4 ms·
The calculator shows people who make a lot of money 1million+ and very little money < 50K will have a bigger federal tax bill. they'll only be able to deduct
by pascalxus 9y ago
The calculator shows people who make a lot of money 1million+
and very little money < 50K will have a bigger federal tax bill.
they'll only be able to deduct 10k of the prop taxes too
- poulsbohemian 9y agoBut let's be clear, US median household income is $59,039, so the $50K you cite is not actually "very little money" but rather a normal income for a household. Agreed that in reality, it is very little money when we take into account CoL, household debt, etc. This bill, combined with the ongoing burden of health care expenses, will continue to cripple the typical US household. Source: https://www.nytimes.com/2017/09/12/business/economy/income-rebound-recession.html https://www.nytimes.com/2017/09/12/business/economy/income-r...