The increase in SALT caps is so ridiculous

[Anonymous]

Did our taxes. The increase in SALT now means it is far better for us to itemize than do standard deduction. Before this change, we would only get back about $400 per year total, because we were pretty on par for paying the exact amount of taxes as we should. Now with the SALT cap increase, we are getting a massive return more than $6000.

You know what I’ll do with this money? Probably just stuff it in the bank account. Not really going to stimulate the economy with it. The national debt is exploding, yet I have no idea why the govt wants to give well off DINKS like us huge tax returns. We were drinking a $280 bottle of wine the other night for a weekday dinner. I really don’t need this money and rather the country remained solvent.

[Anonymous]

We do need the money, so thanks.

[Anonymous]

I take donations!

[Anonymous]

The SALT increase went up about $10k. It is not responsible for you getting $5,400 more in your refund.

Still, I agree with you. It’s ridiculous. But blame the entire government. Democracy favors short term solutions. It’s going to be the end of this great country.

[Anonymous]

Why not donate it to a charity? Thats what I would do if I was a dink with disposable income and more savings than I needed.

[Anonymous]

I have kids and owe for first time in my life. I’ll take even 2K from you to pay for camps so I can work in summer. What a bummer.

[Anonymous]

Anonymous wrote:The SALT increase went up about $10k. It is not responsible for you getting $5,400 more in your refund.

Still, I agree with you. It’s ridiculous. But blame the entire government. Democracy favors short term solutions. It’s going to be the end of this great country.

SALT in 2024 was $10k. This year is $40k.

Let's say you paid $45k in SALT in 2024 and $15k in mortgage interest + had $5k various other potential writeoffs . You would have taken the standard deduction ($30k) as DINKs since SALT was capped at $10k. Now with SALT at $40k, it makes itemizing worth it. Let's say very little changed. Now you deduct $40k SALT + $15k mortgage interest + $5k. Your deduction now balloons from $30k to $60k since you get to deduct full SALT.

You're getting way more in deduction. Many people will probably itemize now too and they'll be able to get out of tax brackets after you add in contributions to retirement accounts. They'll see a huge increase in tax returns because of the BBB that is exploding the debt.

[Anonymous]

If you don't need it, give it away to someone who does. The Capital Area food bank always needs more money.

[Anonymous]

Anonymous wrote:If you don't need it, give it away to someone who does. The Capital Area food bank always needs more money.

It's not that, it's that the country is blowing itself up. We are all going to be in the poverty line if the US defaults on our debt. The BBB is masisvely exploding thr debt. Paying interest alone on the debt is now costing like $1T for the country.

If we do nothing soon, we default and have Great Depression 2. If we don't want that, then taxes have to go up while measures of austerity will have to be severe - huge cuts to Medicare, Medicaid and the military.

There is no reason more well to do off folks should be getting huge tax cuts. The amount they get back isn't going to make their lives better. Making sure the country stays solvent will, however.

[Anonymous]

Last year I used std deduction and this year I itemized $38k. I didnt have any big changes, just the salt rule change.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you don't need it, give it away to someone who does. The Capital Area food bank always needs more money.

It's not that, it's that the country is blowing itself up. We are all going to be in the poverty line if the US defaults on our debt. The BBB is masisvely exploding thr debt. Paying interest alone on the debt is now costing like $1T for the country.

If we do nothing soon, we default and have Great Depression 2. If we don't want that, then taxes have to go up while measures of austerity will have to be severe - huge cuts to Medicare, Medicaid and the military.

There is no reason more well to do off folks should be getting huge tax cuts. The amount they get back isn't going to make their lives better. Making sure the country stays solvent will, however.

Nobody, and I mean nobody is willing to pay more taxes. Democrats have tried to raise taxes and lose elections because of it.

And nobody is calling for tax increases on anyone except the ultra wealthy anyways.

[Anonymous]

Anonymous wrote:Did our taxes. The increase in SALT now means it is far better for us to itemize than do standard deduction. Before this change, we would only get back about $400 per year total, because we were pretty on par for paying the exact amount of taxes as we should. Now with the SALT cap increase, we are getting a massive return more than $6000.

You know what I’ll do with this money? Probably just stuff it in the bank account. Not really going to stimulate the economy with it. The national debt is exploding, yet I have no idea why the govt wants to give well off DINKS like us huge tax returns. We were drinking a $280 bottle of wine the other night for a weekday dinner. I really don’t need this money and rather the country remained solvent.

Your return is the form you file.

You meant to say “refund.”

If you are go to opine on tax policy it helps to use the proper nomenclature.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did our taxes. The increase in SALT now means it is far better for us to itemize than do standard deduction. Before this change, we would only get back about $400 per year total, because we were pretty on par for paying the exact amount of taxes as we should. Now with the SALT cap increase, we are getting a massive return more than $6000.

You know what I’ll do with this money? Probably just stuff it in the bank account. Not really going to stimulate the economy with it. The national debt is exploding, yet I have no idea why the govt wants to give well off DINKS like us huge tax returns. We were drinking a $280 bottle of wine the other night for a weekday dinner. I really don’t need this money and rather the country remained solvent.

Your return is the form you file.

You meant to say “refund.”

If you are go to opine on tax policy it helps to use the proper nomenclature.

Imagine being this annoyingly pedantic.

I'm sure they love you at parties.

[Anonymous]

The only solution to the nation's money problems is to print more money and inflate our way out of it.

[Anonymous]

Anonymous wrote:The SALT increase went up about $10k. It is not responsible for you getting $5,400 more in your refund.

Still, I agree with you. It’s ridiculous. But blame the entire government. Democracy favors short term solutions. It’s going to be the end of this great country.

No, it went up $30,000.