[TBP]

Protecting the elites is the core essence of progressivism.

[The Cuban]

Yes let me pay a tax on a tax. Republicans are ridiculous on this. I’m tired of subsidizing Alabama etc.

[The Cuban]

The reporter also doesn’t tell you that residents of those states pay more to the federal government than they receive from the federal government. F the South.

[Sarah Barracuda]

What the left wants to protect are the rich celebrities who donate millions to Planned Parenthood and other far left groups..these celebrities give big bucks to Dems they dont want to lose their meal tickets

[plain talk]

It is interesting to watch the liberals squirm on the elimination of the deduction for state and local taxes. Not sure if it gets signed into law but it is sure providing good entertainment in the meantime.

[taildragger]

I still say it will be the Art of the Deal....

Keep can your SALT if give up all your Sanctuary Cities and States you Blue Landers.

[lizma2]

The Joint Committee on Taxation calculates that for those earning more than $200,000, the SALT deduction cuts their federal tax bill by an average $6,295. For those with incomes of between $100,000 and $200,000, it’s just $857. Those earning from $30,000 to $40,000 get an average of $93 off their federal tax bill.

Interesting. But I don’t think it’s just rats, Rino also will fight this. The destruction of the middle class is always the result of progressivism.

Know a guy who works for a major news network. On the team that followed Obama, Shillary and Kerry now Trump to foreign countries or where ever. When I told him I thought the ruling elites only are interested in one class, the donor class. He gave me a surprised look and said “You get it!”

[DoodleDawg]

This Is Rich: Democrats Fight To Protect A $1.8 Trillion Tax Break That Benefits The Top 1%

This is a tax break that benefits anyone who itemizes.

[nopardons]

What utter CRAP!

There are LOTS of middle class people, in many different states, who would be harmed and harmed BADLY, if the property, city, and state tax deductions are taken away!

[editor-surveyor]

.
The title of this rant is an absolute lie.

The State tax deduction benefits all who actually pay taxes, and go through the trouble to itemize their deductions.

This has nothing to do with “Elites.”
.

[Incorrigible]

Bump

[conservatism_IS_compassion]

Whatever else can be said about the deductibility of state/local taxes, it must be said that it is most valuable to people living in the highest-tax jurisdictions.

And it is, consequently, an engine for the promotion of high state/local taxes.

[Mom MD]

The joke is on them because at that income level the AMT nullifies the deduction anyway....

[silverleaf]

Upper income families pay the taxes
The top 20% of earners pay 95% of the fedral taxes
How do you “cut taxes “ without giving the top 20% a tax cut?
Oh but yeah lets just tax the actual working tax paying “ rich” an extra $1.8 trillion and give it to the govt to spend
Whose money is it, anyway?

[HamiltonJay]

Sorry but I am nowhere near the top 1% and if the SALT is removed and the standard deductions is doubled I’ll pay significantly more tax than I do now.

This and the rediculous claims by republicans on this deduction are Horse crap.

[Kickass Conservative]

I heard someone on the Radio today say that you can currently Deduct the State Taxes you pay from your Federal Taxes.

Of course that is a falsehood.

You can only Deduct the State Taxes you pay from the Reportable Income to the Federal Government, not from the actual Taxes paid to the Federal Government.

Example, if you pay $1,000 in State Taxes, your reportable Income is lowered by $1,000. In a 15% Tax Bracket, you pay $150 more in Federal Taxes under the new GOP Tax Plan, not $1.000 more.

The bigger issue (to me) is the Elimination of the Personal Exemption which is combined with the Standard Deduction under the GOP Tax Plan. (I’m also not sure if the Personal Exemption stays if you Itemize like it does today).

It applies only to the Single or Joint Filers, but if they have Children they lose the current $4,600 per Child Exemption and gain maybe $2,000 with the increased Child Credit.

I think the Standard Deduction should be $12,000 for each Tax Filer and $6,000 for each Dependent Child under 18.
Then a Family of four pays no Federal Income Taxes on Income below $36,000.

I think that would help mitigate the effects of eliminating the Deduction of State Income Taxes.

The Home Mortgage Interest and Charitable Donations Deductions are the Third Rail IMHO. They ain’t going away.

[PA Engineer]

From the Tax Foundation:

The state and local tax deduction disproportionately benefits high-income taxpayers, with more than 88 percent of the benefit flowing to those with incomes in excess of $100,000.

That is neither rich, nor is it high earner. Almost all tax benefits are phased out at high earnings with AMT. The only items I have found that are not phased out over the past few years are charitable contributions.

[escapefromboston]

Rich states tend to pay out more in taxes than they get back though. How are they being subsidized ? Id hate to see anyone’s taxes to go up though, so just lower the rate to make up for it.

[KSCITYBOY]

btt

[NorthMountain]

This SALT deduction, as it's sometimes called, will cost the federal government $1.8 trillion over the next decade, according to the Tax Foundation.

Good.

[AllAmericanGirl44]

Bkmk