5 ms·

You may not get as large of cuts as others, but if you are paying more taxes than the previous year you have some very special circumstances or have a really ba

You may not get as large of cuts as others, but if you are paying more taxes than the previous year you have some very special circumstances or have a really bad accountant. I'll actually be seeing a significant reduction in taxes due to the 20% pass through benefit and doubled standard deduction.

cryptonector 9y ago
Or you live in a high-tax State and you easily exceed the $10k SALT deduction.
- arkades 9y ago
  Which we really, really do.
  - xenadu02 9y ago
    Which was a deliberate "fuck you" by Republicans, attempting to enforce their ideal state tax policy through coercive taxation.
    - cryptonector 9y ago
      Well, I mean, it's not like Democrats don't do this sort of thing. It's politics. As someone once said, "elections have consequences", and surely should! And it's a question of fairness too. Should the federal tax code give high-tax State residents a break? Why should it? Or why should it not? These questions have reasonable answers, and reasonable people can disagree.
      - dragonwriter 9y ago
        > Should the federal tax code give high-tax State residents a break? It's not a break, it's mathematically necessary to prevent federal taxation from artificially negating what would otherwise be beneficial social action. Without local tax deductibility, local tax funded programs have artificially reduced net local benefit, which impact is greater the higher the federal income tax rate which is paid by the payers of the state taxes. The result is that, absent full deductibility, there is an artificial incentive (given progressive federal income taxes) not only for lower state taxes and spending even where a tax-funded program would be economically efficient before federal taxation was taken into account, but also for less progressive state taxes than would otherwise be adopted.
    - cafard 9y ago
      Well, or a handy way to inflict a bit of pain on the coastal blue states.
    - Fjolsvith 9y ago
      Oh yeah? Why, when I live in Kansas, should I have to pay higher taxes to subsidize welfare state residents? Seems to me like its just leveling the playing field.
      - dragonwriter 9y ago
        > Why, when I live in Kansas, should I have to pay higher taxes to subsidize welfare state residents? In federal terms, Kansas is, in fact, heavily subsidized by the states hurt by the SALT change even before the change. The question is why those in California and similar states should have to subsidize their deliberately failed state even more for it's decision not to pay for its own citizens’ needs.
        Fjolsvith 9y ago
        Maybe people in California are needier than people in Kansas, and the Kansas state government just doesn't have to tax us as much to meet our needs.
  - cryptonector 9y ago
    Who is this "we"? Not all folks here live in high-tax States. Unless... you mean that they all have too-high taxes... I see. Well, but even so, not everyone lives in the higher-taxing States. :)
    - deleted 9y ago
      [deleted]
rconti 9y ago
I think we'll be plus or minus $1k next year but that's just back of the envelope; in reality, nobody has a great handle on this yet. And, of course, more and more people will fall into the "paying more" camp as time goes on thanks to the temporary nature of the recently-passed tax plan, so it makes sense to plan ahead.
- BallinBige 9y ago
  the temporary nature is for better or worse

cryptonector 9y ago

Or you live in a high-tax State and you easily exceed the $10k SALT deduction.

arkades 9y ago
Which we really, really do.
- xenadu02 9y ago
  Which was a deliberate "fuck you" by Republicans, attempting to enforce their ideal state tax policy through coercive taxation.
  - cryptonector 9y ago
    Well, I mean, it's not like Democrats don't do this sort of thing. It's politics. As someone once said, "elections have consequences", and surely should! And it's a question of fairness too. Should the federal tax code give high-tax State residents a break? Why should it? Or why should it not? These questions have reasonable answers, and reasonable people can disagree.
    - dragonwriter 9y ago
      > Should the federal tax code give high-tax State residents a break? It's not a break, it's mathematically necessary to prevent federal taxation from artificially negating what would otherwise be beneficial social action. Without local tax deductibility, local tax funded programs have artificially reduced net local benefit, which impact is greater the higher the federal income tax rate which is paid by the payers of the state taxes. The result is that, absent full deductibility, there is an artificial incentive (given progressive federal income taxes) not only for lower state taxes and spending even where a tax-funded program would be economically efficient before federal taxation was taken into account, but also for less progressive state taxes than would otherwise be adopted.
  - cafard 9y ago
    Well, or a handy way to inflict a bit of pain on the coastal blue states.
  - Fjolsvith 9y ago
    Oh yeah? Why, when I live in Kansas, should I have to pay higher taxes to subsidize welfare state residents? Seems to me like its just leveling the playing field.
    - dragonwriter 9y ago
      > Why, when I live in Kansas, should I have to pay higher taxes to subsidize welfare state residents? In federal terms, Kansas is, in fact, heavily subsidized by the states hurt by the SALT change even before the change. The question is why those in California and similar states should have to subsidize their deliberately failed state even more for it's decision not to pay for its own citizens’ needs.
      - Fjolsvith 9y ago
        Maybe people in California are needier than people in Kansas, and the Kansas state government just doesn't have to tax us as much to meet our needs.
- cryptonector 9y ago
  Who is this "we"? Not all folks here live in high-tax States. Unless... you mean that they all have too-high taxes... I see. Well, but even so, not everyone lives in the higher-taxing States. :)
  - deleted 9y ago
    [deleted]

rconti 9y ago

I think we'll be plus or minus $1k next year but that's just back of the envelope; in reality, nobody has a great handle on this yet. And, of course, more and more people will fall into the "paying more" camp as time goes on thanks to the temporary nature of the recently-passed tax plan, so it makes sense to plan ahead.

BallinBige 9y ago
the temporary nature is for better or worse