Reply to SALT Tax Deduction Increase

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=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.[/quote]
I’m sorry you can’t afford to buy a home.[/quote]

I own a home and I'm a democrat and I don't agree with raising the SALT cap. I agree with what the PP wrote about it being unbecoming and hypocritical for dems to scream about everyone needing to pay their fair share while requesting handouts from the federal government. If someone wants to buy a house, let alone a massive house, in a small geographical area where schools, police, fire, etc are subsidized by taxes then they need to pony up. SALT is regressive. Own your choices people.[/quote]

I agree with you in the abstract and on this policy (I also would benefit from raising or eliminating the SALT cap, but want to keep it in place because the SALT deduction is inherently regressive). But I will say, the fact that they put this otherwise good tax policy in place to cut the overall cost of a FAR more regressive tax cut law in 2017 does give me some sympathy for people on the hypocrisy charge. I[b]t's one thing to cap SALT deductions and use the additional revenue to bolster the safety net; it's another to cap SALT deductions and use the additional revenue to lower the corporate tax rate and cut taxes even more for people at higher incomes. [/b]

Also, one thing people keep ignoring: There are high-income renters who would still deduct massive amounts of state and local taxes if the cap were changed or removed. It's not just for property tax. My household paid more in D.C. income tax in 2022 than we did in property taxes, and also more than the $10,000 cap, so even if we didn't own a home, it still would have been regressive to let us write the whole local tax bill off.[/quote]

This is my issue with it exactly.[/quote]

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