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Ha! 75K salt deduction. Not even close for my family. It's relevant because it's lowering taxable income from the people you are comparing my family to. Although, I can understand why you want to ignore it for the point you want to make, which hasn't been successful - in my case at least. If anything, it's just more of the red states sucking on the blue.
COL is completely irrelevant. Federal tax code doesn't address COL, at all.
How are you ignorant of that?
a $10,000 SALT deduction maximum is fair to all. It makes higher income earners pay more of their fair share in federal income tax, which is EXACTLY what the left wants. There should be NO complaints coming from the left on this.
COL is completely irrelevant. Federal tax code doesn't address COL, at all.
How are you ignorant of that?
COL doesn't even matter. Your initial claim was about a percentage of taxable gross income. That's what we are talking about and those deductions factor into it.
COL doesn't even matter. Your initial claim was about a percentage of taxable gross income. That's what we are talking about and those deductions factor into it.
Correct... For example, a $5,000 SALT deduction on a $50,000 income is a 10% deduction. A $75,000 SALT deduction on a $500,000 income is a 15% deduction. See what I mean?
By limiting the SALT tax deduction to a flat $10,000, that $500,000 earner pays federal income tax on a higher percent of their income. That's EXACTLY what the left wants: higher income earners pay closer to their fair share.
Says the lady taking a 75K SALT? What a load of bull.
Not any more. I retired early (so, lower income now) and moved to a lower taxed state. I'm still going to be slightly over the $10,000 SALT deduction limit (about $13,000 now), but it won't be anywhere near how much over it would have been before I retired and had I remained in high tax blue state IL. Buh bye blue state high taxes!
Not any more. I retired early (so, lower income now) and moved to a lower taxed state. I'm still going to be over the $10,000 SALT deduction limit, but it won't be anywhere near how much over it would have been before I retired and had I remained in high tax blue state IL. Buh bye blue state high taxes!
And why does this bring you pleasure? The people this is effecting are not nearly as well off as you were and are basic middle class families getting through the day. And yet you appear to be tickled by their/our bad fortune and that you got to have yours and skip. What's up with that?
Correct... For example, a $5,000 SALT deduction on a $50,000 income is a 10% deduction. A $75,000 SALT deduction on a $500,000 income is a 15% deduction. See what I mean?
By limiting the SALT tax deduction to a flat $10,000, that $500,000 earner pays federal income tax on a higher percent of their income. That's EXACTLY what the left wants: higher income earners pay closer to their fair share.
That 500K earner isn't going to care. I also don't see where a 75k salt, for a 500K earner where it would matter, is coming from unless there are some creative books going on.
ETA: do you plan on paying back your not so fair share?
That's not the point. Read on to learn the point of my early retirement and exodus from blue state high taxes...
Quote:
The people this is effecting are not nearly as well off as you were and are basic middle class families getting through the day. And yet you appear to be tickled by their/our bad fortune and that you got to have yours and skip. What's up with that?
Middle class families shouldn't be paying any more than $10,000/year in SALT taxes. If they're paying more than that, their local and state taxing bodies are taxing too much. When middle class people wake up to that fact, things will change.
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