Anonymous wrote:Im looking forward to deducting my 30k of salt taxes. Thanks, New Jersey republicans
Signed,
A 400k earning blue voting household in Montgomery County, Md

The Senate will never pass this. Don't count your chickens yet.

What is "decrease in deductions from the 37% rate to the 32% rate " ?

I thought Democrats ran on tax the rich agenda, you should be grateful he’s doing what you all asked for.

Im looking forward to deducting my 30k of salt taxes. Thanks, New Jersey republicans
Signed,
A 400k earning blue voting household in Montgomery County, Md

Anonymous wrote:Very high income and net worth. Because of the decrease in deductions from the 37% rate to the 32% rate I actually got the worst of all worlds. Tax increase and massive increase to debt. Plus this bill hurts people. I didn’t see that coming.

FYI, letting the last Trump tax increases lapse would have been better. The increased SALT deduction would have nearly offset the tax increase. And having less debt as a country would have improved my borrowing rates.

We are in a similar situation as you. DH's salary is $565k with annual bonus sometimes exceeding $600K, which is deferred. However he is retiring end of this year, so income will shrink. The payouts for deferred comp will start next year, but should never exceed $500K (although it will be close). I guess as the market grows however, it would get higher and we will be over the phase out again. Plus we also have to consider dividend income. I guess we are never going to be able to take advantage of SALT. The only recourse is to move to a state with lower or no income tax.

Good. Aren’t the rich supposed to pay more in taxes?

Nice brag.

You didn’t see “this bill hurts people” coming? What did you think it was going to do?

It's not a done deal yet. But I'm all for more taxes on wealthier people. Even if my family takes a hit.

I don’t know if your taxes will increase. But I do know that those of us who are making a lot of money and have a disproportionate amount of resources should pay more taxes.

If they did not renew his tax salt limits would have gone away.

Anonymous wrote:Very high income and net worth. Because of the decrease in deductions from the 37% rate to the 32% rate I actually got the worst of all worlds. Tax increase and massive increase to debt. Plus this bill hurts people. I didn’t see that coming.

FYI, letting the last Trump tax increases lapse would have been better. The increased SALT deduction would have nearly offset the tax increase. And having less debt as a country would have improved my borrowing rates.

You aren't rich enough buddy. If you were your accountant would have been able to help you pay less taxes than Stacy your secretary.

A lot of suckers who "voted for this" are in for a rude awakening.

Sad.

Very high income and net worth. Because of the decrease in deductions from the 37% rate to the 32% rate I actually got the worst of all worlds. Tax increase and massive increase to debt. Plus this bill hurts people. I didn’t see that coming.

FYI, letting the last Trump tax increases lapse would have been better. The increased SALT deduction would have nearly offset the tax increase. And having less debt as a country would have improved my borrowing rates.