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Old 04-27-2019, 08:24 AM
 
65 posts, read 21,941 times
Reputation: 242

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Reducing SALT deductions from Federal Tax liability should not be a political discussion. SALT should have never been a deduction from Fed Taxes in the first place. Reducing deductions is a first step towards a Federal Flat Tax in which there are no deductions period. Reducing SALT deductions have exposed the high taxing states. I have never understood why paying high state taxes should lower one's Federal Tax liability. Most deductions are the results of lobbying by special interest groups.
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Old 04-27-2019, 08:51 AM
 
Location: Coastal New Jersey
56,107 posts, read 54,597,263 times
Reputation: 66503
Quote:
Originally Posted by High_Plains_Retired View Post
These discussions reminded me of two insignificant but memorable events in my life, e.g., the neighbor I once had who would drive 50 miles to save a penny on gasoline for an 18 gallon gas tank and the elderly graying fat guy I once saw in eastern Texas in recent years proudly driving a very expensive red 1962 Corvette but who looked like a large toad in a Barbi car. Respectively, nothing was saved and no one was impressed.

Most mature people, regardless of being wealthy or poor and if the opportunity presented itself, would choose first to live in a community that shares their personal beliefs and opinions. Texas high property taxes and the low cost of real estate are secondary in the minds of most folks who have been moving to the State in recent years. Most who are moving to the smaller towns and rural areas simply enjoy the State's somewhat conservative neighborhoods which are becoming a rarity anywhere these days.

I have property in Texas primarily because of the State's conservative nature and the fact the State is my family's home. And, not to sound like a toad driving a Corvette, I will add that my retirement, investments and savings are quite adequate to handle the minimal taxes I have to pay the County.
That was a wonderful sentence.
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Old 04-27-2019, 09:11 AM
 
Location: 5,400 feet
2,625 posts, read 2,580,444 times
Reputation: 3679
Filed our taxes, twice. Initial return filed in late March, received corrected 1099 from Schwab 2-3 weeks later and filed amended return a couple of days ago. Only the second time in the last 50 years or so that I took the standard deduction.
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Old 04-27-2019, 11:20 AM
 
4,919 posts, read 1,232,258 times
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Quote:
Originally Posted by Mightyqueen801 View Post
That was a wonderful sentence.
Thanks for pointing it out. I somehow missed it.
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Old 04-27-2019, 06:40 PM
 
12,577 posts, read 16,671,782 times
Reputation: 24317
Quote:
Originally Posted by Mightyqueen801 View Post
That was a wonderful sentence.
I hope that chubby guy never reads my post about him. He was a large fellow although I have to admit he had a really beautiful red car.
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Old 04-27-2019, 07:47 PM
 
2,740 posts, read 1,757,634 times
Reputation: 5967
Quote:
Originally Posted by High_Plains_Retired View Post
I hope that chubby guy never reads my post about him. He was a large fellow although I have to admit he had a really beautiful red car.
Thanks for complimenting my car, but I prefer to think of myself as barbie’s ken and not a toad!
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