Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Unless those workers are "house rich" through some kind of inheritance, their SALT burden will easily fall within the $10,000 deduction limit.
State and local taxes easily exceed 10K for most middle class homeowners in good school districts. These “house rich” or “inheritance grabbers” you deride probably scrimped for years to save the 20% down payment when they first married decades ago. Personal experience here.
tell you what- I'll sign off on SALT going bye bye if you agree that states get back what they pay to Fed Gov in taxes, no more, no less.
Did you miss my post? Here is another example. Many of the gas extraction companies in PA are headquartered in other states like Texas. That gas is purchased by consumers in states like NY.
How do you propose we divide up the federal tax dollars paid by that company? Does Texas, PA and NY all get a slice?
To reiterate if you wanted to do this fairly the calculation is immeasurably complex.
Now the Republican party is supporting the IRS targeting specific groups legally using tax loop holes.
That's a whole new spin for the Republicans right?
Oh my -- if only we could see Trump's returns -- that would be something else......lol.
That's actually not what is occurring.
There are some states trying to change their revenue collection (ie. taxes) so that it becomes deductible.
They aren't using a loop-hole, they are trying to create one. The Feds are basically saying they'll counter the attempt to avoid the deduction cap.
The IRS is not targeting specific groups but rather those trying to get around new tax policy by instituting their own legislation.
Frankly, it's unlikely to work on the states part since the Feds can just counter but at least then the politicians in those states can say they tried to help their constituents (which is their job) and not get voted out of office.
There you go, a clean non-partisan break-down of what is going on.
State and local taxes easily exceed 10K for most middle class homeowners in good school districts. These “house rich” or “inheritance grabbers” you deride probably scrimped for years to save the 20% down payment when they first married decades ago. Personal experience here.
On the coasts? Sure. In a lot of other parts of the country? They might get close or go over a little.
Keep in mind combined household income of 100k is probably only 6k in state income tax in lower tax states and then property taxes on your typical 200k home is maybe another 4k.
Sadly, I know that out on the coasts with the very high costs of living and home prices it's more like 160k in combined income, 10k in state tax and another 10k in property tax.
We've had the whole geographic\house price thing to death around various forums and I'm repeatedly told that the reward is not having to live in "fly over country". Oh well, everyone gets to decide for themselves.
For an analysis of this to be fair and accurate the calculation is so complex it may be impossible. You cannot use the raw data for this.
For example NM always tops this list by a huge margin. Los Alamos and Sandia National Lab are both very expensive facilitates with combined budget of about 5 billion dollars. Those two facilities by themselves add $2500 in federal per capita spending in NM. Granted NM benefits from that spending but the primary beneficiary of the work they do there is the entire nation.
This is only one example of many.
See below for someone who doesn't get it nor, do I think, he wants to. It would ruin his talking point.
Quote:
Originally Posted by Metsfan53
tell you what- I'll sign off on SALT going bye bye if you agree that states get back what they pay to Fed Gov in taxes, no more, no less.
Let's see if the low tax red states will go for that one...
I'm in one of those "high tax Blue states", you know, one of the ones you claim subsidize Red ones. Except Maryland gets back $1.35 for every $1.00 sent in.
Quote:
Originally Posted by Jstarling
State and local taxes easily exceed 10K for most middle class homeowners in good school districts. These “house rich” or “inheritance grabbers” you deride probably scrimped for years to save the 20% down payment when they first married decades ago. Personal experience here.
Personal experience in your state. not necessarily in all.
See below for someone who doesn't get it nor, do I think, he wants to. It would ruin his talking point.
I'm in one of those "high tax Blue states", you know, one of the ones you claim subsidize Red ones. Except Maryland gets back $1.35 for every $1.00 sent in.
Personal experience in your state. not necessarily in all.
So one exception makes it moot point? What about ny nj ma vs ms ky la?
So one exception makes it moot point? What about ny nj ma vs ms ky la?
As yet another example the Federal government spends a lot of money on the Mississippi river bordered by all three red states you mention. It's a massive economic corridor for the transport of goods. Every state in this nation to some degree or another benefits from that economic activity.
How do you propose splitting up the bill for that?
Last edited by thecoalman; 05-24-2018 at 11:39 AM..
So one exception makes it moot point? What about ny nj ma vs ms ky la?
It's clear that you either don't understand, or probably don't want to, the interconnectedness of federal expenditures and how those in one area benefits the whole.
It's clear that you either don't understand, or probably don't want to, the interconnectedness of federal expenditures and how those in one area benefits the whole.
so no real comeback then?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
