The increase in SALT caps is so ridiculous

[Anonymous]

The deficit is 1.9 trillion this year. They can cover 1.1 of that by reversing the Bush and Trump tax cuts. That's the first step in solving this.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It is a big boom for retirees over 65 in high tax areas such as MoCo, Nassau County NY, NYC, Bergan County NJ, Chicago IL and California.

It also included added deduction over 65 and folks who actually did save in their 401ks were getting killed on taxes on RMDs.

It also now allows property taxes to be deducted again with higher limit. Old folks often had a primary house and a little beach condo or second home both mortgage free and could not deduct property taxes. Their RMDs, interest income and SS payments already made them hit 10K in state income.

This is exactly why the country is going to ruination and will be insolvent soon. Why are we subsidizing peoples' ownership over 2nd and 3rd homes? Student loan forgiveness is outrageous, yet they want the entire country to help foot the tax bill of individuals' personal properties? Ridiculous. There shouldn't be any SALT deductions, nor mortgage interest deductions. Pay your own bills.

Right now you have the 40K cap on SALT and 750K cap on mortgage loans. Could be one home or two homes what the difference with cap same hard stop on write off.

most high income people get zero deduction on property taxes as state income tax already hits 40K. NYC is like 8 percent income tax and when I worked big 4 the Partners all made 750K to 800K. They already hit 40K so their house in Garden City and Southampton no write off for property tax.

Remember that there is a phase out starting at $500k for the additional SALT deduction. I believe at $600k income, the deduction is down to the $10,000 level. So high earners are not getting any of the benefit of the SALT change. I live in NY state now but make over $600,000 HHI so I will see no benefit. I am not complaining, just noting this since people seem to be forgetting the phase out.

philly wage tax poster and we threaded that needle perfectly this year :mrgreen:

[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.

OP - nothing stopping you from writing a big fat check (in addition to your regular taxes) to Uncle Sam if you feel compelled to “help” the govt commit more fraud, waste, and abuse. I on the other hand, feel like a chump for paying one dime of taxes with the billions in fraud and waste being committed on a daily basis with our tax dollars.

[Anonymous]

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.

You have to be troll. Our govt has a spending problem not a revenue problem. If the govt just eliminated the fraud waste and abuse that would solve half the problem.

[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.

So, OP, you’re basically complaining because a new change in tax law provides you and many more households with more tax filing options? Thanks to the increased SALT deduction, our itemized deduction option for 2025 jumped to $69K vs. $39K. We’re still $4900 over the $40K cap. For us, itemizing makes more financial sense for us personally either way. Regardless, we choosing the standard deduction anyway because: 1. we don’t need the money, 2. we do want to stimulate the economy and keep the treasury solvent, and 3. we care more about others than we do ourselves.

Every person that files taxes is free to choose whether to itemize or to use the standard deduction. We and most of our wealthier friends usually pick the option that puts more money back into the hands of the USG so it can be redistributed to those that are truly in need. I’m actually sickened by your post, OP, and the fact that you wouldn’t do the same. Do you also steal money from the church collection plate, inflate the value of your charitable contributions, and drive an EV just b/c you can charge it for free at work or the airport?!?

MAGA and BBB aren’t to blame for our massive debt. It’s greedy, selfish, virtue signaling people like you, OP, that – when given the opportunity – always optimize for their own self interest.

Stop buying $280 bottles of wine for yourself and start donating $280 here and there to some local charities so fewer children starve every day. You’re about as low as one can get, OP.

This is funny.

[Anonymous]

Nothing prevents you from donating any sum of money to the U.S. to spend as it sees fit. Feel free to go crazy.

https://fiscal.treasury.gov/public/gifts-to-government.html

[Anonymous]

Anonymous wrote:Nothing prevents you from donating any sum of money to the U.S. to spend as it sees fit. Feel free to go crazy.

https://fiscal.treasury.gov/public/gifts-to-government.html

This is such a lazy trope posted by someone who obviously has a low IQ.

OP writing a fat check wouldn't solve the problem. She wants the rest of her peers to be compelled to pay more in taxes.

I do, too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is a big boom for retirees over 65 in high tax areas such as MoCo, Nassau County NY, NYC, Bergan County NJ, Chicago IL and California.

It also included added deduction over 65 and folks who actually did save in their 401ks were getting killed on taxes on RMDs.

It also now allows property taxes to be deducted again with higher limit. Old folks often had a primary house and a little beach condo or second home both mortgage free and could not deduct property taxes. Their RMDs, interest income and SS payments already made them hit 10K in state income.

Agree. I don’t get the boost now because of the income phase out for high earners, but when I retire in a couple years and my income drops, I will get some benefit from it. My RE taxes for 2 houses are over $20k, and I will still have state taxes on my retirement income and investments.

Better retire fast because the increase expires after tax year 2029.

[Anonymous]

Thanks President Trump. I didn't vote for him but I sure welcome this lol.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It is a big boom for retirees over 65 in high tax areas such as MoCo, Nassau County NY, NYC, Bergan County NJ, Chicago IL and California.

It also included added deduction over 65 and folks who actually did save in their 401ks were getting killed on taxes on RMDs.

It also now allows property taxes to be deducted again with higher limit. Old folks often had a primary house and a little beach condo or second home both mortgage free and could not deduct property taxes. Their RMDs, interest income and SS payments already made them hit 10K in state income.

This is exactly why the country is going to ruination and will be insolvent soon. Why are we subsidizing peoples' ownership over 2nd and 3rd homes? Student loan forgiveness is outrageous, yet they want the entire country to help foot the tax bill of individuals' personal properties? Ridiculous. There shouldn't be any SALT deductions, nor mortgage interest deductions. Pay your own bills.

