Just did my taxes...
Comments
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Bigger tax cut for me!
It’s not as if this is a surprise. It’s been reported over and over for a year. I assume you are prepared. -
What state do you live in? My effective tax rate didn't increase that much but it did increase. If you're a real high income earner here in California you are going to seriously get hammered with this new tax bill. California already soaks high income earners and with the high property taxes you're sending a lot of money to the state, no longer being able to deduct that from your Federal taxes is going to cause some real pain for some folks.
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Hearing about it, and writing the check to cover it are two different things.
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Glad they closed the loopholes people were exploting in high tax states.SFGbob said:What state do you live in? My effective tax rate didn't increase that much but it did increase. If you're a real high income earner here in California you are going to seriously get hammered with this new tax bill. California already soaks high income earners and with the high property taxes you're sending a lot of money to the state, no longer being able to deduct that from your Federal taxes is going to cause some real pain for some folks.
And to be fair, being a high earner has no bearing on property tax. -
SFGbob said:
Hearing about it, and writing the check to cover it are two different things.
I had my accountant run my taxes in May and December to get an estimate of were I will be. 30% cut is what it’s looking like. No surprises. -
Selling RE in Bellevue, we are getting A LOT of people coming up from California to get away from astronomical income taxes ....SFGbob said:What state do you live in? My effective tax rate didn't increase that much but it did increase. If you're a real high income earner here in California you are going to seriously get hammered with this new tax bill. California already soaks high income earners and with the high property taxes you're sending a lot of money to the state, no longer being able to deduct that from your Federal taxes is going to cause some real pain for some folks.
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It has a bearing on how much you pay to the state in income tax.MikeDamone said:
Glad they closed the loopholes people were exploting in high tax states.SFGbob said:What state do you live in? My effective tax rate didn't increase that much but it did increase. If you're a real high income earner here in California you are going to seriously get hammered with this new tax bill. California already soaks high income earners and with the high property taxes you're sending a lot of money to the state, no longer being able to deduct that from your Federal taxes is going to cause some real pain for some folks.
And to be fair, being a high earner has no bearing on property tax. -
Washington doesn't have a state income tax correct? Or is it property tax? We get the joy of paying high rates of income, sales and property taxes here.pawz said:
Selling RE in Bellevue, we are getting A LOT of people coming up from California to get away from astronomical income taxes ....SFGbob said:What state do you live in? My effective tax rate didn't increase that much but it did increase. If you're a real high income earner here in California you are going to seriously get hammered with this new tax bill. California already soaks high income earners and with the high property taxes you're sending a lot of money to the state, no longer being able to deduct that from your Federal taxes is going to cause some real pain for some folks.
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No income. Property and sales. Companies pay B&O on gross receipts.SFGbob said:
Washington doesn't have a state income tax correct? Or is it property tax? We get the joy of paying high rates of income, sales and property taxes here.pawz said:
Selling RE in Bellevue, we are getting A LOT of people coming up from California to get away from astronomical income taxes ....SFGbob said:What state do you live in? My effective tax rate didn't increase that much but it did increase. If you're a real high income earner here in California you are going to seriously get hammered with this new tax bill. California already soaks high income earners and with the high property taxes you're sending a lot of money to the state, no longer being able to deduct that from your Federal taxes is going to cause some real pain for some folks.
Income is coming. Eventually. Current political climate will stall it, but it's inevitable.
Oregon has income, but no sales. -
Your 'best' tax approach is three legged - Income, Sales and Property. All at moderate rates to offset the highs and lows of economic cycles.creepycoug said:
No income. Property and sales. Companies pay B&O on gross receipts.SFGbob said:
Washington doesn't have a state income tax correct? Or is it property tax? We get the joy of paying high rates of income, sales and property taxes here.pawz said:
Selling RE in Bellevue, we are getting A LOT of people coming up from California to get away from astronomical income taxes ....SFGbob said:What state do you live in? My effective tax rate didn't increase that much but it did increase. If you're a real high income earner here in California you are going to seriously get hammered with this new tax bill. California already soaks high income earners and with the high property taxes you're sending a lot of money to the state, no longer being able to deduct that from your Federal taxes is going to cause some real pain for some folks.
Income is coming. Eventually. Current political climate will stall it, but it's inevitable.
Oregon has income, but no sales.
But the tax grabbers just see another income stream without relinquishing their strangle hold on shit like the B&O tax. Free the business side up to run and let the workers pay based on the fruits of their labor.
