of your high local taxes. But your high local taxes don't benefit those in other states who don't get that deduction. If you want lower local taxes then vote for lower local taxes or move.
Plus I don't even think the states thing is correct anyway putting aside it's a stupid comparison and trotted out as a way for poors in lib states to feel superior. There was a big study on this.
You also shouldn't get subsidized because you are a home owner. Pay your fair share.
(http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34949688) |
Date: December 18th, 2017 8:37 AM Author: Olive twinkling uncleanness striped hyena
I’m also in a situation where I was expecting to get screwed badly — married, 3 kids, 380k HHI, $750k mortgage, 30k/year property taxes and ~20k state income tax. Last year paid $7500 in AMT, which means I got to deduct none of my property taxes and a good chunk of the state tax deduction was also excluded. Yet http://taxplancalculator.com says I’ll het around a $3k cut, NOT including AMT repeal, so savings should be around 10k.
If you’re losing 49k in deductions that’s 17.5k in taxes at 35%. So get rid of AMT and you’re only down 5k before lower marginal rates are considered. Granted, the rate cuts are a bit better for marriedmos (if your single) and you won’t get a child tax credit (if childless) to offset loss of your personal exemption.
(http://www.autoadmit.com/thread.php?thread_id=3832715&forum_id=2#34947353) |
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