ST Alpha - "I was wondering about your IM, it seemed low." (Reading a Post)

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In response to "My IM isn’t right that’s too high (I thought the personal and corporate rates were closer)" by spamlet

I was wondering about your IM, it seemed low.

Posted by ty97 Nov 4 '21, 04:58

The $72,500 cap seems high-ish to me if it's just income tax?

Not sure if it includes property tax too though? (I'm not a homeowner)

Responses:

I’m sure it does as the deduction includes property taxes. - spamlet Nov 4, 05:03 7
- I just can't remember if we currently have a single 10k cap on the combination of both? Or a 10k cap on each? -- nm - ty97 Nov 4, 05:05 6
  - Combined cap. -- nm - spamlet Nov 4, 05:22 5
    - Well that's pretty awful -- nm - ty97 Nov 4, 05:27 4
      - Depends on how you look at it. They’re going to raise the money one way or another. - spamlet Nov 4, 05:40 3
        
        "They’re going to raise the money one way or another." isn't true. - ty97 Nov 4, 05:43 2
        
        I meant the Feds in that statement. And I honestly think the deduction should be zero which would take care of the IM. -- nm - spamlet Nov 4, 05:45 1
        
        Again I disagree. - ty97 Nov 4, 06:31

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