For my wife and I, it’s hard to calculate as our year to year income has had some wild swings due to some windfalls. I’m going to try and pay down my property taxes for the next few years in 2017, because my property taxes for 2018 will be around 9k which will easily put me over the 10k limit. That will only get worse every year. It was an intentional FU to the blue states, which incidentally is why every Republican from blue states with high property and local taxes voted no for it.
But I’ll probably “save” several thousand K from federal income taxes. I’ll probably do a lot better in my 401k, IRA, Roth IRA and taxable brokerage accounts because it’s likely that the underlying securities are going to issue dividends or buy back stock. The benefits of this plan primarily go to people who own such instruments. Namely the wealthy, because they own most of the stuff.
On a personal note, I find this plan to be disgraceful. I don’t need a tax cut. The wealthy certainly don’t need a tax cut. It boggles the mind that people who make 50k a year still support Trump. I heard on the radio the average “savings” for people under 75k a year is $18 a week. Don’t spend it all in one place.
And because the estate tax limit has been raised to $22M per couple, I’ll literally save millions. I just don’t understand why the GOP is so hell bent on serving the needs of the rich. Trickle down economics has been proven not to work, both academically and in practice. All signs point to the GOP getting murdered in 2018 and beyond. I just don’t see a positive outcome for them.
