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Reply to "Face It: You (Probably) Got a Tax Cut"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We paid $95 more in tax then last year. But our taxable income went up @40k while our actual income went up 0k. That’s going to hurt when the tax rate cuts phase out. HHI 185k, 3 kids.[/quote] Our HHI was 178k, only 1k more than last year but our "taxable income" also was like 30k more, so we ended up paying $215 more than last year. I had to run the calculations both ways in turbo tax-ended up being way better on state taxes to itemize even though it was slightly worse on the federal side. [/quote] The 150k-low200k HHI in the high SALT states really lost out. They weren't hit by AMT before so that change didn't help them, but the loss of the exemptions and the 10k limit, as well as the other deductions that were lost, really dicked them. [/quote]
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