Posted on 10/05/2021 9:50:46 AM PDT by cotton1706
“We are not rich by most people’s standards but we do pay nearly $20,000 a year in state and local taxes.”
Being from the People’s Republic of Californistan, I can sympathize. However, your complaint should not be about losing the ability to write off those taxes on your federal income tax; it should be about your local and state officials imposing such high taxes on you in the first place. All the SALT deduction does is allow the high-tax states to spread the cost of their tax policies to the residents of low-tax states who have no say, nor receive any benefit from, those policies.
Perhaps if enough people in Washington and California and other such states get tired of carrying that high tax burden themselves, they might actually vote in different leaders. The other option is to move to a state with lower taxes, as you apparently are doing and as I will be doing soon as well. If enough productive taxpaying citizens abandon these high-tax states, they will not have enough taxes to continue to support these programs and might actually have to start cutting taxes and programs to keep afloat...
I live in MA. Another state where liberals like to tax us to death.
You’re doing the right thing in getting the hell out.
I do think people with larger incomes that get taxed to the hilt do need to consider possible moving. Companies will do so as well.
They are all for ‘taxing the rich” until they find out that means them.
Whatever one’s feelings on SALT — I think Trump’s cap was too harsh, personally — this really should be solved legislatively, not through the courts. The 2nd Circuit was right to reject this one.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.