Is there any momentum to increase SALT limit

[Anonymous]

I think it should be capped at 20k not 10k.

20k is reasonable. More is unreasonable.

[Anonymous]

Anonymous wrote:

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.

Not sure what nonsensical statement you are trying to make. There is a state tax burden. Then there is a separate federal tax burden. Not sure why anyone thinks that one should have any bearing on the other.

[Anonymous]

Anonymous wrote:I think it should be capped at 20k not 10k.

20k is reasonable. More is unreasonable.

Nope. For once a tax that only affects the top 10% was put in place and is now benefiting the country. It should stay at $10k or even cut in half

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think it should be capped at 20k not 10k.

20k is reasonable. More is unreasonable.

Nope. For once a tax that only affects the top 10% was put in place and is now benefiting the country. It should stay at $10k or even cut in half

Except those running “small businesses” can claim the excess tax through their businesses. There’s always a loophole. It hurts middle class families in high tax states the most

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think it should be capped at 20k not 10k.

20k is reasonable. More is unreasonable.

Nope. For once a tax that only affects the top 10% was put in place and is now benefiting the country. It should stay at $10k or even cut in half

Except those running “small businesses” can claim the excess tax through their businesses. There’s always a loophole. It hurts middle class families in high tax states the most

That was the intent. And then you now see all these Florida license plates driving around the nice private schools in Bethesda and DC. That was the intended result.

It’s all going to plan.

The problem now is that Congress is addicted to the SALT cap in order to pass budget scoring by the CBO. If they let SALT expire, it’s going to make budget scoring more difficult.

[Anonymous]

Anonymous wrote:

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.

You want high taxes at the local level. You alway want high taxes at the federal level but you don’t want to pay for both?

There are a whole bunch of other areas where double taxation applies. In particular with SS. You really want to go down this road?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

You want high taxes at the local level. You alway want high taxes at the federal level but you don’t want to pay for both?

There are a whole bunch of other areas where double taxation applies. In particular with SS. You really want to go down this road?

I don't get what they were saying. There is nothing about SALT that is double taxation. There are state and local services, for which there is a state tax burden. Then, separately, there are federal services, for which there is a federal tax burden. If you don't like the bill, vote for fewer services.

[Anonymous]

It’s ridiculous we spend all this energy arguing over whether the SALT deduction is hood tax policy or not when the QBI pass thru is literally the worst piece of tax policy of the ladt 50 years.

The Trump tax bill was explicitly designed to help Trump and people like him and to screw Democrats and blue states

[Anonymous]

We don’t itemize and make around 440k combined.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think it should be capped at 20k not 10k.

20k is reasonable. More is unreasonable.

Nope. For once a tax that only affects the top 10% was put in place and is now benefiting the country. It should stay at $10k or even cut in half

Except those running “small businesses” can claim the excess tax through their businesses. There’s always a loophole. It hurts middle class families in high tax states the most

Huh? Explain how this is possible – I own a small business and see no way that this would be feasible.

[Anonymous]

Anonymous wrote:It’s ridiculous we spend all this energy arguing over whether the SALT deduction is hood tax policy or not when the QBI pass thru is literally the worst piece of tax policy of the ladt 50 years.

The Trump tax bill was explicitly designed to help Trump and people like him and to screw Democrats and blue states

I LOVE the QBI deduction – it was like a $35K deduction that came out of nowhere!

And yes, I’m a Trump voter; you can suck it. And by the way, if you’re admitting that the engine of economic growth - small business - overwhelmingly favors Republicans, what does that say about Democrats?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

You want high taxes at the local level. You alway want high taxes at the federal level but you don’t want to pay for both?

There are a whole bunch of other areas where double taxation applies. In particular with SS. You really want to go down this road?

Repealing the SALT cap would be a hugely regressive tax cut for the wealthy. Naturally the great and the good oppose the cap because someone ELSE is supposed to be paying for all that is required to fund liberal policy preferences and they can feel good about shamelessly violating their stated principles to advance their own material interests because TRUMP. The level of intellectual dishonesty is staggering.

[Anonymous]

Careful what you ask for.....

Just remember when the SALT limit cap expires in 2025 so do the lower income tax rates under the Trump tax cuts. You'll be able to deduct more but your overall tax rate will probably go up. I get royally screwed on the current SALT limits do the high value of my home and the associated property taxes, but my taxes overall went down due to the Trump tax cuts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think it should be capped at 20k not 10k.

20k is reasonable. More is unreasonable.

Nope. For once a tax that only affects the top 10% was put in place and is now benefiting the country. It should stay at $10k or even cut in half

This tax is not just affecting the top 10%. You are misinformed. And the top 10% pay a large majority of the tax burden in the country.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Maybe blue states should lower their taxes?

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

Ummm....another misinformed post. Red and Blue states both have crumbling infrastructure and crappy schools.