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Again, you're missing the point. The formerly unlimited SALT tax deduction is now capped at $10,000. The $1,2,3 million income earners will pay far more than $10,000 in SALT taxes, so they can no longer deduct that cost from their federal income tax return to reduce the amount of taxes they owe.
Not true, you really should do some research before you post;
Your son has a masters in the tax code and ongoing every year so what makes you think the media or politicians can educate you in taxation?
What an odd question, you are claiming that I think the media or politicians can educate me in taxation which is not something I ever said or even inferred. Perhaps you confused me with another poster?
Are you under-educated? Have you never read The Fountainhead?
Probably and no. I'm a physical chemist, which means I work with physical things I can test and measure. It's rather uncomplicated compared the psyche of Internet users.
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Indeed, I have. The average US household income is $59,100, and on average that means they're paying $5,910 in SALT taxes, well below the $10,000 cap.
Again, you continue to use the same variables under different conditions. That does not work in chemistry, in pharma, in medicine. Yet, this is how it works in government and accounting shenanigans i suppose. It's still meaningless as a point from where I stand.
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How on earth do you think anyone's SALT taxes are limited to $30,000?
You tell me the average SALT deduction in a given area.
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When they lose their tax deduction, which is why the left is currently whining and complaining.
The middle class are complaining. The wealthy are celebrating.
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Again, you're missing the point. The formerly unlimited SALT tax deduction is now capped at $10,000. The $1,2,3 million income earners will pay far more than $10,000 in SALT taxes, so they can no longer deduct that cost from their federal income tax return to reduce the amount of taxes they owe.
That's what the left has always said they wanted... that higher income earners pay more of their fair share in federal income tax.
You are saying that SALT deductions matter to the wealthy. Will you please give one example? Why would a person filing CP income care about SALT? Please share in some detail. I look up property taxes and they are nothing compared to wealthy income.
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You claim to be a "scientist?" How on earth can you refuse to believe basic facts?
Massaging the data, as you are trying to do, is not well tolerated in the sciences. It would be considered unethical and your approach is typically ousted. You claim to be the wife of a CPA who should know better and yet you have not provided a meaningful argument or evidence to support it.
Not true, you really should do some research before you post;
Anyone whose SALT taxes are $10,000/year or less will lose nothing. Anyone whose SALT taxes are over $10,000/year obviously has enough money to pay more in federal income tax.
I made this point before but apparently it got buried or was too painful to respond to so people avoided it.
Let's say there was no deduction cap and the state of Iowa drastically increased it's state tax but then provided free college tuition and healthcare to anyone with at least 5 years of residency.
This would essentially make the other 49 states help pay for the healthcare and college tuition programs.
Areas with high property taxes, assuming it's not wasted on corruption etc., should have nice parks, better schools, programs for youth and the elderly, good roads and so on and so forth.
Why should people in areas with low property taxes that don't have all those amenities subsidize that?
Please....no stupid responses about Trump or Obama blah blah blah...grown up discussion time only.
What an odd question, you are claiming that I think the media or politicians can educate me in taxation which is not something I ever said or even inferred. Perhaps you confused me with another poster?
It's not an odd question at all. Do you read books? Do you practice tax efficiency throughout the year? It's an ongoing education. Where do you get your understanding of taxation come from?
Knowledge is power. If you don't understand the tax code you can be easily fooled. Gov't is a hungry beast, always wanting more of our money. Politicians don't want the tax code to be easy for a reason.
Not true, you really should do some research before you post;
I'm realizing he is a trump syncophant who will simply deny the obvious facts that are presented to him. He has no problems with hedge fund managers paying capital gains rates on their individual income, a loophole trump actually promised to fix while he was on the trail... Not like he's really kept up on many of any of his promises to drain the swamp
Last edited by chopchop0; 02-10-2019 at 10:47 AM..
I made this point before but apparently it got buried or was too painful to respond to so people avoided it.
Let's say there was no deduction cap and the state of Iowa drastically increased it's state tax but then provided free college tuition and healthcare to anyone with at least 5 years of residency.
This would essentially make the other 49 states help pay for the healthcare and college tuition programs.
Areas with high property taxes, assuming it's not wasted on corruption etc., should have nice parks, better schools, programs for youth and the elderly, good roads and so on and so forth.
Why should people in areas with low property taxes that don't have all those amenities subsidize that?
Please....no stupid responses about Trump or Obama blah blah blah...grown up discussion time only.
Not true, you really should do some research before you post;
I wish she would address it. I don't know what I am missing.
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