Mackenzie Click-Mickelson
Chugging along the path of life
- Joined
- Oct 23, 2015
We make more than $50,000 a year so IDK exactly how much per month it is for us in particular--haven't calculated those numbers myself.This is a 4-year old story but it probably is still very true. https://www.google.com/amp/s/www.fo...es-middle-class-taxpayers-all-of-51month/amp/
I'm sure there are a lot of people who do benefit significantly. When I was married and our income and mortgage were twice what my current income and mortgage are, we certainly benefited tremendously. Now it helps me a little, but not much. What does help me is a 3-bedroom apartment in our neighborhood rents for $1,800ish and my mortgage is $1,250.
Yeah, there still isn't a calculator since the senate and house plans differ, but I'll probably not come out ahead since I can no longer use head of household rates.
In 2016 our itemized amount was $26,146 (includes mortgage interest, state and local taxes {which state will be higher for 2017 due to a income tax rate increase that was retroactive to Jan 1st 2017}, property tax {which 2017 is higher because our property tax is higher this year than last year}, PMI {which we did get completely rid of this year by refing so 2017 numbers will be different on that}, personal property tax from our vehicles {not the fees just the tax and this does decrease year after year as our vehicles are valued at less-mine is already at the minimum amount due to its age} and student loan interest {which already sucks that you can only take a max of $2,500 no matter how many people in the household pay student loans though the interest amount we pay does get less each year as we are closer to paying them all off}.
Standard deduction is currently $12,600.
Now the thing that wouldn't kill us is that they would double the standard deduction to $25,200 but it would still cost us more. If they were only increasing rather than doubling it would be a larger impact.
Now this is mostly because of us being only a few years into our mortgage. Naturally as time goes on the amount of interest we pay will lessen and the deduction wouldn't be as advantagous because it's possible we would just meet the current Standard deduction rate {all depends on year to year with factors such as property tax amount, income tax levels, etc}.