Given that a married couple is now spotted $30K as a standard deduction, some of you fellas here in Texas must have quite a few other itemized deductions (HELOC / Charities / Medical) to consider this a significant issue w/r/t property tax deductions.

Side note -- I always chuckle a bit when a home real estate agent tells a young couple -- "You know, you can deduct your interest on your home mortgage." And yes, you can, but ...

I'm terms of the mortgage interest deduction.. Even before the boost to the standard deduction, if $0.22 on the dollar of $8,000 in annual interest is the different in being able to buy a home, you shouldn't be buying that home.

1939 said:

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Tom Fox said:

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DrEvazanPhD said:

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Tom Fox said:

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Trucker 96 said:

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Not sure what you were waiting for.

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Not willing to compromise my ethics. Most of my peers pay essentially net 10% because they lie and run their personal expenses through their business and pocket all cash directly. I have not done that hoping that conservative principles would prevail.

Time to go all TeslaAg and screw everybody else.

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Are they lying? Or taking full advantage of the tax code as written?

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They are cheating, but I am beginning tho think I am the naive one for ever thinking conservatives would make it right and pass a flat or consumption tax. Even place as conservative as F16 would not do it. They would lower the middle class 15% to 10% before even reducing the top tax brackets.

I am in a weird situation. I make a lot of money but didn't make it until late 40s. So I get blasted with taxes. The difference between making $20mil ($1mil x 20 years) vs. ($500k x 40 years) just taking into account income taxation is staggering and it is the exact same total earnings. That is 7.5% more paid in taxes or $1.5mil.

Not mention the advantage of those extra years of compounding interest while paying a lesser percentage in taxes. It is straight up theft and socialism. It is very frustrating because I am just asking to keep more of my own hard earned money and for everyone else to have equal skin in the game.

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You're not in a weird situation. Almost everyone makes more money as they get older.

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Going from $92K at 44 to $950K at 49 is probably not standard.

And most people are not making > $400K for tax purposes. As I said <$400k taxation was perfectly fine and in line with what one would expect to pay.

Ribeye-Rare said:

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Given that a married couple is now spotted $30K as a standard deduction, some of you fellas here in Texas must have quite a few other itemized deductions (HELOC / Charities / Medical) to consider this a significant issue w/r/t property tax deductions.

Side note -- I always chuckle a bit when a home real estate agent tells a young couple -- "You know, you can deduct your interest on your home mortgage." And yes, you can, but ...

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Mine is more than the standard deduction but I would rather they just lower the top tax brackets 10%.

JamesPShelley said:

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the most cool guy said:

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I just paid $34,000 in property taxes a week ago and I only get to deduct $10k. It would be really great if we could get rid of this stupid cap. The SALT deduction does not disproportionately benefit Texans, that is for sure. Our property taxes are so ****ing high we're actually paying more than many people elsewhere pay in state income tax.

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Well... wait until you retire. Better have that $3K a month for taxes... or maybe consider a Howard Jarvis attack.

I'm not ****ting you.

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Howard Jarvis? Is that code for hand job?

the most cool guy said:

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JamesPShelley said:

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the most cool guy said:

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I just paid $34,000 in property taxes a week ago and I only get to deduct $10k. It would be really great if we could get rid of this stupid cap. The SALT deduction does not disproportionately benefit Texans, that is for sure. Our property taxes are so ****ing high we're actually paying more than many people elsewhere pay in state income tax.

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Well... wait until you retire. Better have that $3K a month for taxes... or maybe consider a Howard Jarvis attack.

I'm not ****ting you.

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Howard Jarvis? Is that code for hand job?

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Howard Jarvis was the guy who got Proposition 13 passed in California. It froze property taxes (at the level when you purchased, if I recall correctly). It gave him 15 minutes of fame. He even made a cameo appearance in the movie Airplane.

Double taxation is bad.