Reply to SALT Tax Deduction Increase

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]It’s not going to pass, and it would be bad policy, anyway. The SALT deduction (which I also could claim more than the cap for, if the cap were raised or eliminated) is absurdly regressive. It sucks to pay more in taxes, but there’s no reason those of us who earn enough to have more to deduct than the standard deduction need more breaks. [/quote]

Except that if you put it in an LLC then it's a business deduction.  In effect it's a tax targeted at upper middle class urban professional families.  It's horrible politics and horrible policy because it promotes a race to the bottom and transience while incentivizing renting over individual ownership.[/quote]

It's perfectly fine politics -- as an upper middle class urban professional with a family, I'm not exactly under any illusions that the rest of the country wants to do me any favors. It doesn't necessarily incentivize renting — the deduction is for income and property taxes alike. In my household, we pay more D.C. income tax each year than we do property tax, and I'd love to be able to deduct that, but even if it's better for me, it's still regressive tax policy to let people who owe a lot of state income tax because we make a lot of money deduct all that.[/quote]

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