GOP Tax Overhaul

[PaulS]

Originally Posted by The Dad Fisherman

Not me, looks like it will get the rich folks though.
Posted from my iPhone/Mobile device

Property taxes in Connecticut are high so you don't have to be rich to hit the $10,000 level.
Posted from my iPhone/Mobile device

[scottw]

Originally Posted by PaulS

Property taxes in Connecticut are high so you don't have to be rich to hit the $10,000 level.
Posted from my iPhone/Mobile device

it's for the children...

[Jim in CT]

Originally Posted by scottw

it's for the children...

yeah, right...

[scottw]

Originally Posted by Jim in CT

yeah, right...

why do you hate children?

[The Dad Fisherman]

Originally Posted by PaulS

Property taxes in Connecticut are high so you don't have to be rich to hit the $10,000 level.
Posted from my iPhone/Mobile device

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

[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.

It varies a bit by town, but that's just about correct. And what's also correct, is that you're not poor if you have that house.

Also, the cap on state and local taxes is one piece of the tax reform, there are lots of moving pieces. I will also be hurt by the cap on state/local taxes (here in CT, I have a 5 year old Pathfinder and a 9 year old minivan, and I pay $1,000 a year to my town in car taxes, that's how CT works), so between that, my state income tax, and the tax on my home, I am a bit over 10k in total state/local taxes.

But other things in the bill, like the child tax credit, will more than offset that for me. I'll pay about $2,000 less than I would under the old tax rules.

You have to consider the combined effect of all the things that are changing, not just the pieces that make your taxes go up.

[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.

[PaulS]

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.

I am certainly not poor, nor am I rich. I pay more than 10K. small house in an area very close to the water where my house is considered a tear down bc of the size. I was very lucky w/my house bc the area became hot (and continues to be)after I bought it. Very desirable area, with good schools. Paid off my mortgage quickly by not taking the standard 30 year term and made extra payments (mainly so I can stop paying flood insurance).

Can't complain (too much).

[Tagger]

Doom and Gloom predicted