Right... but you wouldn’t know that until all the deductions you used to have are wiped out because you make too much... and then you get AMT’s for added insult

Right... but you wouldn’t know that until all the deductions you used to have are wiped out because you make too much... and then you get AMT’s for added insult. And it’s not 1%... I don’t know the % you’d have to be the but the deduction wind down around $175k in w2 income. That’s hardly bezo’s territory. So let’s say you make $175k and have been thrifty and done a ton of saving and own your home... so now on top of that you’re getting wealth taxed? You know what will happen- this will decimate the white collar servant class in states like NJ where property taxes already exceed 50% of ones mortgage payment AND you can no longer deduct local taxes from your federal return... ever notice the people complaining the tax cuts unfairly benefitted the rich are the ones who already made too much to benefit from the doubling of the standard deduction (ie >80k) but too little that the removal of the state tax deduction really hurt (<$175k)... and yet these same folks somehow think the wealth tax won’t be for them. Dream on... dream on..