IRS season: did Trump deliver? Or was the tax cut fake news?

BoBurnz

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I got fukked with the lack of deductions. Since the interest on my mortgage and other loans isn't a deductible now :francis: It's not significant in the grand scheme of things since I make so much ($170K this year :mjlit:) and the state side isn't so bad (MA) but it's still a decent chunk of change. I think I still come out slightly ahead (need to pull last years and compare) but I know by 2021-23 I'm gonna end up net negative unless I exponentially make more money (which unless I go into management or move I won't, I've hit the ceiling in my field at my position).

Not complaining, I will be fine no matter what, but it's clear that even the upper middle class really gets nothing from this. It's just designed for the hyper wealthy to get even more of an uptick.
 

FAH1223

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I got fukked with the lack of deductions. Since the interest on my mortgage and other loans isn't a deductible now :francis: It's not significant in the grand scheme of things since I make so much ($170K this year :mjlit:) and the state side isn't so bad (MA) but it's still a decent chunk of change. I think I still come out slightly ahead (need to pull last years and compare) but I know by 2021-23 I'm gonna end up net negative unless I exponentially make more money (which unless I go into management or move I won't, I've hit the ceiling in my field at my position).

Not complaining, I will be fine no matter what, but it's clear that even the upper middle class really gets nothing from this. It's just designed for the hyper wealthy to get even more of an uptick.

Why cant you deduct your mortgage? House value is higher than the threshold?
 

South Paw

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I got more this year, but thats due to the child credit going up along with the standard deductions. and I claim 2 kids this year when usually I claim 1. But not being able to claim the mortgage interest is a killer though...
 
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