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It will be interesting to see how both the housing market and the states adjust to the loss of SALT. I read that it is expected that itemized filers will drop from 22% ish to below 8%. We were only $6k over the new standard deduction this year. SALT was a big chunk of what allowed a lot of folks to itemize.
The 2018 brackets are the lowest and will rise in the future up to 2025 where they will come back to current levels... but without the SALT to offset them.
I do think that taking the mortgage deduction out is a good thing. IMHO, it only drove up housing prices, problem is, there is no way to adjust your principle for one that bought under the 'old system'. IIRC, mortgage deduction was considered more you could add 20% on the typical payment.
Now we just need to get rid of the child deduction. Society pays for that crap with property taxes.
Wife and I are actually talking about her going part time to save money that is just being lost to taxes... how broken is that.
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1967 912 with centerlocks… 10 years and still in pieces!
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