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nycbuslady
LIF Adult
Member since 9/15 1068 total posts
Name:
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New Tax Law
I'm really annoyed by the new tax law because it has a marriage penalty in it. The $10,000 cap for State and Local Taxes (SALT) is the same for both single people and married people. You would think that it would be double for married couples, but it's not.
The standard deduction is $12K for singles and $24K for married couples. So, a single person would only need $2,001 in extra deductions (like mortgage and charities) to make itemizing an option. However, a married couple would need $14,001 in other deductions. It just seems unfair to me.
Thanks for letting me vent!
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Posted 12/29/17 1:32 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
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New Tax Law
Whole thing is messed up. I should seriously just sell my house and rent a condo or something
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| Posted 12/29/17 2:21 PM |
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stinger
LIF Adult
Member since 11/11 4971 total posts
Name:
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Re: New Tax Law
Posted by nycbuslady
I'm really annoyed by the new tax law because it has a marriage penalty in it. The $10,000 cap for State and Local Taxes (SALT) is the same for both single people and married people. You would think that it would be double for married couples, but it's not.
The standard deduction is $12K for singles and $24K for married couples. So, a single person would only need $2,001 in extra deductions (like mortgage and charities) to make itemizing an option. However, a married couple would need $14,001 in other deductions. It just seems unfair to me.
Thanks for letting me vent!
Another reason for me not to get married !
Seriously this is odd since republicans are all about "family values "
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| Posted 12/29/17 4:05 PM |
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