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I have just finished personal tax returns for Mrs. CTL and myself as well as our two daughters and their families (sons due their own returns).
Trump’s tax changes capped deductions for state taxes (property and income and sales tax) at $10,000.
We all live in CT and have homes valued and taxed at values above 500K and less than 900K, We also have to pay property tax on cars, sales tax and state income tax.I ran the returns using the new tax laws and software used last year.
Each daughters’ taxes increased between 5 and 10K on similar income
Mrs. CTL and I are paying more 27K more than last year on the same income.I was ridiculed here on the CR when I stated that I expected my tax liability would increase 20K+ under the new laws and that it would reduce my charitable giving.
I have just gone through my list of secondary and tertiary charities and reduced or eliminated donations planned for the rest of 2019.
With the changes done to the ACA (Obamacare) our medical expenses have also gone up dramatically putting a further squeeze on disposable income.
B”H I am not crying poverty, BUT the dire predictions I made about Trump’s tax and insurance rules have come true.
I do not know anyone in my community who has realized a true tax cut under the plan. I guess none of us are that 1%.If the people of your state vote for ridiculously high state taxes there’s no reason for the rest of the country to subsidize them. The full burden should fall on your state’s taxpayers, so you will fight to get them lowered, or else move to a state with more reasonable taxes.
CTL – I definitely hear you and believe your story. And I feel bad because no matter how much you have, you are entitled to have whatever you came to honestly and living a “richer life” does not entitle others to care less about your loss. I want to ADD, however, that my tax return showed a tremendous drop in my deductions but an increase in other areas, leaving me with almost the same return. And I just helped two other families file their taxes. One received very little in return and one received thousands more, thru various credits, than they would have otherwise received. And that is food money. So while I do NOT belittle your loss, my happiness for those with small kids, private tuitions etc who now get enough more to cover some bills makes it worthwhile in my eyes. And thankfully, two of those families won’t have to pay a fine they can’t afford for not having health insurance that they can’t afford.
Again, my point is not to negate your claim or belittle your complaint, it is to make you aware that there are a lot of people out there who are benefitting greatly. Please be happy for them as they are no less important US citizens than you and yours.
You’re wealthy. You support higher taxes on the wealthy. You should be happy to be paying higher taxes.
The vast majority of the American middle class saw a reduction after the Trump tax cuts compared to before. That is overall, even if property taxation in isolation rose for some.
P.S. A lawyer AND an accountant? You really ARE everything!
This makes me so happy. I saved huge thanks to Trump, and the wealthy blue state folks are paying through the nose. Can’t wait to reelect.
It helped me
Joseph – I don’t know if the vast majority of the middle class saw a reduction, I think the difference is how many young children you have. Those with no very young children lost out on the dependents without getting increases in child related credits. Those who have no very young and many over 18 probably took a hit.
Move to a lower tax state.
In other words, Trump’s tax reform did exactly what it was supposed to do. Tax the liberals.
Move to Florida.
The CBO, IRS and other official sources ran the figures and put on the record that the tax code changes made with the Trump Tax Reform act resulted in a large majority of the middle class across the United States seeing a reduction in their federal annual taxes. This is looking at the net results of all the changes from the tax changes, not just the property taxes issue alone. IOW, even those who may have seen higher taxes as a result of the property no longer being fully deductible, most of them had an even larger decrease on the rest of their taxes to more than make up for the property increase.
And of the minority that didn’t see a decrease, they mostly had about the same overall tax liability as before the changes.
There were very very few middle class who saw an overall increase in their tax liability after the change. Those that had such an increase were mostly the wealthier people living in states with high property taxes. And even most of the wealthier folks also had an overall decrease in Federal tax liability.
CTL, I thought that you like paying taxes. The US national debt is now $22 trillion dollars. Unless something drastic is done the Social Security Trust Fund will run out of money in 2034. At that point only 79% of benefits will be payable. Even after I become eligible for an Israeli Senior Citizen’s allowance that will be half of my income. Of course, if the dollar collapses before that the whole world will be in deep trouble. People will simply have to tighten up. Certainly no green new deals and other economic luncaies, Profligate states will have to put on the brakes to or put in receivership (this is what Israel does when a municipality does not keep its financial house in order.
Alot of people thought they suffered because they had smaller refunds. It was then discovered that because the new ( and lower ) withholding wasn’t implemented until February, there was less withholding, higher net checks and thus, lower refund.
The doubling of it the standard deduction helped.
Our dear Gov Cuomo actually blamed the tax cap on the rise in New Yorkers leaving NY, not the taxes themselves.@CTLAWYER, then Monsey or anywhere in Rockland and Westchester Counties are not going to be any better for you. This mornings local Journal News stated that both of the above referenced counties were 1 and 2 in the country for property taxes. And like Daas said earlier, he accomplished exactly what he set out to do, which is to lower the burden on middle America. The 2 coasts, or the NE and California to be specific, were not now or ever on his most favorite list.
CTL “20K in Tzedaka that i gave last year will not be given this year due to my increased tax bill.”
Are you punishing Hashem?“Are you punishing Hashem?”
He poshut cannot afford it anymore. It may be kdai to raise tzedaka for him, now.
Acting against his own personal economic interests (assuming he is as rich as he claims to be and isn’t just faking it), Trump targeted high income persons and affluent home owners in states with high state taxation, and benefits those with lower incomes who can’t afford to own a home and live in poorer states.
This is the idea of progressive taxation. Until recently, it was the Democrats who favored a “tax the rich”, but as the Democrats become the party of Limousine liberals it appears it is now the Republicans who are the party of that favors progressive tax rates.CTL: Maybe you could use one of the crowdfunding web sites to solicit donations to restore your losses?
