4 ms·
Not sure I follow. The wealthier have higher incomes and higher property taxes due to buying more expensive homes. The $10,000 cap hits them even harder.
by bcheung 8y ago
Not sure I follow. The wealthier have higher incomes and higher property taxes due to buying more expensive homes.
The $10,000 cap hits them even harder.
- deleted 8y ago[deleted]
- Spooky23 8y agoIf you live in New York, New Jersey, California, etc, a large percentage/majority of homeowners are impacted by the $10k cap. But you need to clear $24k in deductions (as a married couple) to even take that deduction. The average homeowner loses, as they can’t cross the threshold, and every marginal state/local tax dollar costs 15-25% more than it did before.
- bcheung 8y agoThe 2017 standard deduction for married couples was $12,700 (compared to $24K in 2018). So the average homeowner also gets an additional $11,300 tax free. Granted so do non-homeowners. I don't think the "average homeowner" would complain that they can't take as big of a homeowners deduction when the net result is they are exempting a larger portion of their income regardless.