Posted on 09/19/2024 12:04:56 PM PDT by mooncoin
“I will turn it around, get SALT back, lower your Taxes, and so much more,” Trump wrote Tuesday on Truth Social, his social media platform. “I’ll work with the Democrat Governor and Mayor, and make sure the funding is there to bring New York back to levels [it] hasn’t seen for 50 years.”
The SALT proposal is unlikely to dramatically change presidential votes in the largely Democratic states most affected by the $10,000 deduction cap, but it could be a factor in critical congressional races in places such as Orange County and Long Island that will determine which party controls the House of Representatives.
(Excerpt) Read more at latimes.com ...
Even if it doesn't help at presidential level, it should help house candidates.
it will help a lot in winning back Congress but the R candidates in those districts need to pick up the mantra and promote tax cutting
they can’t leave it all to President Trump to do for them, the voters have to see that the Congressional candidates themselves support cutting oppressive taxation
This is INCREDIBLY BAD NEWS. This would only SUBSIDIZE the spending of the DEEP BLUE STATES. I’m hoping that this is simply CAMPAIGN RHETORIC but fear it is not!
the tax deduction cap was supposed to do what? Cause states to lower taxes? Not happening. It was a dumb idea if that is what it was for. If it was to raise more federal revenue it is just another tax increase.
Must be getting not so good internal poll numbers today.
Doing away with the cap will return to encouraging states to raise their state tax because they can say “Yes, we are upping the State tax but you get it back when you file federally.”
In practice, transferring a portion of their state tax burden to the fed gov deficit spending.
Trump MUST win, so okay, I guess...
If I recall and can articulate it correctly, the cap was to stop subsidizing irresponsible spending states with responsible spending states money.
If California can have a state tax of 20% and the fed tax allows you to deduct all or part of that, then California has no incentive from angry tax payers to curtail its spending.
If another state has 5% state tax and its taxpayers are getting little or no deduction from their federal tax, they are in a sense being penalized by Uncle Sam for the 'responsible' actions of their state. That's backwards.
He needs to stop.
He is promising things he has no ability to provide.
Whether they lower taxes or not is their own business, and if their voters don’t like the tax rates, they should wake the hell up and exercise their power to get them lowered. That wasn’t the purpose of the SALT cap. Rather, in prevents people in well run states from subsidizing the profligate governments of other states. I live in CA, would benefit from lifting the cap, but I don’t want it lifted
Lots of stuff gets said in the campaigns that never makes it to legislation, and for those congressional districts, the local candidates are at odds with the national GOP priorities (lower taxes are popular everywhere. Higher taxes just because you live in a red area of a blue state isn’t a winner.)
In a more strategic sense, wouldn’t it be fantastic if state and local taxes were able to be fully deducted from your federal taxes, and then your local municipality jacked up your taxes to completely offset your federal obligation and nearly all of your taxes never left your locality and never got to DC in the first place?
Yep, taking the dem playbook from the dems.
SALT is a good idea. Why should a low tax state usually conservative give high tax states usually liberal a 30 - 50% tax break?
NY citizens wete able afford to heavy taxes because they got a federal income tax subsidy. SALT is actually helping drive people out of high tax states. It also helped crimp revenue flowing to a bunch of prog liberal politicians pet causes.
This was idiotic on Trumps part. He will not pick up any electoral votes. He is not running in a national popularity contest.
A lot of people don’t see the genius behind this. Uncapping would increase subsidy to states to which can be used against them later proving irresponsibility in budget and funds management.
Think Newsom promoting a succeeding governor and Trump has the receipts to show how much the Federal government has subsidized stupid projects that show no benefit to its citizens.
This is wrong, stupid, and destructive. But Trump is in full pander mode and doesn’t care.
He’s the one who capped them to begin with.
I think you are reaching for a silver lining in a cloud where it doesnt exist.
See posts 7 and 12
True, which makes this weird. He is trying to speak to desires of NY here, I think, specifically lowering taxes/cost of living. But I dont think what he says according to the article is consistent with his previous policy.
hate to break it to you but many blue states are net providers to the federal gov.
“This is INCREDIBLY BAD NEWS.”
This matter is over my head but with our huge debt and interest payments on the debt, I wonder where the money to pay the debt off will come from if not from taxes.
Perhaps a Trump administration will rev the economy up which will generate additional tax revenue through increased prosperity, both individual and commercial.
Californians can give more to the state democrats and Texans will pay for it.
How can Barbara Streisand and Charlie Sheen not like that idea.
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