Posted on 05/12/2019 11:33:56 AM PDT by Tolerance Sucks Rocks
PING!
This makes for a more fair SALT system without necessarily encouraging high-tax states to send their “revenues” to the moon.
I support citizens of New York and such paying their fair share.
They lived high on the hog too long. It is time for reality to set in
High tax states need to reduce tax, not be subsidized.
+ 10,000
The Federal government should stay out of this.
Let those corrupt states with high taxes fix the problem.
I say this as a refugee from New Jersey.
THE STATE IS RESPONSIBLE, THE STATE SHOULD BE THE ONE TO FIX IT.
SALT was not only introduced with the 1913 income tax bill following ratification of the 16th Amendment, it was also included with the 1884 income tax that was thrown out by the Supreme Court. SALT also comes from a time when Senators were appointed by state legislatures, which seems to confirm to me that SALT was a nod to state sovereignty, not a sop for wealthy, higher-tax states.
However, of course, full SALT seems to allow greater dependence on state government (already too much dependence at the federal level), while the states can send their taxes to the moon under cover of SALT.
What I would do is to limit salt to 1/2 of what it was before tax reform, but to help alleviate the pain of having it cut in half, I would allow both income and sales taxes to count, rather then the either-or system they have now. So the formula would be 1/2 (property + income + sales).
Hopefully, this would provide some relief, while keeping states from sending their “revenues” to the moon.
That is molly coddling. A kumbaya approach to taxation is not required.
The recent tax cut law ended the farce of deducting state income taxes from the federal tax due.
He is sooooo right about that.
When you hear them talking about “sweeping, bipartisan, comprehensive legislation” you know Americans are in for an epic screwing.
The Republicans probably lost 12 to 15 seats because of the SALT increase. Especially in California, New Jersey, and Pa.
They lived high on the hog too long. It is time for reality to set in.
I live in NYS and a agree. And BTW, lifting the cap just enables our pols to keep screwing us silly.
Over the last 6 decades or so NYS has lost almost HALF its House seats. Rumor has it that after the next census we’ll lose 1 to 2 more. The SALT cap is the LEAST of our problems.
I support this.
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Likely because it personally benefits YOU by subsidizing your state’s high taxes. I live in Maryland with high state & local taxes so the selfish side of me can understand the inclination.
But HELL NO....if anything we should be lowering or, better yet, eliminating SALT deductions. No more subsidies for the ambitions of Blue State ‘RAT politicians. Let their destruction of wealth be FULLY visible to their voters.
So...let’s give NOT AN INCH of the SALT deduction front.
I am completely against this.
It’s all liberals supporting it.
Get your head out.
“The Republicans probably lost 12 to 15 seats because of the SALT increase. Especially in California, New Jersey, and Pa.”
So, bottom line, people in blue states are in favor of taxpayers paying their fair share—as long as it isn’t them. Got it,
I don’t.
I don’t support this. SALT is key. We need to keep and defend it. It will, in time, reduce NY taxes. And it does reduce the national debt. I myself pay more taxes now with the SALT. Because I have two homes, one in Illinois.
But SALT stops states from raising property taxes. It should be $5000 for individuals and $10000 for married couples. So if they fixed it by lowering the individuals that would be fine. But they won’t. They will go the other way which is almost the same as removing it all together.
Right now SALT is having a huge affect on home ownership. In my area where virtually every home is over a million dollars, homes are for sale everywhere. And there are some buyers. They don’t stay on the market forever. But the prices are the same as they were in 1999. Thats higher than 2002 and higher than 2009. But basically the homes in high tax states are staying the same because of taxes. As it should be. Otherwise states will continue to raise taxes and pass those taxes on to the federal government.
The real estate lobby and blue states may not like it. But its best for our country. SALT is the right thing. Defend it.
I’m shocked there were seats in CA to lose.
Third rule of taxation my instructor in my tax income tax course in college (part of getting a BS in Accounting):
"The Only Fair Tax Is The Tax That Taxes You And Not Me"
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