Saturday, December 16, 2017
Teacher Classroom Supplies Deduction Retained By The New Tax Plan.
The GOP tax plan, will probably be signed next week and become law for the 2018 year and beyond. This is bad news for people who live in high tax states like New York since only $10, 000 can be deducted from local property raxes or State and Local income taxes. In the NYC suburbs property taxes alone usually exceed $10,000 alone. Many New Yorker's pay about 7% in State taxes and if a New York City resident, then add an extra 4%. Its not uncommon for a New York City teacher who lives in the area to have over $20,000 of combined property and State and Local taxes.
However, there is one feature that the GOP tax plan remains unchanged, that is the $250 deduction given to teachers for classroom supplies. While the average teacher spends $530 for their classroom and in high poverty areas its $672. The teacher deduction at least helps to reduce the financial burden for teachers to supply classroom materials to their students.
While the GOP tax plan is an overall negative for education, at least the tax plan retains the teacher deduction for classroom supplies.