THE MALDEN ADVOCATE–Friday, July 11, 2025 Page 19 MUSINGS | FROM PAGE 6 ing behind them. No arrests, no beatdowns, just a busted-up good time that found new life up at the Rez. And that, my friend, is the gospel truth — and I’m sticking to it. Just for the record: MPD overzealousness took place occasionally in Maldonia of yesteryear (shocking, I know)! The youth of early 1970s Maldonia knowing to resist the “elevator” at all costs (insert smiley face). Postscript 1: On occasion, Pete “he of the very large brain” Robinson good-naturedly refers to my column as “fake news.” He is to be forgiven; Pete fell under the spell of Howie and the Boston Herald many years ago and is skeptical of all other news sources (except the New York Post, of course). Pete, if you are reading today and doubt the veracity of the first Postscript, contact Frank Levine for confirmation. He and I ran home that night like scared little rabbits and never looked back. Insert smiley face. Postscript 2: The Class of 1973 at times gets a bad rap. Just because the football team went winless and a few of the seniors spent a little too much time on Revere Beach at Victor’s or over on Park Street doesn’t mean the 651 that eventually graduated should all suffer. (I say all this facetiously, of course.) The class was loaded with brilliant students and some really good athletes. Janice Brandano and Denise LeBlanc came up with the “theme” for the class of ’73 — “767 Let It Be” which combined the number of classmates (who entered as sophomores) with the Beatles hit song from their final album. Kids such as Joey Mayne, the hockey co-captain. Elaine LaSpina, the girls’ softball co-captain. Ronny Drinkwater, THE SALT DEDUCTION INCREASE P resident Trump signed off on the big beautiful bill on July 4, 2025. This legislation contained many various provisions, not just tax provisions. However, one big tax provision was the increase in the SALT (State and Local Tax) deduction. Since the Tax Cuts & Jobs Act enacted in 2017, this deduction was limited to $10,000 as an itemized deduction on Schedule A. A taxpayer added up his or her state income taxes, excise taxes and real estate taxes in order to include on Schedule A. However, the amount actually deducted could not exceed $10,000. Many taxpayers pay far in excess of $10,000 in those types of taxes, especially for taxpayers in states such as Massachusetts, New Jersey, New York and California. With the 2025 standard deduction at $30,000 for a married couple ($33,200 for a married couple if both are 65 years of age or older), with such a limit on the SALT deduction under the old law, many taxpayers would take the standard deduction because the total of their SALT deduction, charitable contributions, medical expenses and mortgage interest would not exceed the standard deduction. For a single person, the 2025 standard deduction is $15,000 ($17,000 if 65 years of age or older). This new law now allows taxpayers to claim up to $40,000 in SALT deductions thereby putting them in a better position to itemized their deductions. The SALT deduction for 2025 begins to phase out for taxpayers who have income of $500,000 or more. The $40,000 SALT deduction limit as well as the $500,000 income limit are increased by 1% per year up until December 31, 2029. For calendar year 2030, the SALT deduction will revert back to $10,000. The $40,000 SALT deduction is phased out as your income exceeds $500,000 by an amount equal to 30% of the excess income amount. As an example, if your 2025 income is $600,000, the phase out of the SALT deduction would be equal to 30% of $100,000, or $30,000, leaving you with a SALT deduction of only $10,000. The SALT deduction is completely phased out with income of $633,333 as $133,333 x 30% equals $40,000. It is difficult to claim medical expenses for most taxpayers as an itemized deduction as they must exceed 7.5% of your adjusted gross income before you get to deduct one dollar worth of medical expenses. Prior to this most recent legislation, the vast majority of taxpayers ended up taking the standard deduction. This new bill will allow many more taxpayers to itemize their deductions on Schedule A. However, the state income deduction and real estate tax deduction will have to be higher than the standard deduction, unless there are charitable contributions and medical expenses that bring you over that threshold. The new bill also preserved the end-around for the state income tax deduction wherein many states enacted tax legislation that allows for pass through entities such as S Corporations and LLC’s to pay the state income tax based upon the earnings of the business and take a deduction on the federal return at the entity level. Then, the individual owner can take a tax credit on his or her personal return equal to 90% (in Massachusetts) of the state income taxes actually paid by the entity. We’ll just have to see how this all plays out this upcoming tax season after the first of the year. Joseph D. Cataldo is an estate planning/elder law attorney, Certified Public Accountant, Certified Financial Planner, AICPA Personal Financial Specialist and holds a master’s degree in taxation. all-state football star (how many Maldonians can say they fought Muhammad Ali in an exhibition match — Bevy did!). Deb “Bobby’s big sister” Goodwin, president of the Pep Club. Al Goldstein, president of the German Honor Society. Janice Brandano, field hockey co-captain. One of the best Malden athletes of the past 60 years, Jane Brunelli, field hockey/basketball/and softball co-captain. Janice Ruane aka Mrs. Rick Raymond, president of the Green Room. Ronnie Ryner, president of the Black Student Union. David Sager, Class Treasurer. Doug Lund, wrestling co-captain (whose brother Dennis I had the pleasure of recently seeing for the first time since he caught for the Colonels in the BRL back in 1973). Barbara “Beth & Russell’s big sister” Sampson, President French Honor Society. Lee Kinnon, swim team co-captain. Jerry Robbins, co-chair Santa’s Psychedelic Shack (JR Fact 1: JR was my teammate on the BRL Stars; JR Fact 2: Malden misses him a great deal! JR Fact 3: Malden eagerly awaits the newest destination of the Jerry Robbins Memorial Field location). Edgeworth’s best and brightest, Hank O’Brien, basketball co-captain. Edgeworth’s mutton-chopped, classic black leather jacket–wearing original capo, Stevie Saraceni, football co-captain. Bruce Vining, hoop co-captain and “Boy Athlete of the Year” (and today still looking as though he could put up 25). The late, great Steve “Stef” Moro, outstanding student athlete! And of course, Joe Levine, who was simply Joe Levine, leader of the pack, who all agree in 1973 was one cool cat (e.g., his nickname was “Chills,” not ours). That’s a wrap, 1973, hope you guys enjoyed the kudos, and I hope to see many of you at the San Rocco Feast in August! Peter is a longtime Malden resident and a regular contributor to The Malden Advocate. He can be reached at PeteL39@aol.com for comments, compliments or criticisms. For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net
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