Posted on 11/18/2021 12:45:44 PM PST by ChicagoConservative27
I live in NJ and pay 16K a year in property taxes ,snd I could enefit except that now that I’m on a fixed income I don’t itemize so it doesn’t help me. It benefits the spending prone governor as it softens the blows to those able to leave in the wealthy high income class.
gee i wonder if any blue states are considering tax increases?
With the earned income tax credit, low income people don’t pay taxes.
With the higher Standard Deduction, it’s harder for even homeowners with mortgages to itemize, let alone low income people.
But maybe, just maybe low income renters may see a slight break in their rent of their landlords pay less in taxes. Maybe.
The only benefit will accrue to pols and bureaucrats who will likely feel less heat if the total of one’s confiscatory prop taxes are tax deductible.
Our taxes won’t go down. Neither will tax foreclosures. And people paying through the nose will still be paying out obscene amounts of money they could have put towards their retirement, spent on their kids, themselves, but instead it’s going to bureaucrats.
When you subsidize something, in this case property taxes, you get more if it, not less.
The blue states could have easily fixed this problem by reducing their SALT so that the middle class, and some of the upper class, would not be penalized.
It is the intransigence of these states not to lower taxes that is the problem, not what the SALT limit is. The reduction of the SALT limits just showed the underlying problem in blue states.
Did anyone call her out on that?
most people do better with the standard deduction so this will NOT help most people...
I was middle class in California and I had around 25K in SALT.
Sure they will - the SALT beneficiaries will have more change left over to drop in their cups. :)
“This provision of Trump’s tax cut legislation was not smart, ...”
WRONG !
Regardless of the effect on voters in high tax states, it is NOT the responsibility of other states to pick up the slack to spare them facing the consequences of their electoral stupidity.
False: the low income citizens are not paying any taxes now!
“I was middle class in California and I had around 25K in SALT.”
How much is ‘middle income’ in California?
“But maybe, just maybe low income renters may see a slight break in their rent of their landlords pay less in taxes. Maybe.”
In this case taxes are a business expense, so they are fully deductible, as is interest, insurance, maintenance, and any other expenses you incur while running your rental business.
Jen Psaki Says Lower Income Taxapyers Will Benefit from Raising SALT Cap,It's amazing how many economic geniuses there are in the Biden Administration < /sarcasm >
Not middle class. She said it would benefit “lower income Americans”. So I am guessing a household under $80,000 is lower income. I just checked and in 2019 the median household income in America was $68,000. Maryland is the state with the highest median income at $95,000.
The only way you have a house that expensive is if something changed a lot. You bought a house when you had a much higher income. Or, your house doubled in value. either way, there are not many people that fall into that category. But there are a great deal of wealthy (”high income”) people who will benefit from a raised SALT exemption.
I have noticed that the value of homes between $700,000 and $3,000,000 has stayed pretty similar while cheaper and far more expensive homes have increased in price. There seems to be a point where people feel the tax pain. Up to a point where peoples wealth is so high they just don’t care.
No argument on the underlying. Just pointing out the fact that it seems to have pushed California (and NY) even deeper blue. If people think that’s a win for the country overall then whatever, but they shouldn’t wonder why Republicans are struggling even more here than previously. There is no politician, or political ideology I’m going to support if it means my taxes going *UP*.
The SALT cap didn’t do that.
Conservatives voting with their feet and voter fraud did that.
If the SALT cap was such a great issue for the left, why did it still feel the need to shove RCV down NYC’s throat, hmmmm?
Like they are going to miss *any* trick? They didn’t really need to even *make* it an issue; suddenly seeing your federal taxes go up by $15K does that all by itself. Someone who lives in a $600K house here is *not* “rich” (at least not necessarily so); my home would sell in a heartbeat for $700K and it’s 950 square feet, 90 years old, on 1/10th acre.
Getting rid of the inability to deduct SALT is a *big* win for the left. Even if it doesn’t change a seat, people *I* know will see their taxes go down, and that matters more to most people MUCH more than if a R or a D is in the whitehouse.
With all due respect, saying “The SALT cap didn’t do that” is wrong, and anyone who doesn’t think so doesn’t live here doesn’t really have any basis to say otherwise.
Much like inflation is what is going to (hopefully) damage the Democrats; there’s NO way to spin it when a person is being hurt financially by a policy, none. I get why Republicans like to piss on California, I don’t get why so many Republicans are then confused at why they can’t win in California.
Hell it was Bush I and open borders that turned this state from the one that gave the country Reagan to the blue hellhole it is now.
Much under $100K a year for a childless couple means living in a crappy condo (if you can own at all).
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