Basically, if you are in New York, you would have to be earning into 6 figures before the extra $12,000 in standard deduction would not more than cover the loss of the state and local taxes. In other states it would be even higher.
Bottom line: Good for the so called middle class. In states with no income tax, you no longer would have to keep track of your sales taxes that you were charged. Simplified.
“Basically, if you are in New York, you would have to be earning into 6 figures before the extra $12,000 in standard deduction would not more than cover the loss of the state and local taxes. In other states it would be even higher.”
Since when is $125k or so not middle class?
Is that, like, upper class? lol