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|User Info||Still, No Talk About Cost-Push; entered at 2019-02-12 00:12:52|
Registered: 2019-02-05 Northridge
"complaining that tax refunds are down 8% on average this year"|
This is especially irritating for this life-long libertarian Enrolled Agent tax pro. Roughly 80% of our clients are seeing tax reductions--some by as much as 40% (Self-Employed, eligible for the new Qualified Business Income Deduction, with kids under age 17), with only 20% seeing tax increases--and "usually" not by much (with a few notable exceptions). The MSM is doing their usual Pravda-like reporting with a complete failure at truth-telling.
Worse: very high income earners (sometimes "wealthy" and sometimes not) in high-income and/or high-property tax states are taking it in the chin. One will likely pay $100k more in federal taxes, like for like vs. '17, due to the loss of the SALT deductions. (For Geeks: the 39.6% advertised marginal rate drops to 37%, but the loss of the SALT deduction at a 13.3% marginal CA rate costs them .37 x .133 = 4.9% in tax savings. Their income was already well over the point at which the Alt Min Tax phased out, so where before their combined advertised max fed/state rate was 48%, it's now 50.3%.)