“As we’ve 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, you’d 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.
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.
“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.
[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.]