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Average house price in Dallas is maybe $350-400,000 ?
Average house price in LA is what $700-900,000 ?
Average house price in San Fran is $1m to $1.5m ?
Seems to me the bottom line is about the same plus we have no state income tax.
That's cute, rhetorical statement. But Corporations are taxed on their profits, profits that go to their shareholders and CEO. Why would smaller profits be passed to the consumer? And why shouldn't Corporations be taxed?
Why would corporate taxes be passed to the consumer? Because they're an overhead expense. Just like the cost of rent, repairs, debt interest, legal fees, etc., are passed on to the consumer.
So to hit the SALT caps in Texas you probably need to have real estate value at half a million, which buys you a lot of house in Texas. Probably not your typical middle-class professional much less minimum wage flunkie.
I worked for a company in Woodlands and half a million was nothing special. Same in Plano, TX. It is what it is.
If someone has to depend on writing off their SALT deductions to survive they are living above their means. People CHOSE to live in areas where there is high state and property taxes. Tax rates and laws change. Anyone who expected things to stay the same forever aren't very bright. They also should be more angry at their local government for making things so expensive to live there and if they can't afford it, downsize or move.
That's where their job is. Some of these people are older and have lived there all their lives, they cannot pick up and move and find another job at their age. They live in modest homes of modest value. Yes, people have been able to do that for generations. Just living modestly, do you understand? They may not need SALT and those other lost deductions to survive, but people don't need child tax credits and all the other things that are left too deduct either. But it seems it's always the same people getting screwed.
Of course they don't like the high taxes, but they are stuck. There is no where to downsize to and also keep their jobs.
So can we wipe out the dependent credits & allowances for children next? In the name of "fair share"?
Is that what Dems want? They got what they wanted when the SALT deduction was capped. The "rich" pay taxes on more of their income now as the SALT deduction is no longer unlimited. Now that the Dems got exactly what they wanted: close the tax "loopholes," they're whining about that tax reform.
CORPORATIONS DO NOT PAY TAXES, THEIR CUSTOMERS DO.
A cut to the corporate tax rate is fundamentally a sales tax reduction for consumers.
I wish it was that simple, because then the consumers might have benefited from the corporate tax cuts, but they didn't. Prices didn't change, sales tax didn't change.
I wish it was that simple, because then the consumers might have benefited from the corporate tax cuts, but they didn't. Prices didn't change, sales tax didn't change.
The cost of other overhead expenses increased. As they're all included in the pricing formula, a reduction in the cost of one factor doesn't necessarily result in lower prices. Rent increases? Legal fees increase? Supplies costs increase? Repair costs increase? Etc... Any and all may offset and even surpass the reduction in corporate tax.
And this is not supposed to negatively affect the middle and working class?
It's fair to those who don't have children. There's no reason the childless should be paying more in federal income tax to subsidize those who have children. It essentially works exactly like real estate tax in which all taxpayers, both groups - those with and those without children - are treated exactly the same in regards to taxation. Neither has a tax advantage.
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They live in modest homes of modest value. Yes, people have been able to do that for generations. Just living modestly, do you understand? They may not need SALT and those other lost deductions to survive, but people don't need child tax credits and all the other things that are left too deduct either. But it seems it's always the same people getting screwed.
