My tax rate was lower as well this year even though I had more income. The main reason was no longer paying AMT and the increase in the standard deduction. AMT doesn’t allow deductions for state and property tax so I never did get hit by the 10K limit in SALT this year. Also on the tail end of my mortgage so there isn’t much interest to deduct. Standard 24K deduction much higher than what I would have gotten from itemizing.
So I think the new tax plan is lower this year unless you didn’t pay AMT last year and could have itemized a large amount of SALT and mortgage interest.
Interesting concept that the new tax rules are more advantageous to being a landlord vs being a home owner. By being a landlord taxes and mortgage are completely deducted while a homeowner would be limited by 10K SALT and mortgage deduction might not be enough to itemize.
