We Can Hope!

The so-called “infrastructure bill” passed recently does not have a lot of income tax changes, thank God.

Soon there should be a 2022 “Budget Reconciliation Bill” that may have some goodies if and when it passes. One possible goodie I can see coming in that bill would be the easing of the SALT deduction limitation that came in with the 2018 “Tax Cuts and Jobs Act.” SALT (State And Local Taxes) deductions on Schedule A which consist of state income taxes paid, sales taxes paid, real property taxes paid, and personal property taxes paid (think DMV, boats and airplanes), were limited to $10,000 per year. That limitation could go up to $80,000 next year, an awesome development for us lucky taxpayers that live in high income tax states like Commie-fornia.

We will see if taxes get better for us working stiffs, I sure hope so. I loved the Tax Cuts and Jobs Act, it lowered almost everybody’s tax bill.