Reply to Trump flip flops on SALT Tax Deduction

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[quote=Anonymous][quote=Anonymous]SALT means the federal government is paying for 37% of the state taxes and mortgage interest of high-income taxpayers, but only 22-24% of state taxes/mortgage interest for taxpayers at the median income (or none if they take the standard deduction).  That is not a sane policy, particularly when virtually every other feature of the tax code is aimed at progressivity.  Just lower the rates and do away with the deductions![/quote]

The mortgage interest is the same. And given the cap at $750,000 max mortgage and that anyone who bought before 2023 for most part has an extemely low mortgage rate it is not that valuable as it used to be.

Yes a buyer today taking a $750K loan at 7 percent a huge write off. But 40 percent home owners have no mortgage at all and anyone who bought 5 years or further back bought cheap and nearly all refinanced.

The Property taxes is far greater than mortgage write off the majority of people who bought over ten years ago.

The big gift in this is vacation home owners with no mortgage who DONT rent out property as now they can deduct the property tax.    [/quote]

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