The increase in SALT caps is so ridiculous

[Anonymous]

Anonymous wrote:Did our taxes. The increase in SALT now means it is far better for us to itemize than do standard deduction. Before this change, we would only get back about $400 per year total, because we were pretty on par for paying the exact amount of taxes as we should. Now with the SALT cap increase, we are getting a massive return more than $6000.

You know what I’ll do with this money? Probably just stuff it in the bank account. Not really going to stimulate the economy with it. The national debt is exploding, yet I have no idea why the govt wants to give well off DINKS like us huge tax returns. We were drinking a $280 bottle of wine the other night for a weekday dinner. I really don’t need this money and rather the country remained solvent.

The government was going to waste that $6000 anyway. Now it’s in your hands. You are better than the government. You have the opportunity to help people and make a better impact with that money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Did our taxes. The increase in SALT now means it is far better for us to itemize than do standard deduction. Before this change, we would only get back about $400 per year total, because we were pretty on par for paying the exact amount of taxes as we should. Now with the SALT cap increase, we are getting a massive return more than $6000.

You know what I’ll do with this money? Probably just stuff it in the bank account. Not really going to stimulate the economy with it. The national debt is exploding, yet I have no idea why the govt wants to give well off DINKS like us huge tax returns. We were drinking a $280 bottle of wine the other night for a weekday dinner. I really don’t need this money and rather the country remained solvent.

Your return is the form you file.

You meant to say “refund.”

If you are go to opine on tax policy it helps to use the proper nomenclature.

Imagine being this annoyingly pedantic.

I'm sure they love you at parties.

This isn’t being pedantic. OP is getting basic terminology wrong and sounds like an idiot.

The only question for communication is "Did you understand?" We all understood. That is why it comes off as pedantic. Pointing out such things seems anti-social when done judgmentally rather than in an informative or educational way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did our taxes. The increase in SALT now means it is far better for us to itemize than do standard deduction. Before this change, we would only get back about $400 per year total, because we were pretty on par for paying the exact amount of taxes as we should. Now with the SALT cap increase, we are getting a massive return more than $6000.

You know what I’ll do with this money? Probably just stuff it in the bank account. Not really going to stimulate the economy with it. The national debt is exploding, yet I have no idea why the govt wants to give well off DINKS like us huge tax returns. We were drinking a $280 bottle of wine the other night for a weekday dinner. I really don’t need this money and rather the country remained solvent.

The government was going to waste that $6000 anyway. Now it’s in your hands. You are better than the government. You have the opportunity to help people and make a better impact with that money.

No, OP will probably use it to buy a case of that expensive wine and then use it for an exotic foot bath and pedicure while she pointlessly opines on social media.

[Anonymous]

We never have enough to itemize.

[Anonymous]

Anonymous wrote:Did our taxes. The increase in SALT now means it is far better for us to itemize than do standard deduction. Before this change, we would only get back about $400 per year total, because we were pretty on par for paying the exact amount of taxes as we should. Now with the SALT cap increase, we are getting a massive return more than $6000.

You know what I’ll do with this money? Probably just stuff it in the bank account. Not really going to stimulate the economy with it. The national debt is exploding, yet I have no idea why the govt wants to give well off DINKS like us huge tax returns. We were drinking a $280 bottle of wine the other night for a weekday dinner. I really don’t need this money and rather the country remained solvent.

How much did your taxes actually go down though? Your refund is a function of both tax owed and your withholding. How much tax did you actually pay this year compared to last year?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Did our taxes. The increase in SALT now means it is far better for us to itemize than do standard deduction. Before this change, we would only get back about $400 per year total, because we were pretty on par for paying the exact amount of taxes as we should. Now with the SALT cap increase, we are getting a massive return more than $6000.

You know what I’ll do with this money? Probably just stuff it in the bank account. Not really going to stimulate the economy with it. The national debt is exploding, yet I have no idea why the govt wants to give well off DINKS like us huge tax returns. We were drinking a $280 bottle of wine the other night for a weekday dinner. I really don’t need this money and rather the country remained solvent.

