Quote:
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.
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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.