Why Many Americans Are Shocked by Their Trump Tax Refund

[aggiesal]

36. Your statement of ...

The biggest restricted itemized deduction is the property tax, capped at $10,000.

is partly correct.

We are capped at $10,000 for any combination of Property tax and State Income Withholding.
We are only allowed to claim $10,000 on either Property Taxes or State Income Withholding or both.

For examples, let's say my property taxes are $12,000 and my state income withholding's are $10,000
In 2017, I would have been allowed to claim deductions for both equaling $22,000 in deductions.

In 2018, I can only claim $10,000 period.
So I could either claim $10,000 of my Property Tax and not claim the additional $2,000 in property tax plus the $10,000 in state income withholding.
Or, I could claim all $10,000 in State income withholding and $0 in Property Taxes.
Or, I could claim $5,000 for each (totaling $10,000) and not claim $7,000 from Property Taxes or $5,000 from State income withholding.
In 2018, I would not be allowed to claim the additional $12,000 anyway you slice it.

Also, I had been warning this DU community that although the tax brackets had changed, the withholding's were not modified!
What we got, was basically an IRS 0% interest tax LOAN for the year, which the IRS is now requesting payment on that loan as of April 15th.

These are huge middle class tax deductions, plus the Mortgage interest deduction (where the repugs lowered the maximum from $1,000,000 to $750,000) are pretty much what allows us to afford the house we live in.
Removing or restricting any of these middle class tax deductions, will cause people to flood the market with homes they can no longer afford, which drive home prices down.

High property tax, income withholding tax or high home price, states that voted against Dolt45 (like CA, IL, NY, NJ, MA, ...)
are really feeling this squeeze in income.
I do not feel the least bit sorry about those that voted for Dolt45 or their Repug representative, they brought this on themselves,
but they are bring the rest of us down with them.

If you ever want to understand Repug politicians, all you have to understand, is that every bill they bring up for a vote, is designed to benefit the top earners! That's why I call the GOP, the Greedy One Percent.
They'll dress it up to make it appear that this is good for the Middle class, but in the end, it never is.

Unfortunately, it will continue to happen, and these people that they showed in the video, who voted for Dolt45, will continue to vote for anyone with an (R) next to their name on the ballot.