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I'm marveling at the refusal to accept anything concrete as "middle class" and "rich" or "well off".
Instead it's just a constant stream of "well, I make $X and I pay more than $10K and I'm middle class!"
Per the leftist Brookings Institute:
Bottom 20% are low income and they get 0% of the benefit.
Middle 60% are middle class and they get 4% of the benefit with the average household getting $27.
The top 20% are upper class and upper middle class and they get 96% of the benefit with the top 1% getting 57% of all benefits and the top 0.1% getting 25% of all benefits at $145,000 per household benefit.
Over half the benefit will got to homes making more than 500K a year.
Pelosi and Schumer are demanding tax cuts for the wealthy and lying to your face when they say it is for the middle class.
It is not that hard to hit the SALT limit. I don't make any where near $500K and I do and I live in a supposedly low tax maroon state. We don't need to repeal it, just raise it enough that I am not affected.
You need to pay your fair share. If you are hitting it you are successful. Pay your fair share.
It is not that hard to hit the SALT limit. I don't make any where near $500K and I do and I live in a supposedly low tax maroon state. We don't need to repeal it, just raise it enough that I am not affected.
I couldn't make it through every post in this thread, so maybe someone said it first. The bump in standard deduction cut limited the harm that the loss of unlimited SALT caused, FOR NOW. There was still a disproportionate harm levied on higher cost of living states immediately, which is problem enough that this issue should be looked at. But SALT was an auto-adjustor on local cost of living inflation for everyone, which is typically driven by local economic activity. Putting arbitrary restrictions on SALT will magnify the problem of the federal government ignoring the cost of living when collecting taxes and dispatching aid.
Bottom 20% are low income and they get 0% of the benefit.
Middle 60% are middle class and they get 4% of the benefit with the average household getting $27.
The top 20% are upper class and upper middle class and they get 96% of the benefit with the top 1% getting 57% of all benefits and the top 0.1% getting 25% of all benefits at $145,000 per household benefit.
Over half the benefit will got to homes making more than 500K a year.
Pelosi and Schumer are demanding tax cuts for the wealthy and lying to your face when they say it is for the middle class.
Hypocrites, thy name is Democrat. (And I am a high earner in a blue state).
I live in NY and I guess considered upper middle class. The SALT limitation definitely hurt in the wallet, but then again the AMT went away also. You won't hear me complaining if Biden wants to restore SALT, but I think it's absolutely unnecessary. The State is awash in cash and instead of lowering taxes they're giving aid to illegal immigrants.
When supply is low, that is correct - prices will be high. Why is the housing supply low? Go back to my post detailing California's issues.
"Middle class is not out of whack"... you're nuts.
Probably a typo, but you are right - the most ludicrous jobs are in CA. Your post is also ludicrous.
I don't know why right-wingers like to argue reality.
A household making $192k is still middle class in a city like SF. It's just facts. You've basically made several posts saying this is "out of whack". So what? It is what it is. What you want to do? Lower everyone's salary in SF?
And then you've pivoted to "Well, housing supply is low." Again, so what? You started with SALT and now is on to housing development. This is a thread about SALT, why don't we stick to SALT?
It's not about the middle class... it's about the federal government subsidizing states with outrageously high taxes.
By turning this into a class issue, it misses the point. States need to reduce their tax rates - and it's fully within their control to do so.
We never link the pains of the middle class and require states to change. Why not?
Those states with outrageously high taxes subsidize the federal government by sending more tax dollars to Washington than they receive back.
It's states like Alabama, Mississippi and Kentucky that get more from the federal government than they send. Why should I be happy with my tax dollars going to Kentucky where their incompetent government will just perpetuate horrible conditions for their poor, requiring even more federal aid?
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