CTL – I’m kind of curious as to why the change in deductibility of state and local taxes impacted your overall taxes so significantly. I’ve not yet done my taxes (still waiting for information from certain partnerships), but based on my experience, many (if not most) middle-to-upper income individuals were in AMT in the past – where the SALT deduction is added back – which mitigated the effect of the new limitation. Of greater import is the loss of the personal and dependent exemptions, particularly if one itemizes and therefore does benefit from the higher standard deduction, or had many dependents who are above the age for the child tax credit – but the exemption was subject to a phase-out, so impact is also limited for higher-income individuals. As such, I’m wondering (professional curiosity – I’m a tax professional, though in the corporate area) what the main driver was for your increased liability?
an Israeli Yid