Debate: Did Trump's tax cuts actually help the middle class where you live?

I used to think the 2017 cuts were a no-brainer for everyone, but after seeing my buddy in Ohio lose his homeowner deduction last year, I'm not so sure. What's your experience - did it help or hurt your family's bottom line?

2 comments

2 Comments

olivers284d ago

Hold on, your buddy lost his homeowner deduction because of the tax cuts? That's wild, I didn't think that was a thing. I'm in Texas and my property taxes went up, but I still get the deduction for my house, so that sounds like a real bummer. Was it a state thing or some weird rule change that got him? I feel like nobody warned about that kind of stuff when those cuts were getting passed.

burns.ruby4d ago

So my cousin in Jersey lost his state and local tax deduction after the cap hit, it basically wiped out any benefit from itemizing for him. He's stuck with the standard deduction now even though his property taxes are still through the roof. @olivers28 you're lucky you're in Texas where the state income tax thing doesn't bite you the same way. The weird rule change was the $10,000 cap on SALT deductions, that's what caught a lot of people in high tax states off guard. Nobody really talked about how it would hit middle class homeowners in places like New York or California, it was all about the corporate stuff.