OT: Taxes. Farck

[pdmtong]

Originally Posted by SpokeValley

...and any other high tax, high property value state. There are several.

Having a high property value is useless to me since I am living where I want to live. I do not have any interest in cashing out and moving somewhere else. The good news is my daughter will be fine long after I am gone. The bad news is I intend to live for awhile longer.

Originally Posted by joosttx

Amen. No one unless people who bought their house in 80’s has a property tax less than 10K in my neighborhood and we have a trailer park in the hood.

no kidding. most people moving in around here now are paying $30-60....

[MikeD]

I expect to make out better than last year by the raising of the standard deduction and lowering of the tax rates.

[CiclistiCliff]

Originally Posted by pdmtong

the $10k limitation is just another e f f you to blue California from the admistration

All of the bike industry account reps are going to be owing a substantial amount this year.

[dgauthier]

Originally Posted by MikeD

I expect to make out better than last year by the raising of the standard deduction and lowering of the tax rates.

Quite. With that it's a wash...

[shinomaster]

Originally Posted by C40_guy

Just started on pulling my tax information together. Knew about the $10K mortgage/tax limitation.

Didn't know that last year the tax rewrite also did away with the deduction for "Employee Unreimbursed Business Expenses."

I work out of a home office and that deduction was worth a fair amount each year. Connectivity, supplies, software, etc.

Even things like paying for flight upgrades out of my pocket...gone.

Farck.

Why should you pay taxes? Does our fearless leader?

[CunegoFan]

Originally Posted by pdmtong

the $10k limitation is just another e f f you to blue California from the admistration

The deplorables in other states should subsidize your mansions.

The limousine liberals' call for everyone to pay their fair share always seems to end right about the time taxes hit the upper crust.

At what point should federal handouts be cut off? $10K? $25K? $50K?

[buddybikes]

What has always frustrated me is the medical deduction, or lack thereof. You need to go over 7.5%. That has always been a killer. House owners had it good for a while.

[pdonk]

Originally Posted by pdmtong

.....

no kidding. most people moving in around here now are paying $30-60....

A question. Are you saying people are paying $30 k in property tax? What is the market value of the house? Just curious.

Maybe my 40% marginal income tax rate is not so bad as I only pay $3500 a year in property taxes on a 1.1 million home.

[saab2000]

Originally Posted by pdonk

Maybe my 40% marginal income tax rate is not so bad as I only pay $3500 a year in property taxes on a 1.1 million home.

Where do you live?

[CDollarsign]

Originally Posted by saab2000

Where do you live?

Ha, yeah that’s nothing for a house north of a mil...

[paredown]

Originally Posted by pdonk

A question. Are you saying people are paying $30 k in property tax? What is the market value of the house? Just curious.

Maybe my 40% marginal income tax rate is not so bad as I only pay $3500 a year in property taxes on a 1.1 million home.

It's fairly common in parts of CT, NY and NJ--you are paying $20k plus in taxes for a nice house in a nice area. And in NY you don't even get decent roads for your trouble...

Our house is prolly worth $500,000--and our property taxes alone are north of $12k/yr--and the house is from the '60s and on the wrong side of the river. Add in the high NY state income tax, and I'm pretty sure that the big FU was directed at northeast liberals as well as Californians.

The notion that we will have to pay taxes on some part of our meager income twice violates my sense of fairness--I hope there is a test case wending its way through the courts!

Edit to add: Looks like a challenge is going forward, but the review of the legal basis makes it look unlikely it will succeed:
https://taxfoundation.org/new-york-n...lt-limit-case/

[saab2000]

Taxes pay for things like schools and roads and water treatment and libraries and fire departments and police and national parks and national defense and a coast guard and NOAA and NASA and even more. That stuff doesn't fund itself.

I won't go down the rabbit hole that is partisan politics but these are all good things in my eyes.

[auto_rock]

Originally Posted by joosttx

Amen. No one unless people who bought their house in 80’s has a property tax less than 10K in my neighborhood and we have a trailer park in the hood.

joosttx, are you in California? There's also the Prop 13 factor here if so. Maybe capping SALT deductions could have California voters taking a second look at the assumption that property tax should be paid disproportionately by recent homebuyers... though I doubt it. See the bottom of the linked Wiki for some comical Arnie comments, and a reference to prop 13 as a "third rail".

For out of California, Prop 13: https://en.wikipedia.org/wiki/1978_C...Proposition_13

[NHAero]

Are you saying that CA property taxes are different on two homes of the same value, depending on when the owner bought it?
If so, that hasn't been challenged in the courts?

Originally Posted by auto_rock

joosttx, are you in California? There's also the Prop 13 factor here if so. Maybe capping SALT deductions could have California voters taking a second look at the assumption that property tax should be paid disproportionately by recent homebuyers... though I doubt it. See the bottom of the linked Wiki for some comical Arnie comments, and a reference to prop 13 as a "third rail".

For out of California, Prop 13: https://en.wikipedia.org/wiki/1978_C...Proposition_13

[Ozz]

Originally Posted by saab2000

Taxes pay for things like schools and roads and water treatment and libraries and fire departments and police and national parks and national defense and a coast guard and NOAA and NASA and even more. That stuff doesn't fund itself.

I won't go down the rabbit hole that is partisan politics but these are all good things in my eyes.

Taxes are good....happy to pay my share.

The complaint is about the tax law, and property tax deduction is that it is assumes property values are the same across the country.....Fortunately or unfortunately, $1MM gets you a mansion on 10 acres in Nebraska.....it gets you 8000 sq ft (or less) of dirt to build on in metro Seattle/Bellevue area.

It seemed targeted at the coasts is all....