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Trump Tax Initiatives - Timing
Posted on 1/19/25 at 8:37 am
Posted on 1/19/25 at 8:37 am
When it comes to things like Trump's tax on tips, OT, and the raising of the SALT deductions, will it be retroactive to 2024 Tax filings or future state?
Really interested in the SALT limits being raised since we pay out the arse in property taxes. 10k max isn't shite in a lot of Texas.
I remember a few years back something similar and lots of waiting due to tax implications. May have been around the Covid stuff though. Hence why I am asking.
Really interested in the SALT limits being raised since we pay out the arse in property taxes. 10k max isn't shite in a lot of Texas.
I remember a few years back something similar and lots of waiting due to tax implications. May have been around the Covid stuff though. Hence why I am asking.
5
Posted on 1/19/25 at 8:45 am to Lsut81
Texas people brag about no state income tax then complain about higher property tax
Posted on 1/19/25 at 8:55 am to Lsut81
quote:
will it be retroactive to 2024 Tax filings
Would imagine the chance of that is basically zero, would assume we won't see anything until we get close to the end of this calendar year
Posted on 1/19/25 at 9:01 am to UltimaParadox
quote:
Would imagine the chance of that is basically zero, would assume we won't see anything until we get close to the end of this calendar year
From all indications, all the Tax stuff will be in the "big beautiful Bill" that will be passed within first month of him being in office
Posted on 1/19/25 at 9:08 am to Lsut81
quote:
From all indications, all the Tax stuff will be in the "big beautiful Bill" that will be passed within first month of him being in office
This time could be different, but the tax cuts don't require immediate action. It will be negotiated along with the bigger battle of trying to increase defense spending and basically reduce spending in every other department of the government. If the government budget process has taught us anything over the years, Congress will take this to the very last minute before coming to some sort of agreement
Posted on 1/19/25 at 9:11 am to UltimaParadox
quote:
If the government budget process has taught us anything over the years, Congress will take this to the very last minute before coming to some sort of agreement
This year will have to be different or the Repubs will frick themselves, but they do a pretty good job at that on a daily basis.
There is a mandate and they have the House, Senate, and WH. They can use reconciliation and push everything through on day 1 if they vote lock/step like the Dems do.
Posted on 1/19/25 at 9:14 am to tigerbacon
quote:
Texas people brag about no state income tax then complain about higher property tax
This isn't far from accurate. I'm pretty luke warm on Abbott but he did just increase the homestead exemption from like $30k to $100k and it dropped our property tax a decent amount. But we're still paying $8k a year in property taxes. And I have a bigger fundamental objection to property tax than I do state income tax. Once you pay for your property, there should absolutely never be an avenue for the government to reclaim your property on a basis of taxation.
Posted on 1/19/25 at 9:52 am to WhiskeyThrottle
Agreed. It's crazy. You never can outright own a piece of property. Should be a one time tax when you buy it then no more.
Posted on 1/19/25 at 9:54 am to Civildawg
quote:
Should be a one time tax when you buy it then no more.
Would bankrupt people. Property taxes are fine, you consume services as long as you own or inhabit a property.
This post was edited on 1/19/25 at 9:55 am
Posted on 1/19/25 at 11:45 am to Lsut81
quote:
Really interested in the SALT limits being raised since we pay out the arse in property taxes. 10k max isn't shite in a lot of Texas.
He is the one that limited it to stick it to blue states
Posted on 1/19/25 at 11:47 am to WhiskeyThrottle
Especially when it's taxed based on unrealized gains. 
Posted on 1/19/25 at 11:53 am to Lsut81
I want Trump to immediately reinstate the executive power of impoundment and start the legal battle.
Posted on 1/19/25 at 12:12 pm to WhiskeyThrottle
quote:
And I have a bigger fundamental objection to property tax than I do state income tax.
You must not be a conservative.
Posted on 1/19/25 at 7:05 pm to grimmrimmer
quote:
Especially when it's taxed based on unrealized gains.
This is the problem with property taxes in Texas. Getting hiked up by a max of 10% each year unless you fight it. It is ridiculous but unfortunately it is written in Texas law that way. You should pay a constant amount each year until you sell and it is reassessed at that point based on the sell price for the next homeowner. Cities, ISDs and other taxing groups need to work within a budget and not rely on steady increases.
Posted on 1/19/25 at 7:23 pm to LSUSUPERSTAR
This is the problem with property taxes in Texas. Getting hiked up by a max of 10% each year unless you fight it. It is ridiculous but unfortunately it is written in Texas law that way. You should pay a constant amount each year until you sell and it is reassessed at that point based on the sell price for the next homeowner. Cities, ISDs and other taxing groups need to work within a budget and not rely on steady increases.
Do the cost of the services they provide not change? I’m not knighting for high taxes, but also not a “taxation is theft” imbecile. Personally, I like living in a society and take solace in the fact that if my shite catches on fire someone will come put it out
Do the cost of the services they provide not change? I’m not knighting for high taxes, but also not a “taxation is theft” imbecile. Personally, I like living in a society and take solace in the fact that if my shite catches on fire someone will come put it out
Posted on 1/19/25 at 8:17 pm to Mingo Was His NameO
quote:
Do the cost of the services they provide not change?
The mouthbreathers here will never get it. They are simpletons who are too selfish and entitled to realize the benefits of common things like roads, police, fire departments, and good schools.
I always laugh at the "muh house is paid for so why do i have to pay property taxes still" meme.
As you said, these same people want to continue to use the public goods but don't want to pay for them.
I thought only dirty welfare queens did that?
This post was edited on 1/19/25 at 8:32 pm
Posted on 1/19/25 at 8:25 pm to tigerbacon
quote:
Texas people brag about no state income tax then complain about higher property tax
I would kill to go back to texas and pay the property taxes on my house there.
In Louisiana I pay like 30k in taxes between property and income tax. I only paid 14k in property taxes in Texas.
Posted on 1/19/25 at 8:51 pm to Mingo Was His NameO
The problem is they leave it up to the home owner to fight the increase which can max out at 10%. You know how much they try to go up every year...10%. Now multiply that by all homeowners and it is a run away problem. I don't mind a slight increase even though we are being taxed on unrealized gains. Most of the money goes to the ISDs and they still have teachers begging for school supplies. Fix the bloated administrations and the waste, then start talking about increasing taxes.
Posted on 1/19/25 at 9:07 pm to LSUSUPERSTAR
quote:
You know how much they try to go up every year...10%
My property taxes went down last year and my assessed value didn’t go up 10% this year
quote:
Fix the bloated administrations and the waste, then start talking about increasing taxes.
This I can get behind, but the City came and repaved my road in like a week, which would have taken months in Louisiana
Posted on 1/19/25 at 9:24 pm to Mingo Was His NameO
quote:
This I can get behind, but the City came and repaved my road in like a week, which would have taken months in Louisiana
I’m literally on month 3 of my street being torn up and repaved
Like a 1/4 of a mile.
They told me they were scheduled to be finished 12/28 and at this pace they’ll be lucky to finish by 1/28.
I remember when I moved to texas there was tons of road construction everywhere. But unlike Louisiana you’d see a huge crew WORKING on it 5/6 days a week every single week. It was jarring.
This post was edited on 1/19/25 at 9:29 pm
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