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 ...
What it is and what its supposed to be are two different things, but if we are all supposed to be treated equal under the law, then having a tax system that favors taxpayers via deductions in one state over the taxpayers of another state is wrong. Doesnt matter about total net in or out, though i can make arguments that show blue states are actually net takers after all the federal subsidies and welfare.
Yay, low income tax states get to subsidize high tax states once again.
It’ll help us win Congress. But it is in effect, a giant subsidy for high tax states.
Regrettably, he is. Once men of ability ceded control of public office to fags and hags, there was no longer any benefit to advocating good government - it became all about feelings and costumes.
I guess Trump thinks promising this might help him steal New York. I'm not sure there are enough good people left to outvote the net benefit recipients.
This is intended to help Republican House members in California, New York, and New Jersey.
Unless the democrats have a landslide election, I doubt anything changes.
The biggest net contributor states to the U.S. government are deep “Blue” states like New York, New Jersey, Connecticut and Massachusetts.
We argued three years ago that capping the SALT deduction would harm the purple states—like Pennsylvania—which could tip the EV.
Personally, it was a wash with the lower tax brackets.
But I miss doing a Schedule A!
I get the sense that Trump often just says whatever comes to mind, without thinking it through.
Sometimes he has great instincts, sometimes not so great.
Although the loss of those writeoffs negatively affected me, I still supported the cap in general with the idea that it was a subsidy taken from other states for California. I was able to pay off the mortgage to rid myself of loan interest writeoff that became useless. I don’t support the return of SALT.
This is all about winning states like New York and New Jersey, not California. It’s a great move, politically speaking, if not fiscally. But Trump thinks big. He swings for the fences. And he wants to jump start the economy, including in blue states. I’m wondering if, once in office, there might be ways for him to use his leverage as President to get blue states to lower their own state taxes and government bloat. Now THAT would be a masterstroke if he could pull it off.
I agree 100%. Its basically the states stepping in front of the fed/gov to get the money first. The rest of us make up the difference.
It allows blue states to jack up their taxes knowing they will not face backlash since its a write off on federal tax returns.
Hey blue states "pay your fair share of federal taxes".
I realize the impact of high state taxes which is why I live in a state with no state income tax. High state taxes should be painful for those who pass them and those who pay them.
I don't want to subsidies their stupidity. Trump is wrong on this issue.
The biggest net contributor states to the U.S. government are deep “Blue” states like New York, New Jersey, Connecticut and Massachusetts.
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You’re correct.
However, the blue states aren’t paying the tax, high income taxpayers in those states are paying the tax.
I’m sick and tired of young liberals, who haven’t earned squat, talking about red state “takers and moochers.”
As if they’re part of some sports team.
The whole red state vs blue state “economic argument” is stupid on so many levels.
He needs to stop pandering. The main reason to vote for Trump is because he does what he believes not just what he thinks will resonate with voters.
Check
“ 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.”
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Actually I think the current State and Local tax deduction (capped at $10,000) in the tax code SHOULD BE ELIMINATED and used to offset the elimination of federal income taxation on tip income that Trump is proposing.
We shouldn’t plan on spending sprees like the DemocRATS.
Stop. You can go TDS on Jan 7th.
1. Small, densely populated states tend to be the biggest “givers” because their inflated living costs push many middle-class taxpayers into higher income tax brackets.
2. If Social Security and Medicare tax revenues and expenditures are included in the calculation, those same states come out way behind because they aren’t attractive places to retire. So a person who works for a full career in New Jersey and then retires to Florida is paying 40 years of FICA and Medicare taxes while living in New Jersey but then collects the benefits while living in Florida.
“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.”
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Yes! And SALT should actually be eliminated totally (it currently is capped at $10,000). The money saved can be used to “pay for” the elimination of federal income taxation of tipped income.
But maybe the blue state people will stay in the blue states, where they belong. As things are now, all kinds of Californians are moving to Texas, really screwing up our local politics. The locusts leave the area that they destroyed, and without learning anything, they move elsewhere and keep doing the same thing over and over and over again.
That cap has clobbered many in NYS...and these are not just wealthy people but people who have invested their money in their home.
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