Reply to MoCo looking at increasing income taxes for those making above $150K

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Reply to "MoCo looking at increasing income taxes for those making above $150K"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I think this is a dumb policy, but it's literally only a 0.1% increase. That is only $1,000 more income taxes if you make around 1.15M per year. This is a negligible amount of taxes and most people won't care. [/quote]

Yes and it is a progressive tax. The tax rate is decreasing for others with lower income. This 0.1 % increase will apply to me and I am fine with it if others get a bit more of a break. [/quote]

OP is misinformed. The income tax is not a problem. The ITOC property tax credit is

o [b]Filers that report less than $135,500 in taxable income and previously received the ITOC
will pay more in aggregate income and property taxes [/b]when compared to FY26.

The
aggregate change is $0 at taxable income of $135,500.

o Filers that report $135,500 to $208,000 will pay less in aggregate income and property
taxes when compared to FY26. The maximum benefit is $58 less in aggregate taxes at
taxable income of $150,000.

o [b]Filers that report more than $208,000 will pay more in aggregate income and property
taxes [/b]when compared to FY26[/quote]
where is this from? [/quote]

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