Quote:
Originally Posted by joey2665
You’re only telling one side of the story yes the tax is limited to $10,000 but you’re leaving out the fact that the tax brackets were lowered significantly. So leaving state taxes out for the moment your federal tax rate still went down even though you lost the deduction over $10,000.
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If you're rich--high income, plenty of stock holdings and capital gains income--you're way ahead on the Trump tax cuts.
But if you're kind of in the middle economically, but with high property taxes, it was a mixed bag. This, combined with an increase in the national debt that may be $2 trillion(!), is why most folks did not benefit from them.