12-02-2017, 08:50 AM
I haven't read the tax bill, but if what the lamestream media is reporting is accurate, the standard deduction should be almost doubling. We don't itemize our taxes (which is necessary to claim the deduction you are referring to) because the standard deduction is higher.
So in theory, my taxes should be going down. Wealthier people who use deductions will be hit by this change I'm sure.
If I remember right, Hawaii doesn't let us deduct our federal taxes, so we're already suffering under this scheme.
The problem with letting high tax states deduct their state taxes from their federal ones, is it unfairly punishes the low tax states who are more conservative with their taxes and don't have those taxes to deduct in the first place. It would be like taxing the Big Island to pay for rail on Oahu. Oh... wait...
So in theory, my taxes should be going down. Wealthier people who use deductions will be hit by this change I'm sure.
If I remember right, Hawaii doesn't let us deduct our federal taxes, so we're already suffering under this scheme.
The problem with letting high tax states deduct their state taxes from their federal ones, is it unfairly punishes the low tax states who are more conservative with their taxes and don't have those taxes to deduct in the first place. It would be like taxing the Big Island to pay for rail on Oahu. Oh... wait...