Reply to AGI of $360,000 -- paid $20,000 less in taxes in 2018 than in 2017

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[quote=Anonymous][quote=Anonymous][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]

Well I'm glad it worked out for someone. It is a travesty for our country and our kids. [b]HHI of $150K, had to pay for the first time ever. [/b]It was several thousands to the Fed, got a small VA state return. It was a HUGE blow for us. I hope the wealthy in this country realize the trajectory we are on and that in the end your gains are literally killing the middle class. In the end it will not end well for our country or society. [/quote]

This is unquestionably false.  Oh, I know what you meant, but that isn't what you wrote.  Your rants would have a lot more force if you didn't reveal yourself to be lacking knowledge of the most basic tax structures.  [/quote]

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