Is there any momentum to increase SALT limit

[Anonymous]

The limit is so unfair. Double taxation at its finest. Without SALT I don’t get above the standard deduction which means I end up paying more because I have to itemize for Maryland. We’re at $225K HHI and our state taxes alone are above the limit let alone our property tax. This isn’t sustainable.

Please tell me the cap will go away at some point….

[Anonymous]

No the house is R

[Anonymous]

Maybe blue states should lower their taxes?

[Anonymous]

No. Deficit buster.

[Anonymous]

Anonymous wrote:Maybe blue states should lower their taxes?

And end up like red states with crumbling infrastructure and shitty schools? Nope.

[Anonymous]

It sounds like there is a bipartisan working group in the House on this right now and that if they do nothing the cap will expire in 2025. Fingers crossed.

[Anonymous]

Eventually it’ll happen because property values are skyrocketing in Texas (particularly in DFW) which is a no-income tax state. Eventually the ENTIRE Texas delegation will push for it or play a critical role in allowing the limit to sunset as currently scheduled in 2025.

Fundamentally, the SALT limit is good policy. I say this as someone who would have a lower tax bill by about $20k under the old rules.

[Anonymous]

Anonymous wrote:The limit is so unfair. Double taxation at its finest. Without SALT I don’t get above the standard deduction which means I end up paying more because I have to itemize for Maryland. We’re at $225K HHI and our state taxes alone are above the limit let alone our property tax. This isn’t sustainable.

Please tell me the cap will go away at some point….

Really? We are around $200k HHI and get beyond the standard deductions after interest and donations are added.

[Anonymous]

Anonymous wrote:The limit is so unfair. Double taxation at its finest. Without SALT I don’t get above the standard deduction which means I end up paying more because I have to itemize for Maryland. We’re at $225K HHI and our state taxes alone are above the limit let alone our property tax. This isn’t sustainable.

Please tell me the cap will go away at some point….

Buy a home. The mortgage interest will cause you to itemize.

If you own a home and don’t have a mortgage, my sympathy is limited.

[Anonymous]

It might go away if the entire Trump law is allowed to expire.

It’s ridiculous the SALT cap is the same for single and married, whether you think it’s a good idea in general or not.

[Anonymous]

Anonymous wrote:It might go away if the entire Trump law is allowed to expire.

It’s ridiculous the SALT cap is the same for single and married, whether you think it’s a good idea in general or not.

Agreed!

[Anonymous]

Anonymous wrote:

Anonymous wrote:The limit is so unfair. Double taxation at its finest. Without SALT I don’t get above the standard deduction which means I end up paying more because I have to itemize for Maryland. We’re at $225K HHI and our state taxes alone are above the limit let alone our property tax. This isn’t sustainable.

Please tell me the cap will go away at some point….

Buy a home. The mortgage interest will cause you to itemize.

If you own a home and don’t have a mortgage, my sympathy is limited.

Op here. I own a home with a mortgage. But I managed to refinance at the low and have a mortgage at 2.25%.

[Anonymous]

Anonymous wrote:Eventually it’ll happen because property values are skyrocketing in Texas (particularly in DFW) which is a no-income tax state. Eventually the ENTIRE Texas delegation will push for it or play a critical role in allowing the limit to sunset as currently scheduled in 2025.

Fundamentally, the SALT limit is good policy. I say this as someone who would have a lower tax bill by about $20k under the old rules.

Agree wholeheartedly. We would save a similar amount as you, and while I'd take more money in my pocket, I don't understand why a millionaire in Maryland or New York should have a lower federal tax burden than a millionaire in Nevada.

[Anonymous]

Nope, democrats are taking the suburban vote for granted. I’m sure that will end well

[Anonymous]

Anonymous wrote:

Anonymous wrote:Eventually it’ll happen because property values are skyrocketing in Texas (particularly in DFW) which is a no-income tax state. Eventually the ENTIRE Texas delegation will push for it or play a critical role in allowing the limit to sunset as currently scheduled in 2025.

Fundamentally, the SALT limit is good policy. I say this as someone who would have a lower tax bill by about $20k under the old rules.

Agree wholeheartedly. We would save a similar amount as you, and while I'd take more money in my pocket, I don't understand why a millionaire in Maryland or New York should have a lower federal tax burden than a millionaire in Nevada.

Because you never even saw the money? You are paying taxes on money that never made it to your account? It’s awful.