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Old 06-19-2019, 08:07 AM
 
Location: OH->FL->NJ
13,432 posts, read 9,717,307 times
Reputation: 6333

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Quote:
Originally Posted by ambient View Post
There are probably many deductions and favorable statues that don't bother you so much when you get the benefit.

At any rate, only reason conservatives like this is because it makes those bad liberals on the coasts pay more while middle America conservatives pay less. Purely partisan stuff.
The one odd part that perplexes me is how the GOP threw the well off but not stinky rich 250K-500K a year crowd under the bus while helping the .1% true rich out. And the well off crowd cheers it on.

Im not for the SALT Cap tho I dont own a home so I do not itemize. The IRS is correct in its decision. The law is the law. The work around was BS.
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Old 06-19-2019, 08:20 AM
 
Location: Brew City
4,867 posts, read 3,216,296 times
Reputation: 6750
When Trump gets fancy with his taxes it's "smart" and "good business".

This couldn't be partisan, could it?
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Old 06-19-2019, 08:33 AM
 
Location: Barrington
56,641 posts, read 39,037,386 times
Reputation: 18315
Would be better to eliminate the SALT deduction in its entirety.
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Old 06-19-2019, 08:39 AM
 
Location: San Francisco, CA
15,091 posts, read 12,037,108 times
Reputation: 14225
Quote:
Originally Posted by thecoalman View Post
If you are affected by the change in the tax code you will now be paying exactly the same as anyone else in federal taxes with the same income profile which is the way it always should of been. Liberals will be affected the most because they live in a high tax state. If they find this burdensome they can address their concerns to their state legislators because that is where they are being taxed more.
No, I’m talking just Fed taxes. And of course I pay a lot more, because I also make a lot more. Fine with that. I get hit with AMT and top out at 33% marginal rate.

My main point is: what makes SALT an immoral workaround but other deductions - that also heavily benefit conservatives - "good?"

Fine, eliminate SALT and all other deductions.

And make sure to eliminate whatever it is that let's Trump basically skip taxes altogether. If you're gonna talk fairness, that's a problem.
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Old 06-19-2019, 08:47 AM
 
35,283 posts, read 18,738,807 times
Reputation: 15615
Quote:
Originally Posted by middle-aged mom View Post
Would be better to eliminate the SALT deduction in its entirety.
I would be OK with getting rid of all deductions, and just tax us at 10% and move on with life.

The tax code should be about collecting taxes, not using it as leverage to change behavior.
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Old 06-19-2019, 08:55 AM
 
41,823 posts, read 44,920,171 times
Reputation: 17745
Quote:
Originally Posted by ambient View Post
And make sure to eliminate whatever it is that let's Trump basically skip taxes altogether. If you're gonna talk fairness, that's a problem.

Trump's personal taxes would be what they are, his business taxes are completely different matter. If you own a business you can take advantage of the same tax policy as he did.



If you own a business and lose 2 million in year one. If you have a profit of 1 million the following two years and were taxed 30% on that profit you would still be $600K in the hole. It's only in the fourth year when your losses have been recovered you will be taxed. This tax policy is fundamental to a thriving economy. If you wish to eliminate that tax policy be prepared to see many business go out of business and investments on risky ventures dry up.
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