Posted on 07/01/2025 9:22:16 PM PDT by MinorityRepublican
Rewarding highly taxed liberal states is BS.
SALT is a deepState RINO payoff..
“for consumers who earn more than $500,000 of income”
and by “consumers” they mean consumers of free tax monies to allow their blue states to take more money in state taxes.
The 4 years expiration chokes off the 40K. It may not be enough to get the House GOP votes.
Agreed. It is outrageous to give a benefit to blue states, financed by red states. It is ridiculous.
Hochel, Pritzker and Newsome say “thank you”.
The SALT deduction also benefits “purple” States like Pennsylvania whose Amish voters gave Trump the White House in 2016 and helped to Make America Great Again, Again last year.
Some of us felt very betrayed with the 2017 tax changes (although, personally, it was a wash) but the red bloc in the blue states should neither be marginalized nor disparaged.
Which means, me, the Florida man with very low state tax will subsidize Democrats in high tax states.
And Trump reneged on “no tax on social security” as well. In most years I will lose the paltry social security deduction when I sell stocks for capital gains, because the deduction phases out after $70k income or some similar number which I don’t recall.
My retired annual income would easily have operated under the $10K SALT cap.
True, it’s a tough pill, but apparently necessary to pick up the votes of some blue state RINOs. Now I hope that Thomas Massie, Chip Roy and other Freedom Caucus members aren’t going to vote in opposition to Trump for the largest tax increase in history.
This is terrible. Why lift this? If Blue shit holes want to tax the bejezus out of their citizens, let them. Let them suffer the consequences for it too. They shouldn’t be able to deduct the massive amount in state taxes they pay from their federal taxes because this just offloads their tax burden onto taxpayers in other states......it allows them to escape the consequences of their own idiotic leftist policies.
Florida’s real estate taxes have increased substantially.
I agree that the Blue States with high real estate and high income taxes benefit the most.
The new higher limits seeks to bring in more middle class tax savings while phasing out the savings on high income taxpayers.
I agree with a flat tax on very high income taxpayers. In essence, the alternative minimum tax is a flat tax on high income taxpayers.
Above $1 million per year should be a flat tax, even excluding capital gains exclusions.
Trump’s no tax on tips is going to create enforcement chaos, especially with all the increases of minimum wages around the country.
If the IRS brought in I-9 enforcement and 1099 vs employee enforcement, they could squeeze out the illegal immigrants immigrant non-taxpayers. There are many. That’s why the government is moving toward electronic currency.
I’d be curious to see how many taxpayers actually benefit from raising the SALT cap.
The political objective here is to get Democrats in suburban swing House districts to vote against it. Many of these districts were represented by Republicans until 2018.
i agree but 10k was too low
SALT is unrelated to income, it is related to the standard deduction. It’s presently $20,000 per year. It’s mostly effected by real estate taxes. Very few families earning less than $100,000 a year pay more than $20,000 annual real estate taxes in any state.
Yes but don’t forget Florida homeowner’s insurance is significantly higher than blue states so it is a wash. You get to deduct homeowners insurance too!
I live in one and I agree.
NYS.
Where you can pay 5 grand and up in annual property taxes on a modest existing home.
All this will do is enable our legislature to continue to screw us silly.
But I’m in this for the long haul.
So if Trump says lass the bill...
Pass the bleeping bill.
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