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 ...
But PRyno is the Best Budget Boffin evah!
Sorry for leaving you out, SP.
Next time, it’ll be IBM&SP.
Better?
This is no different than the phoney Obamacare repeal. Trump is getting punked by his own party in Congress. He needs to find a few real conservatives on Capital Hill - and listen to them. Mitch and Paul cannot be trusted.
Virginia has personal property tax, income tax and sales tax so no individual tax seems high but, when you combine them... Of course, that’s not even counting excise taxes such as prepared foods, tobacco, hotels, gasoline, telephone and who knows what else they’ve tucked away.
So you are still being sarcastic and a jerk? Grow up. And quit the “in before” this poster or that. All you are trying to do is mock and shame them for sharing their opinion. Which is what you are doing. Hypocrite.
Lighten up, Francis.
There may have been a lot of millionaires who found that living in Florida for 6 months and one day was very nice.
And....you continue to demonstrate everything I just said.
Yes, I think this would open the eyes of people in those states.
I’m totally for it.
A few years ago, I got laughed at for never having heard of Ryan. He had some promise, I agreed. Then he gets in the speakership and ... nothing happened. Blech.
“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.”
The RATs could take every last dime from “the rich” and it still wouldn’t stop their mantra about “the rich not paying their fair share!” The high-tax blue states are going to be finding out that “the rich” are far more mobile than the “average joes!”
We’re seeing it here in CA, a state that has the most steeply progressive personal income tax in the country. And here in CA, we are right next door to Nevada which has NO state income tax. My wife is from Nevada originally, and we’ve thought seriously about changing our state of residence through the purchase of a home there.
You’ve noticed you’re having little effect? Good man.
“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.”
You need to get yourself some patience. Trump has been president for ten months, and he has, despite some nearly insurmountable odds, moved mountains. It’s fine to say “off with their heads” as regards tax deductions, but a meat axe approach might well bring with it some really pissed off people who needed some time to adjust to reforms. For shit’s sake, give the man some time! It isn’t like he’s got al lot of support from his own party, on top of the onslaught of the MSM, Mueller and the rest of the RAT contingent! Anything they do in the short-term is just a start. The Stock Market is our friend, and where it’s going is helping to drive a stake through the hearts of both the RATs and the RINOs.
Sweeney is probably thinking about a 90% exit tax to stop them.
On what? Stopping this abortion of a bill? Here? Are you joking? The House and Senate don’t live by my words. Yours either. Pinging Mariner since you brought him up in the thread.
He hasn't even been inaugurated yet, and he and the leader of the NJ State Senate have already begun backtracking on that campaign promise because they know it will drive even more wealthy taxpayers out of the state. We've already lost a bunch of them over the years.
Ping.
Having no effect on my sarcasm. Dang man. And just
when you were doing so well.
You have misconstrued my responses to you with believing I actually value your opinions.
I DO NOT blame President Donald J. Trump for the failures of McConnell, Ryan, and their progressive GOPe brethren.
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