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re: Looks like the 4 NY GOP holdouts get their way: SALT deduction increased
Posted on 5/16/25 at 2:24 pm to David_DJS
Posted on 5/16/25 at 2:24 pm to David_DJS
quote:
SALT deductibility is a transfer of wealth from FL, TX, and other no/low state income tax states to high state income tax states like CA and NY.
It sucked quite a bit when the low SALT cap meant that most of my property taxes in TX couldn't be deducted for my fed income taxes.
BTW lmao at claiming a wealth transfer from TX and FL to CA and NY. CA and NY pay MUCH more to the feds than any red state. Feds collect nearly double from CA than what they collect from TX.
This post was edited on 5/16/25 at 2:29 pm
3
Posted on 5/16/25 at 2:33 pm to David_DJS
Why should I have to pay taxes on the taxes? I agree with the poster who said all taxes should be deductible.
Posted on 5/16/25 at 2:36 pm to Riverside
frick that. Low tax states should not have to subsidize others
Posted on 5/16/25 at 2:41 pm to JohnnyKilroy
quote:
BTW lmao at claiming a wealth transfer from TX and FL to CA and NY. CA and NY pay MUCH more to the feds than any red state. Feds collect nearly double from CA than what they collect from TX.
LINK [/quote]
Per this link, CA (net of federal distributions) contributed $78B
TX $67B.
That is also probably proportional to the population difference. Net of distributions received is pretty key to consider.
This post was edited on 5/16/25 at 2:43 pm
Posted on 5/16/25 at 2:42 pm to HailHailtoMichigan!
quote:
frick these NY congressfolk.
Why should you get a tax break because your state taxes are high.
This did what Trump wanted it to do. It made the people in CA and NY more aware of how much they were paying and the get some of the more pragmatic members of the population headed towards low tax states increasing their population there.
And most people making major money in California (I don't know much about NY) were changing the way their entities were set up and making PTET elections so the taxes were deductible on the entity level. The smart people making the major money in NY and CA already found ways around it and made it less impactful. Not sure this as big of a win these NY reps are going to make it out to be.
Posted on 5/16/25 at 2:43 pm to JohnnyKilroy
quote:
It sucked quite a bit when the low SALT cap meant that most of my property taxes in TX couldn't be deducted for my fed income taxes.
people are shocked when they find out how high property taxes are in texas.
i used to tell people in texas your house payment comes with another house payment called property tax. i've heard it's just as bad in florida but i lived in texas 11 years so i know.
when we left arkansas in 2004 it's income tax was 7% on every dollar over 34k, when we moved back in 2021 it had been cut to 4% on every dollar over 92k and last year to 2.9% on very dollar over 92k applied retroactively, which put my arkansas income tax right at 10k, plus property taxes of $3,500.00.
Posted on 5/16/25 at 2:44 pm to JohnnyKilroy
quote:
BTW lmao at claiming a wealth transfer from TX and FL to CA and NY. CA and NY pay MUCH more to the feds than any red state. Feds collect nearly double from CA than what they collect from TX.
Are there different fed income tax rates for NY and CA in comparison to TX?
Posted on 5/16/25 at 2:47 pm to TigerBaitOohHaHa
quote:
Why should I have to pay taxes on the taxes? I agree with the poster who said all taxes should be deductible.
You don't understand how this favors high tax (typically blue) states and disfavors no/low tax states (typically red)?
There's a reason Trump reeled this deduction in during his first term, right? He was throwing a jab at Dems.
This post was edited on 5/16/25 at 2:49 pm
Posted on 5/16/25 at 2:47 pm to HailHailtoMichigan!
They were doing what they should, represent their constituents. I don't blame them for doing what they were elected to do.
Posted on 5/16/25 at 2:49 pm to jrodLSUke
quote:Have they been given some of what they want, like moving up the Medicare cuts sooner than 2029?
Yep, Roy and Massie refuse to even compromise
Posted on 5/16/25 at 2:50 pm to David_DJS
quote:
You don't understand how this favors high tax (typically blue) states and disfavors no/low tax states (typically red)?
I know how much it affects me in Texas, the number isn't small.
On principal, you shouldn't be taxed twice on the same dollar.
Posted on 5/16/25 at 2:51 pm to TDFreak
quote:
If you want strong state government and less federal government, then yes.
If you agree states should govern on things like abortion, this should be ok too IMHO.
Posted on 5/16/25 at 3:26 pm to NYNolaguy1
quote:
If you agree states should govern on things like abortion, this should be ok too IMHO.
I think the State should govern on all things not enumerated in the Constitution.
Posted on 5/16/25 at 4:45 pm to SDVTiger
So... "principled." 
Posted on 5/16/25 at 5:09 pm to HailHailtoMichigan!
Trump, and others, need to stop referring to this as a "big beautiful bill" as him and the worthless Republicans got trumped by these Democrat states that did nothing to lower their own taxes.
Posted on 5/16/25 at 5:13 pm to HailHailtoMichigan!
GOP in Trump's first term slashed the SALT cap laughing & high fiving each other on how it fricked the Libtard states.
But shitty math skills overlooked just how many GOP Reps are in these states and those guys have extreme pressure to undo the damage ..... and now their votes matter
If the SALT wasn’t raised it risks reps in blue states as they’d blame Trump/GOP from his first term . It had to be raised to protect these reps.
What needs to happen is tax 7 figure AGI people at 40%. That takes care of rich.
But shitty math skills overlooked just how many GOP Reps are in these states and those guys have extreme pressure to undo the damage ..... and now their votes matter
If the SALT wasn’t raised it risks reps in blue states as they’d blame Trump/GOP from his first term . It had to be raised to protect these reps.
What needs to happen is tax 7 figure AGI people at 40%. That takes care of rich.
Posted on 5/16/25 at 5:17 pm to OU Guy
Meanwhile the prog left is goosestepping together and Trump is off chasing a Nobel in the ME. The GOP as a party are as pathetic as the Dems are in regards to ideas.
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