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Just because you are struggling financially doesn't mean everyone else is.
You live in a high cost city and state.
The way to change that is move, like so many others did from high tax states to low tax states.
And that has zero to do with the Fed tax changes proposed.
too bad Wall Street and Silicon Valley are what pretty much keeps our economy growing thus real estate is high. People there also pay for their state to provide a number of services (you know you guys used to love the whole states rights/states do it better line). Appreciate you guessing my financial situation, however doing just fine, esp for my age. What I object to is double taxation to subsidize states like KY, MS, and LA who feed at the trough of federal tax dollars provided by states like NY, NJ, CT, and CA. You guys are against double taxation for the estate tax, but not for SALT, wonder why??
You're right that the new plan would probably be more beneficial. The child tax credit is going up from $1000 to $1600, plus there is a $300 credit per taxpayer and non-child dependent. So it's even better than that!
It should! that thing hasn't been raised since our kids qualified.
Edit: I didn't look as far as the credit. That puts our savings up to about 4600 year.
Salt is capped at 10k in this proposal. A good thing. First, because our system is riddled with deduction this, credit for that and so forth. This applies to individuals, married, married with children, various flavors of corporations, partnerships, etc. SECOND, the limiting of Salt deductibility shines a bright light on excessive state and local taxes. If the citizenry will pay more attention to the government units closest to them. Hopefully bringing pressure on SAL governments to rein in spending. A good thing.
Chuck Schumer came out screaming about it right away... of course he's a New York politician.
You do understand that the house bill eliminates personal exemptions, right? It doesn’t matter who’s reporting it. That would wash away the benefits of a higher standard deduction.
So no change. You just said it yourself.
It certainly does matter who reports it.
Can't believe that anyone would pay mind to CNN these days.
Rich liberals reduce their taxes by alot of money using their ability to write of state and local taxes (real estate taxes). Does that benefit you or them?
Sen. Schumer said: “Well, but he also takes away things like the mortgage interest deduction, the local — state and local property …”
Chris Wallace: “No, no, no, that’s not true. He doesn’t take away the mortgage. No, he does not take away the mortgage interest deduction.”
Schumer: “You cannot do it without the standard deduction. He takes away state and local, as well, and middle-class people get far less of a benefit, many of them were hurt. One estimate said that millions would pay more, and the rich do extremely well.” (Schumer admitting the middle class was hurt by Obama's tax increase)
Incorrect. The subsidy that is SALT, means the majority of the states’ citizen pay proportionally more in federal taxes. There are only 12 or so high SALTs, which means 38 or so do not get the ‘advantage’ of deductibility.
What is ironic is that the government units closest to every citizen, the SAL unit, is getting a pass on oversight, questioning, even opposition to high SALT. This is where your focus rightly belongs. Not toward those who propose a reduction in your drug of choice, the deductibility of SALT.
Quote:
Originally Posted by cheyenne2134
High tax states support the majority of this country
too bad Wall Street and Silicon Valley are what pretty much keeps our economy growing thus real estate is high. People there also pay for their state to provide a number of services (you know you guys used to love the whole states rights/states do it better line). Appreciate you guessing my financial situation, however doing just fine, esp for my age. What I object to is double taxation to subsidize states like KY, MS, and LA who feed at the trough of federal tax dollars provided by states like NY, NJ, CT, and CA. You guys are against double taxation for the estate tax, but not for SALT, wonder why??
I'm in Texas..no city or state tax.
If you are going to be double taxed then maybe it's time to get your city/state to lower their taxes.
Some states have tax rates that are outrageous.
My brother just left LI and moved to Delaware because of the tax situation.
Rich liberals reduce their taxes by alot of money using their ability to write of state and local taxes (real estate taxes). Does that benefit you or them?
Sen. Schumer said: “Well, but he also takes away things like the mortgage interest deduction, the local — state and local property …”
Chris Wallace: “No, no, no, that’s not true. He doesn’t take away the mortgage. No, he does not take away the mortgage interest deduction.”
Schumer: “You cannot do it without the standard deduction. He takes away state and local, as well, and middle-class people get far less of a benefit, many of them were hurt. One estimate said that millions would pay more, and the rich do extremely well.” (Schumer admitting the middle class was hurt by Obama's tax increase)
If you are going to be double taxed then maybe it's time to get your city/state to lower their taxes.
Some states have tax rates that are outrageous.
My brother just left LI and moved to Delaware because of the tax situation.
so basically a nice anecdotal bit of nothing and totally ignored my larger point. Sounds about right.
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