GOP Tax Overhaul

[Jim in CT]

Originally Posted by The Dad Fisherman

your home needs to be assessed at about half a million to hit the $10k level in CT. That certainly isn't poor.

Also remember, the limit of 10k is for all state and local taxes (not just tax on your home), including car tax you pay to your town (I pay $1,000 a year for a 5 year-old Pathfinder and a 9 year-old minivan) and state income tax, which is around 5%-6% of income. If the total of all those taxes is over 10k, then you are hurt by the cap. But as I posted, there are other things changing that can offset that, especially if you have a couple of kids.

[The Dad Fisherman]

Originally Posted by Jim in CT

Also remember, the limit of 10k is for all state and local taxes (not just tax on your home), including car tax you pay to your town (I pay $1,000 a year for a 5 year-old Pathfinder and a 9 year-old minivan) and state income tax, which is around 5%-6% of income. If the total of all those taxes is over 10k, then you are hurt by the cap. But as I posted, there are other things changing that can offset that, especially if you have a couple of kids.

Yep, I'm aware of what it contains, still not coming close to the $10k, and I don't consider myself poor. I also don't see the doom and gloom of property taxes because I get to see a more direct benefit from them than I do from Federal.

My town does a great job with property taxes, we have new schools, new library, roads are in great shape, they do a good job plowing. We have an excellent police force that stays involved in the community and keeps crime down. Hell, a couple of years ago my wife mentioned to the town manager that the plows took out our mailbox, next day it was replaced.