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Why are democrats so obsessed with restoring SALT deductions?
Posted on 12/18/18 at 12:02 pm
Posted on 12/18/18 at 12:02 pm
quote:
According to the liberal Tax Policy Center, 96 percent of the increased tax revenue the federal government will collect by limiting the SALT deduction to $10,000 will be borne by taxpayers in the top one-fifth of income earners (those earning $150,000 or more). The bottom 80 percent of taxpayers (those earning less than $150,000) will be almost entirely unaffected by it.
It’s even more top-heavy than that. The same Tax Policy Center reports that a majority of the SALT limit will be borne by taxpayers in the top 1 percent of income earners, those making more than $730,000 per year. That’s right: More than half the money from limiting SALT is coming from the same “1 percent” group that Occupy Wall Street organized against. The same liberals who wanted to redistribute income from the top of the income spectrum a decade ago now want to give millionaires a big tax cut.
Aren’t salt deductions a “giveaway” to the rich, using liberal lingo?
7
Posted on 12/18/18 at 12:11 pm to HailHailtoMichigan!
I don’t know how you afford to live in CA or NY without the salt deduction.
Glad they eliminated it. It was unfair to the low tax states.
Glad they eliminated it. It was unfair to the low tax states.
This post was edited on 12/18/18 at 12:12 pm
Posted on 12/18/18 at 12:13 pm to HailHailtoMichigan!
They mostly affect Democrat states.
Posted on 12/18/18 at 12:15 pm to Lima Whiskey
Yep. It was a subsidy to high tax states
Posted on 12/18/18 at 12:46 pm to HailHailtoMichigan!
quote:
Yep. It was a subsidy to high tax states
Those high tax states subsidize low tax states through federal spending. There is a small group of middle income families that will be hurt by this. They should have income tested SALT deductions to families earning less than 250K and individuals earning under 125k. That sounds like a lot of money, but it isn’t in a HCOL state when you have student loans and a mortgage.
Posted on 12/18/18 at 12:55 pm to B4YOU
Nah,
Real solution is people can just move out of those high tax states. Not some stupid round about way to figure out complex tax rules.
High tax states don’t HAVE to keep their taxes higher than the rest of the nation, they CHOOSE to. They should realize the consequences of said choices.
Real solution is people can just move out of those high tax states. Not some stupid round about way to figure out complex tax rules.
High tax states don’t HAVE to keep their taxes higher than the rest of the nation, they CHOOSE to. They should realize the consequences of said choices.
This post was edited on 12/18/18 at 12:57 pm
Posted on 12/18/18 at 12:56 pm to HailHailtoMichigan!
quote:
Yep. It was a subsidy to high tax states
Paying a tax on money that is taxed seems like something conservatives would be against. But I guess not.
I know that its going to raise my tax bill (per my accountant) and I don't even live in a high tax state.
Posted on 12/18/18 at 12:58 pm to brian_wilson
That is because you are simple.
Let them deduct their federal taxes from their state tax bill
Let them deduct their federal taxes from their state tax bill
Posted on 12/18/18 at 1:04 pm to brian_wilson
Brian Wilson, I need to see the details of your situation because I think you may be adding numbers wrong
Something like 5% of Americans are seeing a tax increase, and this are heavily concentrated in high tax blue states
Something like 5% of Americans are seeing a tax increase, and this are heavily concentrated in high tax blue states
Posted on 12/18/18 at 1:05 pm to brian_wilson
quote:
Paying a tax on money that is taxed seems like something conservatives would be against.
i believe they are. that "second tax" is the state income tax
Posted on 12/18/18 at 1:07 pm to HailHailtoMichigan!
The SALT deduction greatly helps my burden. I am not a leftist dem.
This post was edited on 12/18/18 at 1:08 pm
Posted on 12/18/18 at 1:21 pm to HailHailtoMichigan!
quote:
Brian Wilson, I need to see the details of your situation because I think you may be adding numbers wrong
Something like 5% of Americans are seeing a tax increase, and this are heavily concentrated in high tax blue states
Well my accountant is the one that did the numbers, not me. He said that the SALT change will impact my taxes. I am going to trust him to explain it to me correctly.
He did suggest some things to reduce my overall tax burden, which I am doing.
Posted on 12/18/18 at 1:22 pm to B4YOU
quote:
Those high tax states subsidize low tax states through federal spending.
This is a lie.
Posted on 12/18/18 at 1:24 pm to HailHailtoMichigan!
"Those other rich people should have to pay their fair share"
Posted on 12/18/18 at 1:24 pm to brian_wilson
quote:
Well my accountant is the one that did the numbers, not me. He said that the SALT change will impact my taxes. I am going to trust him to explain it to me correctly.
It may impact the amount of your tax decrease, but you will likely still be paying less in taxes.
Posted on 12/18/18 at 1:46 pm to imjustafatkid
quote:
This is a lie.
LINK
“Mississippi received $2.13 for every tax dollar the state sent to Washington in 2015, according to the Rockefeller study. West Virginia received $2.07, Kentucky got $1.90 and South Carolina got $1.71.
Meanwhile, New Jersey received 74 cents in federal spending for tax every dollar the state sent to Washington. New York received 81 cents, Connecticut received 82 cents and Massachusetts received 83 cents.”
These NE states with high taxes receive the least money returned per federal tax dollar paid.
It’s not a lie. Find a creditable source stating otherwise.
Posted on 12/18/18 at 1:46 pm to imjustafatkid
quote:
It may impact the amount of your tax decrease, but you will likely still be paying less in taxes.
This is not what my accountant said. He seemed to think my taxes would be higher - not a lot higher but higher. He did recommend some changes to my business that would likely reduce my tax burden.
Posted on 12/18/18 at 1:51 pm to brian_wilson
As a business owner, I wouldn’t be surprised if you came out ahead. When I calculated my new tax burden minus SALT last year, I was going to be out $750.
Posted on 12/18/18 at 1:53 pm to B4YOU
quote:
As a business owner, I wouldn’t be surprised if you came out ahead. When I calculated my new tax burden minus SALT last year, I was going to be out $750.
Well hopefully the changes he suggested work.
I am closing my business down in Jan though, i took a full time job.
Posted on 12/18/18 at 1:57 pm to B4YOU
quote:
These NE states with high taxes receive the least money returned per federal tax dollar paid.
Many of those people also say it's a patriotic duty to pay high taxes for which you receive no return, so I don't understand why they're upset about this.
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