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Reply to "AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017"
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[quote=Anonymous]Surprisingly, even though we live in a high-tax area (Bethesda, Maryland), and even though we had the same adjusted gross income (AGI) in 2018 as in 2017, we paid $20,000 less in taxes in 2018 due to Tax Reform. We paid $93,000 in taxes in 2017 and $73,000 in taxes in 2018. Our CPA said that people with higher incomes benefitted much more from Tax Reform. He said that, unfortunately, a family with 2 kids and an HHI of $100,000 might even pay more under Tax Reform. Some of the benefits for us in 2018 from Tax Reform were -- Reform of the Alternative Minimum Tax. That saved us $10,000. Reform of the child-tax credit (to increase the income ceilings). That saved us $6000 because we have 3 children (ages 10-15). So the SALT loss was OK for us because we gained in other areas.[/quote]
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