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Old Today, 11:06 AM
 
3,980 posts, read 1,108,866 times
Reputation: 6988

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Quote:
Originally Posted by Elliott_CA View Post
Because it's not right to tax a tax.

Total income $90,000
Local property tax -$5,000
Untaxed income $85,000

Why should I pay federal taxes on a local tax? It's like double taxation. The feds should tax the $85k, not the $90k.
Property tax is not an income tax. It is a form of a wealth tax.

Using your data above:

Total income: $90,000
Local Property tax -$5,000 <== not an income tax; it is a form of a wealth tax.
Income to be taxed at the Federal level: $90,000
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Old Today, 11:08 AM
 
Location: DFW - Coppell / Las Colinas
34,621 posts, read 38,328,326 times
Reputation: 41415
Rich and middle class people don't leave highly taxed states just over their SALT tax deduction.

That might be 1 in 30 reasons for leaving. Inheritance taxes, costs, expenses, state income tax rates, other state expenses.

Blaming it on a SALT deduction is misleading.
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Old Today, 11:14 AM
 
3,980 posts, read 1,108,866 times
Reputation: 6988
Quote:
Originally Posted by Elliott_CA View Post
No. It was clearly a partisan hit on blue states.
Nope.

It was partially closing a loophole that artificially drove the price of housing up. Too bad the SALT loophole wasn't fully closed.

Where do you buy your tin helmets? You're way past tinfoil hat territory.
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Old Today, 11:16 AM
 
3,980 posts, read 1,108,866 times
Reputation: 6988
Quote:
Originally Posted by markjames68 View Post
If you’re a renter you don’t get the deduction at all.
Quote:
Originally Posted by Elliott_CA View Post
True...
False.

https://www.investopedia.com/terms/t/tax_incidence.asp
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Old Today, 11:18 AM
 
Location: Chandler, AZ
2,837 posts, read 1,423,800 times
Reputation: 6722
Quote:
Originally Posted by Elliott_CA View Post
Because it's not right to tax a tax.

Total income $90,000
Local property tax -$5,000
Untaxed income $85,000

Why should I pay federal taxes on a local tax? It's like double taxation. The feds should tax the $85k, not the $90k.
If that's how it works, go to your state and say the federal government has taxed me on all of my income so I don't owe you anything.

It sounds like you're trying to find a dis
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Old Today, 11:21 AM
 
3,980 posts, read 1,108,866 times
Reputation: 6988
Well, at any rate, AOC has an economic fix in mind.

https://news.yahoo.com/alexandria-oc...183400860.html

Sometimes, it is hard to understand her thought process:

https://i.postimg.cc/zvbQdjjF/screenshot-668.png
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Old Today, 11:42 AM
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
5,255 posts, read 2,375,164 times
Reputation: 3889
Red States in the SunBelt, are going to wonder why RE taxes are going up; Why hospitals are adding new wings funded by local bonds; Why there are more homeless;
Beware, your gloating will be short lived.
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Old Today, 12:16 PM
 
861 posts, read 455,063 times
Reputation: 658
Quote:
Originally Posted by Chas863 View Post
Yes, "how" they vote and what and whom they vote for *IS* very important. Perhaps I should have said "regardless what party they are registered to vote in" because a federal benefit such as Social Security or Veteran's Benefits doesn't care in which party you are registered to vote... or even if you're registered to vote at all. Federal benefits are awarded based on a person meeting certain criteria, not on the basis of which party you're registered to vote in.

So the argument that blue states get a lower percentage of their federal income tax dollars returned to them than red states is a specious argument. What really matters is the type of people who are elected to office and the type of policies they support.

If people are unhappy with the policies that their elected representatives support, then it's the fault of the voters who put them in office and it has nothing to do with the fact that other states may have smarter voters who elect better officials to represent them.

As I said above, if you're unhappy with the way things are being run in your state, then vote with your feet, i.e. move. And don't give the excuse that you can't leave your high paying job or your spouse can't find a good job in another state. Those are simply decisions that everyone has to make regarding where they live. If you choose the high income state, then you're choosing the high taxes and high cost of living that goes with it. That's the choice that YOU'VE made, so don't complain because other people made a different choice.
Unless the voters live in Heavily gerrymandered states of Florida, North Carolina, Wisconson, Ohio, then it’s tough luck go to court where republiCON appointed judges rule in favor of the status que. voting, even when you have a majority hasn’t been working and is gonna be far less success going forward. The latest tactic is kicking 100’s of thousands of legal registered voter off the rolls in numerous states.
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Old Today, 12:51 PM
 
Location: Boston
10,584 posts, read 3,024,648 times
Reputation: 7269
Murphy, Governor of Jersey, ran a campaign on raising taxes, what's the problem now?
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Old Today, 01:18 PM
 
Location: Boston
10,584 posts, read 3,024,648 times
Reputation: 7269
Quote:
Originally Posted by Elliott_CA View Post
Federal income tax has never been based on gross income, always on taxable income after various deductions for capital losses, carryovers, itemized or standard deductions, etc. The "don't tax the tax" philosophy has been expressed in the tax code for decades. They could change the law to make topline gross income taxable, but they haven't and there's no sign they will.



No. It was clearly a partisan hit on blue states. If they truly cared about tax equity they would change the tax code to ensure that companies like Amazon, Netflix, Chevron, GM, etc. -- all of whom paid $0 in taxes last year -- would always pay taxes. Same goes for the ultra-wealthy at the top who often pay real tax rates lower than the middle class. The SALT cap was selectively targeted to have the blue state Democratic donors pay more tax, while red state Repub donors were left unharmed. This was obvious to most.
you need to pay your fair share
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