Reply to Face It: You (Probably) Got a Tax Cut

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Reply to "Face It: You (Probably) Got a Tax Cut"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]For all the endless bellyaching about how people were getting [i]killed[/i] by loss of SALT, all, nearly all of your taxes went down.

I admit there is a doughnut hold around [b]$200-$250K[/b] in HHI with high deductions where some do pay more.

1- It's not that much more.
2- If it is, count me as a fan of not paying for $30% of your mortgages and property taxes.
3- Any tax reform has distributional winners and losers.
4- As shockingly few people understand, information on refunds, marginal rate, or changes in deductions are not sufficient to determine change in tax liability.  The only way to do this is to redo your 2017 taxes with 2018 numbers (even comparing average rates is uninformative if level or type of income changed).[/quote]

You didn't see the pp who posted on this thread who only made 178k and had a net tax increase? [/quote]

Not that PP, but we're at $190K and paid more too. Not a huge amount more (a whopping $7, actually!) so more or less a wash there, but maddening nonetheless because there is a huge cost to this tax cut in the form of the ballooning national deficit that we will collectively need to pay for in the years to come in the form of future tax increases (remember that the current cuts expire in six years, except for corporations) or program cuts. So we are paying the same taxes for less benefit, which is crappy, especially considering that people at much higher incomes are paying dramatically less.[/quote]

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