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Fishes: How did the new tax law impact you this year?

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Effective rate dropped from 18% to 15.5%. SALT limitation lowered deductions significantly but had my third kid in 2018, so the $2k/kid tax credit and lower rates made up for that. My itemized deductions were $35k in 2017 but took the standard deduction of $24k in 2018 due to SALT limitation.

Chill out with the political aspects and look at numbers objectively. Lets assume local govt had 2% property tax in both state A and B. Nice home in one (e.g. Georgia) costs 500k so you pay 10k local property tax and a 1bd in another (NY / CA) costs 1M and the other person pays 20k in property tax. It's clear that by capping the deduction to a total dollar (not percentage or other methods) the new federal tax code covers the local taxes in State A and leaves the ppl in State B with10k leftover to pay taxes for in that example. It's clearly biased and your argument above that everyone is now paying equally and it's up to local government is objectively wrong because the issue isn't about higher local tax rates but rather lower deduction cap which affects those in places with higher cost of living not necessarily higher local taxes. Skip the politics, look objectively.

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Flawed argument as property taxes are not the same in each state...

Many high value zones also have high property taxes. NY, NJ, IL, CT. Your hypothetical situation is not objective. It is political spin that sounds objective but sheds a positive light on your perceived view. Don’t be fooled by the banter. Federal government shouldn’t be subsidizing unlimited state tax. It incentivizes states to keep spending more and keep raising taxes. They need their own accountability .

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Paid less in taxes on roughly same deductions and income = slightly larger return. My accountant said “you benefited from the tax law changes”

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Had to pay an extra $6k because of SALT deduction cap. Didn't see much of a difference on my paychecks. So, meh... Hopefully, the people that need the extra tax savings actually got it.

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Slight benefit

likeuplifting

Lower effective tax rate on higher income. We still itemize deductions, and the $10k cap on state/local/real estate tax stopped us from having larger deductions.

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I owed 4K.

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Paid more. Live in a hcol state and lost a lot of deductions

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Definite improvement. Much-welcomed change

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Brutal. Owed 13K, NJ tax is a killer. Our baby was born in 2018 but didn’t help us for any tax credit at all.

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Combined income exceeds limit. Sad. Really sad.

likehelpful

75 BP higher effective tax rate. Refund? Who cares. A refund just says you overpaid the government with an interest free loan. Congrats, you didn't do simple math.

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CA - owed 30% more 🤮

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Dc resident and home owner making a low/avg senior consultant salary and I got screwed over big time

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Much higher this year - high tax state and kids are all grown. 🤢

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Screwed

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Went from a $4,000 federal refund to $675. Also a NJ homeowner.

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Owed 8k

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Owed 12k

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Me too, used to owe 6k

Ended up paying more. Would have owed if not for 7500 EV purchase credit

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Paid less during the year and got largest refund ever; Live in a low SALT state. Absolutely huge difference. My state is booming, my city is booming, and so am I!

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In the end no benefit- the cap on state deductions wiped out any gains elsewhere... just need my state to lower its taxes and then I would be far better off

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