Your return is the form you file.

You meant to say “refund.”

If you are go to opine on tax policy it helps to use the proper nomenclature.

“If you are go to opine…”. ?????

It's important to learn how to write in correct English.

You're making yourself look bad.

If you want to share your thoughts on proper naming, you really need to know how to write in English using the right grammar and punctuation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you don't need it, give it away to someone who does. The Capital Area food bank always needs more money.

It's not that, it's that the country is blowing itself up. We are all going to be in the poverty line if the US defaults on our debt. The BBB is masisvely exploding thr debt. Paying interest alone on the debt is now costing like $1T for the country.

If we do nothing soon, we default and have Great Depression 2. If we don't want that, then taxes have to go up while measures of austerity will have to be severe - huge cuts to Medicare, Medicaid and the military.

There is no reason more well to do off folks should be getting huge tax cuts. The amount they get back isn't going to make their lives better. Making sure the country stays solvent will, however.

Nobody, and I mean nobody is willing to pay more taxes. Democrats have tried to raise taxes and lose elections because of it.

And nobody is calling for tax increases on anyone except the ultra wealthy anyways.

Cut the defense budget.
Abolish ICE, use those funds to restore cancer research and mental health services.
Stop paying government workers you terminate and then retire.
Stop putting president’s names in buildings 30 days before you close them.
Stop corrupt admins.

There’s a lot we can do here while also raising taxes on billionaires and billionaire corporations.

Stop pensions and healthcare for A government workers including military. Pay them a slightly higher salary in return and make them have to contribute to 401ks/403bs for retirement and pay for private healthcare insurance like the rest of us. Get rid of the VAs. No reason we need to continue to subsidize these benefits. It would probably be cheaper to pay them a higher salary than to pay for their lifetime pensions.

[Anonymous]

I am a sole breadwinner in a HCOL area (my DH was laid off and is now long-term unemployed). I make a very good salary ($350k) and our local taxes fund excellent public schools and local services. I’m not complaining about my lot in life but when the SALT deduction was capped I felt like it was targeted at people like me because by and large we did not vote for Trump. That’s the issue here. Also, try reading The Deficit Myth and brush up on your understanding of contemporary economics.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you don't need it, give it away to someone who does. The Capital Area food bank always needs more money.

It's not that, it's that the country is blowing itself up. We are all going to be in the poverty line if the US defaults on our debt. The BBB is masisvely exploding thr debt. Paying interest alone on the debt is now costing like $1T for the country.

If we do nothing soon, we default and have Great Depression 2. If we don't want that, then taxes have to go up while measures of austerity will have to be severe - huge cuts to Medicare, Medicaid and the military.

There is no reason more well to do off folks should be getting huge tax cuts. The amount they get back isn't going to make their lives better. Making sure the country stays solvent will, however.

Nobody, and I mean nobody is willing to pay more taxes. Democrats have tried to raise taxes and lose elections because of it.

And nobody is calling for tax increases on anyone except the ultra wealthy anyways.

Cut the defense budget.
Abolish ICE, use those funds to restore cancer research and mental health services.
Stop paying government workers you terminate and then retire.
Stop putting president’s names in buildings 30 days before you close them.
Stop corrupt admins.

There’s a lot we can do here while also raising taxes on billionaires and billionaire corporations.

Stop pensions and healthcare for A government workers including military. Pay them a slightly higher salary in return and make them have to contribute to 401ks/403bs for retirement and pay for private healthcare insurance like the rest of us. Get rid of the VAs. No reason we need to continue to subsidize these benefits. It would probably be cheaper to pay them a higher salary than to pay for their lifetime pensions.

Fed here! I contribute to my 401k and pay a portion of my healthcare. My kids are both in the private sector and their benefits are so much better and cheaper, they left our insurance before turning 26. Feds are teeny portion of the budget. Please do not place blame with us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you don't need it, give it away to someone who does. The Capital Area food bank always needs more money.

