Skip to comments.The IRS Is About To Limit Those SALT Caps: They're Looking at You, New York!
Posted on 06/13/2019 9:10:24 AM PDT by SeekAndFind
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It’s high time our betters were held to the same standards we are.
Beyond time the blue states started having to pay the load for their “government generosity”....
“As weve discussed here before, a $10,000 cap on state taxes is pretty generous. That works out to someone making nearly $150K per year. And even then, youd only lose the deduction for the taxes you paid on income above and beyond the $150K mark. If you earned a quarter million last year, that means you would miss out on a deduction of about six thousand. Is that really such a burden for people in the top five percent of earners?”
That’s a damn lie. Several in fact.
The SALT deduction concerns all forms of state and local taxes, including income taxes. Not JUST income taxes.
In fact there are people in every state in the union who hit the SALT cap last year, many with incomes as low as $120k for the entire household.
Many of them used to be Republicans.
Doctors, lawyers, cops, firefighters, two-earner families etc.
“Funny how they dont want their blue state rich folks to pay their fair share!”
Another ignorant so-called conservative advocating for higher taxes. Especially on “the rich”. Just like a Social Justice Warrior on the left.
FYI: These states already pay more in FEDERAL taxes than your state, whatever it is.
Don’t tax thee and don’t tax me, tax that man behind the tree.
The former is legal, the latter is illegal.
Avoiding tax by keeping income low is fine.
Evading tax by filing false returns is not so fine.
“Beyond time the blue states started having to pay the load for their government generosity.
Part of that generosity is subsidizing YOUR state at the Federal level.
The canonical answer is “20 years”...
Legitimate charities serve a public good and in many cases deliver services which would otherwise need to be provided by government. The charities reduce government spending and save more money than they “cost” in unrealized revenue.
Are you one of those who think that government is entitled to 100% certain portion of assets and income and that any adjustiment is a “tax expenditure?”
If so better get under the bedsheets with William Byrd.
What are the taxable values?
“Im getting taxed on money that I never saw”
That, my friend, is your problem, not mine.
The Federal Income Tax is on ALL income.
When your state steals a bunch of money from you, that’s your problem.
Why should you pay less Federal Tax than on your total income just because your thieving state wants the first dollar VIG?
“The annual property taxes are about 2% now on million dollar homes.”
That is getting close to paying interest.
If the state increases the rate to 4% the value of the house will decline. If it decreases to $500,000 the state has reached the tax wall. Not sure what rate triggers the tax wall but I suspect Illinois is getting close.
In my neck of the Upstate woods, folks can pay 10 grand in property taxes for an existing home worth 200 grand. The owners aren’t what I’d call rich.
But the other states’ taxpayers shouldn’t be subsidizing NYS’s insanity.
If folks don’t like it, they should elect state and local pols who will lower their taxes. Not expect other states’ taxpayers to pay their freight.
What is ‘this’?
“The SALT deduction concerns all forms of state and local taxes, including income taxes. Not JUST income taxes.”
Yes, that’s true.
And as it should be.
Federal Income Tax is on your Total Income, not what’s left after your state steals their “fair share”.
Number one SALT are public school taxes in the Big Blue States. The biggest Blue State scam in history.
Can’t attend the public school unless you live in the district.
The school tax is/was fully deductible.
Big City Suburban Districts with their $20K school taxes are like Tax Deductible Private Schools that everyone else if forced to subsidize.
You asked for higher taxes and you are surprised you got them?
Couldn’t happen to a more deserving bunch!
I am to the right of Attila the Hun, but have always thought that deducting mortgage interest was “unjust”, to use one of the left’s favorite words. This tremendously benefits the wealthy who have expensive, appreciating homes. It does nothing for the poor who typically rent or own very modest dwellings, like mobile homes. This has leveled the field a little.
” It does nothing for the poor who typically rent or own very modest dwellings, like mobile homes.”
Your ‘poor’ don’t pay taxes and probable are subsidized by the homeowners.
Nope. I’m one who believes that the government has absolutely no business delivering “charity”.
Governments do force, governments do fear, governments do intimidation, governments do creating dependence, governments do NOT do kindness, self sufficiency or freedom.
These days, rather than donating to a charity that has low overhead and provides a hand up, and has a high success rate, we “donate” at the point of a gun, enforced by the full might of the IRS and federal government, to programs that suck down vast amounts of money, most of which ‘gets lost’ in a vast bureaucracy.
That’s bad enough.
Worse is no federal welfare program has ever been able to report that the number of people dependent on it has gone down.
The war on poverty is over. Government sponsored generational poverty won.
Taxpayers lost, but not as badly as the people who could have been successes in their lives.
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