>>I just ran my 2016 taxes using the new brackets:
>>Best Case: They keep the personal exemption and the age 65+ bonus on the standard deduction
>>Taxes down $4000
>>Worst Case: no over 65 bonus and no personal exemption
>>Taxes down $800
>>
>>Capital gains limits, pass through taxes and expensing could make a lot of difference.
>
>
>Not so good here in NJ
>
>State income taxes are high here, so the loss of that deduction will hurt.
>Also, real estate taxes are high here, and the elimination of deductions over $10K will hurt.
>The losers will be people with mid-to high salaries who own homes with high taxes.
>
>Ditto with NY.
>
>No one is sweating, though.
>The pendulum will swing quickly and the dems will reverse it all.
>
>It's really wild to see dems complaining about budget deficits and repubs saying they're OK
Here in MA, we are in the same boat: high state tax and very high property tax. But mostly what I don't like about the new tax law is that it will hurt charitable organizations. Because for most of us, the charitable contributions will not be tax deductible.
"The creative process is nothing but a series of crises." Isaac Bashevis Singer
"My experience is that as soon as people are old enough to know better, they don't know anything at all." Oscar Wilde
"If a nation values anything more than freedom, it will lose its freedom; and the irony of it is that if it is comfort or money that it values more, it will lose that too." W.Somerset Maugham
