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Democrats have been saying for years that paying taxes is one of the greatest forms of patriotism. Now it looks like President Trump is going to put their patriotism to the test.
Right now, if you pay state property or income taxes, you can deduct them against your federal income taxes. In effect, it means that if you’re in a high federal bracket, your state taxes may be offset by that federal deduction.
Who benefits most from the ability to deduct SALT taxes? We all know that states like NY and CA, blue states, levy high taxes on the people who live there. and people who can afford to buy a house that are higher in value. Lower incomes who can't afford to buy homes don't benefit.
Lower incomes would benefit from the doubling of the standard deduction, Democrat and New Yorker Schumer lied about but was caught in a recent interview.
States should be able to set their own levels of taxing and spending, but I see no reason why a Walmart cashier in Tennessee (which has no state income tax and low property taxes) should be subsidizing a hedge fund mogul in New York or a studio executive in Hollywood.
States should be able to set their own levels of taxing and spending, but I see no reason why a Walmart cashier in Tennessee (which has no state income tax and low property taxes) should be subsidizing a hedge fund mogul in New York or a studio executive in Hollywood.
The opposite is true if you look at total state inputs vs outputs.
States should be able to set their own levels of taxing and spending, but I see no reason why a Walmart cashier in Tennessee (which has no state income tax and low property taxes) should be subsidizing a hedge fund mogul in New York or a studio executive in Hollywood.
Actually it's the exact opposite, it's New Yorkers like me subsidizing Tennessee.
The SALT (State and local taxes deduction) are big benefits for people in 3 states: NJ, NY, and CA. According to the Committee for a Responsible Federal Budget, about a third of the benefit goes to those three states.
While eliminating the SALT deduction could save the federal government a massive amount of money, Democrats who always cry that paying taxes is patriot.. I'll bet we'll see that means as long as it's someone else who pays.
Paying taxes is patriotic, so if you believe that you would not fight it. So I don’t expect to hear any complaints from blue-states. Right?
This is pretty easy anyone dem or otherwise, can believe people have a patriotic duty to pay taxes, without requiring them to believe that they should pay a disproportionate amount of taxes
done. You argument is crushed. but not to worry i am sure you will be back with of this sort of sauce.
I do recall Joe Biden, a few years back, saying that it would be patriotic for the wealthier ($250,000+ per year) to pay more tax. I believe Mark Cuban recently said the same thing.
While I am certainly not in that tax bracket, I do think that paying one's taxes is a rather patriotic thing to do. I have little sympathy for those that criminally avoid paying taxes.
Taxes (local, state and Federal) pay for a lot of things that Americans need and/or want, such as fire and police protection, border protection, the military (including Veteran's benefits and health care), space exploration, and various social services. Taxes also help to keep our water clean and our air clean (as a person growing up in the 1960s, I can attest that the air quality is now world's better).
I have before, herein on CD, called for raising taxes to pay down our Federal debt. I was for such taxes going up after 9/11, for I thought it best to pay for our new wars now, instead of later (and with interest).
I am close to 62, and I have no problem with raising my retirement age (66.3) to 68 or 69 immediately. I realize that the present Social Security system is in trouble.
Now, Texas (where I live) is one state that has no personal income tax, but we do have high real estate taxes (and pretty high sales tax, and fees galore), which I can itemize on my Federal income tax form. If a new tax plan says that we can no longer deduct such taxes, so be it. I shan't sell my house due to that.
However, for decades the members of Congress have had little stomach to actually address a lot of the financial issues we have as a country. I doubt they will start now, but will keep kicking that can down the road.
Then get out of the way and let Dems take over Congress since blue states are paying most the cash into the federal coffers.
But.. those are people making $200k / $250k and they need to pay their fair share! I think of it as a wealth tax. This would increase their taxes... after all, that's what the left wants. You can count on a big fight over this.
LOL
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