So some of us lose, many win and some remain neutral.
I have a friend that lives in a high property tax town and will lose. Of course to be able to live there her household income hits the 275K mark. I have no compassion for her. She chose the town. Has no sewer or water infrastructure and way over pays for schools. so they all need to pay more attention to local elections.
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Sometimes you're the windshield, and sometimes you're the bug.
Basically, the federal government has been subsidizing state taxes by making them fully deductible. Now, your state and local tax deduction is capped at $10,000. For those that live in low or no tax states - this isn't really going to matter. Mine is pretty much right at the $10K between property taxes and and state taxes. And for most people, the increased standard deduction is going to make itemizing those obsolete, anyway.
BTW - none of this is for 2017. There are very few things that will be retroactive for 2017.
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LawyerLady
I can explain it to you, but I can't understand it for you.
Well, i have an S corp which is a "pass through" type corporation so hoping that helps us out a bit. And, the standard deduction has been raised so that makes my taxes easier I think. Also, looks like the rates drop a bit.
Fact is I placed my assets including my house in a trust at the start of the year so I can't deduct interest and r/e taxes anyway. Plus I have a very low mortgage interest rate and low principal balance so itemizing was going away for me anyway.
Because I live in a sales tax and income tax free state there are many people here who pay HUGE r/e taxes. Me thinks they will vote better in local elections and on budget votes.
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Sometimes you're the windshield, and sometimes you're the bug.