It's not that, it's that the country is blowing itself up. We are all going to be in the poverty line if the US defaults on our debt. The BBB is masisvely exploding thr debt. Paying interest alone on the debt is now costing like $1T for the country.

If we do nothing soon, we default and have Great Depression 2. If we don't want that, then taxes have to go up while measures of austerity will have to be severe - huge cuts to Medicare, Medicaid and the military.

There is no reason more well to do off folks should be getting huge tax cuts. The amount they get back isn't going to make their lives better. Making sure the country stays solvent will, however.

Nobody, and I mean nobody is willing to pay more taxes. Democrats have tried to raise taxes and lose elections because of it.

And nobody is calling for tax increases on anyone except the ultra wealthy anyways.

Cut the defense budget.
Abolish ICE, use those funds to restore cancer research and mental health services.
Stop paying government workers you terminate and then retire.
Stop putting president’s names in buildings 30 days before you close them.
Stop corrupt admins.

There’s a lot we can do here while also raising taxes on billionaires and billionaire corporations.

Stop pensions and healthcare for A government workers including military. Pay them a slightly higher salary in return and make them have to contribute to 401ks/403bs for retirement and pay for private healthcare insurance like the rest of us. Get rid of the VAs. No reason we need to continue to subsidize these benefits. It would probably be cheaper to pay them a higher salary than to pay for their lifetime pensions.

Newer feds like myself are already contributing more than 4.4 percent of our own pay towards pension benefits (most likely paying for people currently receiving benefits) in addition to FICA, and also contributing towards TSP, and also paying for a good portion of family health insurance coverage. If you want to take those things away and replace them with a higher salary, it’s money out of my right pocket and into my left. Not sure how this saves the taxpayer. Oh and my agency is fee funded, so taxpayers aren’t paying for it anyway.

[Anonymous]

Ironically Democrats are going to profit more from the BBB than Republicans especially in a state like NY where people can pay $30k+ in property taxes alone in counties like Westchester.

[Anonymous]

Anonymous wrote:Ironically Democrats are going to profit more from the BBB than Republicans especially in a state like NY where people can pay $30k+ in property taxes alone in counties like Westchester.

And this means in those states home prices are likely not going down because every prospective buyers will be told about the SALT benefit.

I hope when Dems come back in power they let it expire. Will they lol? Sh the irony ....

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ironically Democrats are going to profit more from the BBB than Republicans especially in a state like NY where people can pay $30k+ in property taxes alone in counties like Westchester.

And this means in those states home prices are likely not going down because every prospective buyers will be told about the SALT benefit.

I hope when Dems come back in power they let it expire. Will they lol? Sh the irony ....

Pretty sure this was intentional - the SALT caps were reduced to HURT the dems previously. It's not irony, it's just stupid politics.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ironically Democrats are going to profit more from the BBB than Republicans especially in a state like NY where people can pay $30k+ in property taxes alone in counties like Westchester.

And this means in those states home prices are likely not going down because every prospective buyers will be told about the SALT benefit.

I hope when Dems come back in power they let it expire. Will they lol? Sh the irony ....

Pretty sure this was intentional - the SALT caps were reduced to HURT the dems previously. It's not irony, it's just stupid politics.

Also, the L part is especially rough - wage tax in Philly 3.xxx% right off the top. We would have gone over the cap just for the L. I'm sure there are plenty of other cities across the nation that are similar.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ironically Democrats are going to profit more from the BBB than Republicans especially in a state like NY where people can pay $30k+ in property taxes alone in counties like Westchester.

And this means in those states home prices are likely not going down because every prospective buyers will be told about the SALT benefit.

I hope when Dems come back in power they let it expire. Will they lol? Sh the irony ....

It's not a true benefit...you still pay the higher tax and deduct only a small portion. It was done to punish people in blue states who pay more taxes typically.