SALT Tax Deduction Increase

[Anonymous]

Looks like a chance for an additional $10k deduction this year

https://www.dailymail.co.uk/yourmoney/taxes/article-13047465/married-tax-return-refund-trump-april.html

[Anonymous]

Sweet. I think we will be right under the $500K limit.

[Anonymous]

Good. That cap is was just a big middle finger to the HCOL areas that weren't "loyal" to Trump. $10K is eaten up by our property taxes alone, and I live in a 5-year-old split-level. Even $20K won't cover our state income and property taxes, but it's a step in the right direction. I don't mind a cap, but $10K is aimed right at NYC, NJ, DC, and the urban areas of CA.

[Anonymous]

It hilarious how liberals and Dems scream about the rich not paying enough taxes and about rampant wealth inequality, yet here they are, demanding the U.S. govt and the rest of the country help subsidize their expensive giant homes with tax deductions.

There should be $0 able to be deducted for owning a home. Why is it my responsibility to give you a tax break for owning a $1M home? Dems, walk the walk if you’re gonna talk the talk. Fork up the taxes since you are telling everyone else to pay more to combat wealth inequality.

[Anonymous]

Anonymous wrote:It hilarious how liberals and Dems scream about the rich not paying enough taxes and about rampant wealth inequality, yet here they are, demanding the U.S. govt and the rest of the country help subsidize their expensive giant homes with tax deductions.

There should be $0 able to be deducted for owning a home. Why is it my responsibility to give you a tax break for owning a $1M home? Dems, walk the walk if you’re gonna talk the talk. Fork up the taxes since you are telling everyone else to pay more to combat wealth inequality.

I’m sorry you can’t afford to buy a home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It hilarious how liberals and Dems scream about the rich not paying enough taxes and about rampant wealth inequality, yet here they are, demanding the U.S. govt and the rest of the country help subsidize their expensive giant homes with tax deductions.

There should be $0 able to be deducted for owning a home. Why is it my responsibility to give you a tax break for owning a $1M home? Dems, walk the walk if you’re gonna talk the talk. Fork up the taxes since you are telling everyone else to pay more to combat wealth inequality.

I’m sorry you can’t afford to buy a home.

I’m sorry you’re a hypocrite. Taxes for thee, but not for me!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It hilarious how liberals and Dems scream about the rich not paying enough taxes and about rampant wealth inequality, yet here they are, demanding the U.S. govt and the rest of the country help subsidize their expensive giant homes with tax deductions.

There should be $0 able to be deducted for owning a home. Why is it my responsibility to give you a tax break for owning a $1M home? Dems, walk the walk if you’re gonna talk the talk. Fork up the taxes since you are telling everyone else to pay more to combat wealth inequality.

I’m sorry you can’t afford to buy a home.

I’m sorry you’re a hypocrite. Taxes for thee, but not for me!

Bet you’re celebrating all the tax cuts the wealthy got though, talking of hypocrisy.

[Anonymous]

What am I missing?

Standard deduction for married couples filing jointly is $27,700. Adding another $10K to current $10k is still below the standard deduction.

I guess the yay only applies if you are filing single/head of household.

Also, 2023 tax season is already here. Many of the tax softwares have already been coded to current tax laws. Why do they change tax laws so late in the game?

[Anonymous]

Agree! So late in the game, dumb politics

[Anonymous]

Anonymous wrote:It hilarious how liberals and Dems scream about the rich not paying enough taxes and about rampant wealth inequality, yet here they are, demanding the U.S. govt and the rest of the country help subsidize their expensive giant homes with tax deductions.

There should be $0 able to be deducted for owning a home. Why is it my responsibility to give you a tax break for owning a $1M home? Dems, walk the walk if you’re gonna talk the talk. Fork up the taxes since you are telling everyone else to pay more to combat wealth inequality.

No, they are small government advocates who are paying local tax to care for their neighbors, and want a discount off of the subsidies they pay to to low tax states like Texas that suck on the Federal teat.

[Anonymous]

Anonymous wrote:What am I missing?

Standard deduction for married couples filing jointly is $27,700. Adding another $10K to current $10k is still below the standard deduction.

I guess the yay only applies if you are filing single/head of household.

Also, 2023 tax season is already here. Many of the tax softwares have already been coded to current tax laws. Why do they change tax laws so late in the game?

It helps if you are already itemizing. Fro example if you have $10k in current SALT deduction, $5k in charitable donations and $10k in mortgage interest you would be under the standard deductions dot just take that. But if SALT cap is raised to $20k you would be above and would itemize

[Anonymous]

Anonymous wrote:

Anonymous wrote:It hilarious how liberals and Dems scream about the rich not paying enough taxes and about rampant wealth inequality, yet here they are, demanding the U.S. govt and the rest of the country help subsidize their expensive giant homes with tax deductions.

There should be $0 able to be deducted for owning a home. Why is it my responsibility to give you a tax break for owning a $1M home? Dems, walk the walk if you’re gonna talk the talk. Fork up the taxes since you are telling everyone else to pay more to combat wealth inequality.

No, they are small government advocates who are paying local tax to care for their neighbors, and want a discount off of the subsidies they pay to to low tax states like Texas that suck on the Federal teat.

This. I have no problem paying my local taxes. I like roads, schools, libraries, public parks, and public programs that address local needs. I don't need to be taxed a second time because the dumb states have their hands out to the fed so they can cosplay low tax/small state government.

But, hey, I also don't own a $1M home.

[Anonymous]

Anonymous wrote:Sweet. I think we will be right under the $500K limit.

So annoying. We will not quality, though the $20k won’t even cover property taxes.

[Anonymous]

When do you guys think this will take effect IF passed? We are ready to file taxes and this $10k increase would impact our itemized return.

[Anonymous]

Anonymous wrote:When do you guys think this will take effect IF passed? We are ready to file taxes and this $10k increase would impact our itemized return.

That's what I'm saying. So stupid to do this now for 2023. It's a political move because it's only for 2023.

Our 2023 taxes are being done right now.