Right now you have the 40K cap on SALT and 750K cap on mortgage loans. Could be one home or two homes what the difference with cap same hard stop on write off.

most high income people get zero deduction on property taxes as state income tax already hits 40K. NYC is like 8 percent income tax and when I worked big 4 the Partners all made 750K to 800K. They already hit 40K so their house in Garden City and Southampton no write off for property tax.

Remember that there is a phase out starting at $500k for the additional SALT deduction. I believe at $600k income, the deduction is down to the $10,000 level. So high earners are not getting any of the benefit of the SALT change. I live in NY state now but make over $600,000 HHI so I will see no benefit. I am not complaining, just noting this since people seem to be forgetting the phase out.

+1. We get most of it this year (ended up around $550K) but with promos we’re at $900K for 2026 so won’t get a penny next year. I found it funny our friends in $2-3M houses with fancy cars and private schools were all so excited to get SALT back. I was like ah so you all are subsidized by family $ after all!

This. DH is in BigLaw and so many of his coworkers are bragging on about SALT caps and big returns they’re getting this year as a result. It’s funny to see UMCs and lawyer startups strut about like they’re rich. Pathetic.

[Anonymous]

I don't have an interest in paying more taxes, but also don't care about money so I hear you.

[Anonymous]

Anonymous wrote:Thanks President Trump. I didn't vote for him but I sure welcome this lol.

He was the one who limited it in the first place ::facepalm:: I really hope you aren't serious.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It is a big boom for retirees over 65 in high tax areas such as MoCo, Nassau County NY, NYC, Bergan County NJ, Chicago IL and California.

It also included added deduction over 65 and folks who actually did save in their 401ks were getting killed on taxes on RMDs.

It also now allows property taxes to be deducted again with higher limit. Old folks often had a primary house and a little beach condo or second home both mortgage free and could not deduct property taxes. Their RMDs, interest income and SS payments already made them hit 10K in state income.

This is exactly why the country is going to ruination and will be insolvent soon. Why are we subsidizing peoples' ownership over 2nd and 3rd homes? Student loan forgiveness is outrageous, yet they want the entire country to help foot the tax bill of individuals' personal properties? Ridiculous. There shouldn't be any SALT deductions, nor mortgage interest deductions. Pay your own bills.

Right now you have the 40K cap on SALT and 750K cap on mortgage loans. Could be one home or two homes what the difference with cap same hard stop on write off.

most high income people get zero deduction on property taxes as state income tax already hits 40K. NYC is like 8 percent income tax and when I worked big 4 the Partners all made 750K to 800K. They already hit 40K so their house in Garden City and Southampton no write off for property tax.

Remember that there is a phase out starting at $500k for the additional SALT deduction. I believe at $600k income, the deduction is down to the $10,000 level. So high earners are not getting any of the benefit of the SALT change. I live in NY state now but make over $600,000 HHI so I will see no benefit. I am not complaining, just noting this since people seem to be forgetting the phase out.

+1. We get most of it this year (ended up around $550K) but with promos we’re at $900K for 2026 so won’t get a penny next year. I found it funny our friends in $2-3M houses with fancy cars and private schools were all so excited to get SALT back. I was like ah so you all are subsidized by family $ after all!

This. DH is in BigLaw and so many of his coworkers are bragging on about SALT caps and big returns they’re getting this year as a result. It’s funny to see UMCs and lawyer startups strut about like they’re rich. Pathetic.

someone is either lying about returns or income due to the phase outs

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It is a big boom for retirees over 65 in high tax areas such as MoCo, Nassau County NY, NYC, Bergan County NJ, Chicago IL and California.

It also included added deduction over 65 and folks who actually did save in their 401ks were getting killed on taxes on RMDs.

It also now allows property taxes to be deducted again with higher limit. Old folks often had a primary house and a little beach condo or second home both mortgage free and could not deduct property taxes. Their RMDs, interest income and SS payments already made them hit 10K in state income.

This is exactly why the country is going to ruination and will be insolvent soon. Why are we subsidizing peoples' ownership over 2nd and 3rd homes? Student loan forgiveness is outrageous, yet they want the entire country to help foot the tax bill of individuals' personal properties? Ridiculous. There shouldn't be any SALT deductions, nor mortgage interest deductions. Pay your own bills.

Right now you have the 40K cap on SALT and 750K cap on mortgage loans. Could be one home or two homes what the difference with cap same hard stop on write off.

most high income people get zero deduction on property taxes as state income tax already hits 40K. NYC is like 8 percent income tax and when I worked big 4 the Partners all made 750K to 800K. They already hit 40K so their house in Garden City and Southampton no write off for property tax.

Remember that there is a phase out starting at $500k for the additional SALT deduction. I believe at $600k income, the deduction is down to the $10,000 level. So high earners are not getting any of the benefit of the SALT change. I live in NY state now but make over $600,000 HHI so I will see no benefit. I am not complaining, just noting this since people seem to be forgetting the phase out.

+1. We get most of it this year (ended up around $550K) but with promos we’re at $900K for 2026 so won’t get a penny next year. I found it funny our friends in $2-3M houses with fancy cars and private schools were all so excited to get SALT back. I was like ah so you all are subsidized by family $ after all!

This. DH is in BigLaw and so many of his coworkers are bragging on about SALT caps and big returns they’re getting this year as a result. It’s funny to see UMCs and lawyer startups strut about like they’re rich. Pathetic.

someone is either lying about returns or income due to the phase outs

PP here. Yes, that’s the point. These lawyers all act like they’re making $1M+, but clearly they’re making <$600K. And that’s HHI!

[Anonymous]

Fix the deficit by taxing billionaires and companies that don’t pay taxes, not regular wage earners.