Quote:
Originally Posted by jwasbury
fint, you can't look solely at the rates, which were absolutely lower. The other piece of the equation is that deductions have been limited...particularly deductions for taxes paid (state income taxes and property taxes). So while the rates are lower, and your gross income can be same as previous years, your taxable income may be higher. those of us in the highest tax states like NY/NJ (where its "normal" to pay 20k in property taxes per year) are all going to pay more under the new law, even if our income is static.
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Yup, I lost a huge chunk in property tax deduction.
Squirreled away a big pile of cash cause I'm expecting to get royally shafted this year.