Thursday, August 29, 2019

Compare taxes

When Trumps tax reforms were announced many wealthy people were upset with the $10,000 limit on state tax and property tax combined. Using Turbo tax I did a comparison between 2017 and 2018 using a married couple with $400,000 of income, $25,000 home mortgage interest, $5,000 in property tax and $20,000 state tax. The 2017 return paid $107,000 in federal income tax and the 2018 return paid $96,000. Once the people looked at their overall tax situation the complaints quieted down.

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