My taxes are much lower this time.
And while my health insurance was cheaper before ACA , trumps executive directive made my health insurance much better for the money. I do understand that those in liberal states with higher taxes loose outTo those who mindlessly spout nareshkeit about why should we who live in low tax states “subsidize” those who live in high tax states (by making those taxes deductible for federal income purposes, I would simply note that most of the “low tax” states get several times more in federal spending and contracts than the high tax states. For example, Florida, Texas and South Dakota gets back $3- $4 for every $1 dollar they pay in federal taxes whereas Connecticut, Delaware and NYS get back less than $1 for each dollar they pay in taxes. What that means in that the low tax states are really the ones being subsidized by the higher tax states. That also ignores the general trend that low tax states (Mississippi, Louisiana, West Virginia) have among the worst health care and educational metrics in the country because they dedicate such little funding to their citizens’ well being and education.
âThey purchased a Silver level choice PPO from Connecticare (a private insurance co) through the healthcare exchange. With the advance tax credit the monthly premium is $122.08 (for both). It has a $20 copay for primary care doc, $30 specialists, Drugs are $5, 20 and $35. The MAXIMUM out of pocket per person is $2500 per year ($5000/familyŚŽ
Hard to believe, I used to pay $125 before Obamacare without the government subsidizing me. Obamacare took my premium up from 125 to 260 (after a subsidy that tax payers didnât pay before ) with Obamacare my deductible went from 1k to 5k ..trump signed the executive order and my premium went down by $10 yet my deductible went down to 1k
There are many nice perks to aca coverage insurance but worth it ???Pundits were very clear. This was a clear swipe at the blue states specifically the governor’s who oppose his very existence. Make them squirm when their citizens realize uncle Sam will no longer subside their tax and spend ways. From this read it’s clear citizens took a hit. The question remains, will they blame Trump or forcer governors to rethink tax and spend.
“I am illustrating the effects of the Trump tax scheme on me and my family.”
CTL: I’d rather just laugh at you than be serious, but in case anyone is actually taking what you’re saying seriously, let’s state the facts:
Previously, your blue state high taxes were masked by unfair deductions that shifted the tax burden to the rest of us.
Under Trump’s plan, the rest of the country stopped subsidizing your lavish-spending, blue state policies, so now you’re seeing how much the local politicians YOU supported have been costing you all these years.
And, naturally, you blame Trump.Taxes are lower on the middle class. People saying otherwise are probably rich people diluting themselves into believing they’re middle class as they so often do. If you’re making less than 70k for a household income, there’s no way upping the standard deduction to 24K didn’t help.
CTL, the funds are, in fact a pork barrel for all kinds of benefits never intended to be part of Soc Sec. However, the National Ponzi Scheme would probably keep going had people kept on having kids at Baby Boom levels and if the now retiring Boomers would do the younger set a favor and die earlier.
You can afford it either way
“That last 20K I gave to Tzedaka last year no longer exists, it has gone for taxes.”
Does the money you spent on vacation last year still exist?
Joseph – I would not have expected such an ignorant comment from you. As much as you enjoy cheppering, you usually have a better handle on your fellow posters. Not that CTL needs any help from me, I just am getting a bit tired of posters deciding that he has too much money and therefore is guilty of everything they have determined to be characteristic of that. Shame on you for being so gullible.
First of all, you completely missed his meaning on that comment due to your jumping to conclusions. Secondly, which vacation of his do you think was the problem? Pesach hotel perhaps? Summers in venice or maybe the cruise around the world?
Unless I am wrong, I think you owe him an apology.CTL maybe that’s your punishment for voting Dem – enemies of the Jews
Democrats made your taxes high. Vote to lower state tax.
CTL, do I owe you an apology?
CTL – I’m kind of curious as to why the change in deductibility of state and local taxes impacted your overall taxes so significantly. I’ve not yet done my taxes (still waiting for information from certain partnerships), but based on my experience, many (if not most) middle-to-upper income individuals were in AMT in the past – where the SALT deduction is added back – which mitigated the effect of the new limitation. Of greater import is the loss of the personal and dependent exemptions, particularly if one itemizes and therefore does benefit from the higher standard deduction, or had many dependents who are above the age for the child tax credit – but the exemption was subject to a phase-out, so impact is also limited for higher-income individuals. As such, I’m wondering (professional curiosity – I’m a tax professional, though in the corporate area) what the main driver was for your increased liability?
an Israeli Yid
” Not that CTL needs any help from me, I just am getting a bit tired of posters deciding that he has too much money and therefore is guilty of everything they have determined to be characteristic of that.”
Give me a break. He consistently demonstrates a disconnect with the lower economic brackets, he consistently says more tax burden should be shifted to the wealthy, then when the times comes to pay the pied piper, he whines about it. We aren’t going to apologize for supporting someone who saved us money just because it happened to cost blue state, ivory tower folks who were benefiting from scamming the rest of the country.
I’m assuming you’re suddenly rushing to his defense because you relate to his poor wittle rich man status. Everyone saw through the lies about caring about the less privileged and now both parties have hung your class out to dry. Pardon the rest of us if we enjoy watching you get your comeuppance.
Israeli Yid state taxes were a big portion of people who itemized in blue states. CT has high property taxes.
CTL should switch his law firm to an S Corp and be exempt from SE tax.
You should pay more taxes. If you can pay it, then you’ve made it.
@ctlawyer Iâm self employed . I had no group plan before or after ACA..( Individual plans all along )
If my plan became so much more pricy with a subside I canât even begin to imagine for a family that has enough money not to qualify for subsidies
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