Reply to MD Taxes and SALT

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Has anyone found that other changes have balanced out the SALT hit? For instance, we now qualify for the $2,000 child credit and our rate has gone down from 28% to 24%. But I'm feeling really dumb about weighing all the factors.

I'm also regretting not changing our withholding this summer like so many of you smart people advised. Gah![/quote]

We came out ahead despite the SALT change.

It depends on your individual circumstances. Our SALT was previously limited by AMT. However, a combination of lower rate, AMT repeal and surprise child credit made our tax rate lower than last year.

[/quote]

This is right.  If you make (generally) north of $250,000, you likely had AMT, and the elimination of that, plus the lower rates, probably works to your advantage, even with the SALT limitation (which had previously been limited for you anyway).  If you are between $100k and $250k, you're likely screwed.  [/quote]
And this is why people are saying the tax cuts were unfair.[/quote]

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