Posted on 04/03/2021 8:13:23 AM PDT by Yong
A group of powerful Democrat governors is pressuring President Joe Biden to remove a cap on state and local tax deductions, known as SALT.
New York Gov. Andrew Cuomo, California Gov. Gavin Newsom, and five other governors wrote to Biden on Friday praising his administration for steps its taken so far, including the $1.9 trillion COVID-19 relief package it was able to ram through Congress.
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So high-tax state people will get some savings here, but just wait until they are hit with the elimination of the basis step-up and a doubling of the capital gains rate.
This is just a bone to toss to the people who are going to really get slammed with those upcoming changes.
That cap screwed my daughter and hubby. They worked hard for their house, put two kids through college and have made a lot of sacrifices. It’s an ordinary house...but taxes are out of sight here in NYS.
/Hypocrites
Again...my kids saved and invested. They get scr**** again and again.
TAX CUTS FOR THE RICH (LIBERALS)!
That's the intent of 'Rat incentive programs.
No...you filthy bastards lower your state taxes.
“Again...my kids saved and invested. They get scr**** again and again.”
****************************************************
Take it up with their State government. Don’t expect other states to, in effect, subsidize their payment of New York taxes.
People seem to forget the bill doubled the standard deduction and lowered the rates. It helps all renters as well as most owners. Personally I am one of those that is hit by the cap, but I still agree with the cap. People talk about a flat tax, the way to get there is eliminating deductions and credits. Current tax law was a good step, we need more. Fed government shouldn’t be subsidizing mortgage interest payments and property taxes.
I thought SALT was a nuclear disarmament treaty....Carter, SALT I SALT II
Have you considered voting in new management? Conservatives maybe 🤔?
The SALT cap was meaningless for most taxpayers because the same 2017 tax reform law that established the SALT cap also raised the standard deduction to $12,550 for individuals and $25,100 for couples. In other words, a couple would need to have $25,100 in deductible expenses before they even bother itemizing their deductions in the first place.
These governors don't give a damn about "middle-class taxpayers," for this very reason. What they're REALLY alarmed about is that the SALT caps have given wealthy taxpayers a huge incentive to flee from these sh!t-hole states with highly progressive income tax systems and move to states with no income tax or states with flat income tax rates.
Trying to get their monster back in the cage.
Why should taxpayers in lower taxed states subsidize those who choose to live in high tax areas? That’s what an unlimited SALT deduction does.
Want lower taxes? Go where the taxes are lower!
That’s why repealing the Trump tax cuts was such a big priority so wealthy liberals can get one
As a resident of one of those high SALT states (Hellinois) I've a one word response:
BINGO!
Otherwise known as subsidies to Federally underwrite unreasonable state taxes...
Funny how reducing waste and cost never enters the discussion.
Be careful what you wish for. I live in Hellinois a high tax state. Do you really want those leaving this deep blue state to move to YOUR state and turn it blue?
No, leave 'em here in Hellinois and make them start voting for the party that DOES NOT increase their taxes at the drop of a hat and will lower them.
Please, whatever you do, do not encourage those living in blue states to move to red states. That's like begging for a lethal virus to invade your body.
I'm begging you, don't ever tell those living in blue states to move to lower tax states again. They shit their own bed, make 'em clean it up.
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