Quote:
Originally Posted by PeterG
If NJ'ers with 2 homes were financing a tax break for the working class or the poor, this might at least be a fair point in a debate. But anybody who has read a paper or watched the news knows that the big winners in this tax bill are already rich.
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As a CPA I completely disagree with your evaluation of the new tax bill. If is a very significant change and although some deductions are going to be limited many that have high income and property tax (NY, MA, CA, NJ residents) already have these deductions limited by AMT. AMT situations will change with the new bill and their tax rates are going down so it could be a wash of lower their tax liability.