Posted on 11/30/2017 2:32:05 PM PST by Oshkalaboomboom
As the GOP’s tax-cut bill advances through Congress, Republicans should completely scrap the federal deduction on state and local taxes (SALT).
While this reform is not yet enacted, it's already having a positive effect. Liberal Democrats are holstering their magic wands and focusing on the consequences of their lust for high taxes.
"We’ve got to hit the pause button right now," Democrat Steve Sweeney, president of New Jersey’s State Senate told Fox News Channel’s Neil Cavuto on Nov. 21. "After I had got elected, I had said, 'First thing on the agenda is the millionaires' tax. We gotta get it for school funding.' And then this happened, and it’s like, 'Wait a minute, I gotta take a step back and be more pragmatic and think about what’s best for the state of New Jersey.' You know, 1 percent of people in the state of New Jersey pay about 42 percent of its tax base. And you know, they can leave."
Sweeney seemed chastened, refreshingly cautious, and suddenly aware that hiking levies on those who already pay more than their fair share of taxes is a perfect way to "force people to look to another place" to live and work. And if paying 42 percent of income taxes is not beyond "fair" for the top 1 percent, then what is?
Tax-happy Democrats elsewhere seem similarly concerned.
"The repeal of SALT could force an uncomfortable tax discussion for high-tax states," Politico recently reported. "Should they consider lowering tax rates, to alleviate the additional tax burden that the elimination of the deductions creates? Or keep taxes as they are — and run the risk of losing wealthy residents who might move elsewhere to soften their tax burden?"
(Excerpt) Read more at newsmax.com ...
IBM
In before Mariner
So many freepers are in high SALT states and are in opposition to this “deduction” being eliminated or reduced. Most of these states are blue. Freepers should work to put their states back on low SALT diets or be among the first to relocate.
Ahh...he may be on suicide watch. ;-)
We could completely kill progressivism and socialism in well fell swoop - if we did away with the Federal Reserve and returned to a precious metals backed currency.
Printed, fiat money is the sugar on which this cancer feeds.
“Scrapping State, Local Deductions Will End Left’s Tax Infatuation”
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That might be the plan, but it’s definitely going to PO working people - they’ll blame Trump and the Republicans for taking away the local tax deductions.
Bad idea all around, a convoluted cutting off of the nose to spite the face.
The only reason there is a debate over SALT and mortgage interest deductions is because the pathetic idiot party who controls all three branches of government are so utterly incompetent and beholden to deep pocket contributors that they can’t even CUT TAXES without fiddly-farting around with deductions.
This is deduction reform, NOT tax reform. Ronald Reagan is rolling in his grave.
Massachusetts is trying for a “millionaire’s tax” next year (the first step in a progressive income tax which the state constitution currently forbids)
Maybe loss of the SALT deductions will wake the voters up when faced with that ballot question. Ah, who am I kidding this is Taxachusetts. They are stupid enough to believe the tax will always only hit millionaires!
Yep, a lot. I’m in a relatively high income tax state (Maryland) and a high property tax county (Howard) so I’m going to take a hit. But I’m for elimination of the SALT deduction as that will be best for the economy and nation as a whole. We’ll live and make adjustments.
Did you see the budget Trump submitted to Congress?
He took an ax to government agencies. The House and Senate laughed in his face. You can’t lay this one on the executive branch.
No need to mock other posters who have an opinion on this. Why are you here? To voice your opinion. Be civil.
Apropos your user name — it’s quite timely,
At this point in time, not actually cutting taxes for 99.9999% of the peeps is a big mistake.
Wow. A brief moment of mental clarity.
Post #7 - amen. Also, torturing the hostages does not set them free. People are going to be severely hurt by this. To them, MAGA is dead. They have been betrayed. Even Obama didn’t raise our taxes like this.
Where is the common sense, comprehensive Spending Control?
With Ryan and O’Connell?
Unpossible!
This turd sandwich belongs 100% to Congress.
Name one republican who ran on “deduction reform” in 2016. Or ever.
Couldn’t have said it better.
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