Skip to comments.Blue-state lawmakers launch effort to repeal SALT cap
Posted on 02/11/2019 6:13:18 PM PST by Libloather
SADDLE BROOK, N.J. New Jersey Sen. Bob Menendez and other members of the states congressional delegation announced legislation Monday that would repeal the cap on state and local income tax deductions enacted as part of the Tax Cuts and Jobs Act, H.R. 1 (115).
Menendez (D-N.J.) and Rep. Bill Pascrell (D-N.J.), the primary sponsors, say their bill would pay for the cost of removing the $10,000 cap by restoring the top income tax bracket to 39.6 percent. While thats likely a nonstarter with many in the GOP, Rep. Chris Smith (R-N.J.) New Jerseys only Republican congressman is also sponsoring the legislation.
The lawmakers said Monday there was anecdotal evidence middle-class Americans in high-tax states were seeing their federal tax bills increase as a result of the limit on such deductions, known as SALT. The legislation enacted last year by President Donald Trump is hurting, not helping, many taxpayers, they said.
(Excerpt) Read more at politico.com ...
Trump delivered. Maybe NJ is confiscating too much?
The Dems are looking out for the rich.
If they lowered their taxes in commie states, the SALT cap wouldn’t hurt them. In the meantime, the idiots in NJ want to add a rain tax.
New Jersey Sen. Bob Menendez and other members of the states congressional delegation announced legislation Monday that would repeal the cap on state and local income tax deductions... Menendez (D-N.J.) and Rep. Bill Pascrell (D-N.J.)... say their bill would pay for the cost of removing the $10,000 cap by restoring the top income tax bracket to 39.6 percent... Rep. Chris Smith (R-N.J.) New Jerseys only Republican congressman -- is also sponsoring the legislation.
Senator Lindsey Graham wants to hold Democrats' feet to the fire on the Green New Deal and is asking for a vote on the non-binding resolution.Let's vote on the Green New Deal!Americans deserve to see what kind of solutions far-left Democrats are offering to deal with climate change. -- Lindsey Graham (@LindseyGrahamSC) February 8, 2019Graham knows the Green New Deal would never pass Congress. In fact, Democrats aren't united behind the bill, which moderates fear will alienate key bases of their support, including unions.
Los Angeles Times:Equally notable, however, was the list of who signed on -- most of the major Democratic presidential candidates in the race so far. What they have pledged loyalty to at the moment is mostly a slogan and an idea -- the particulars of the Green New Deal, and even the price tag, have yet to be worked out.This cockamamie scheme is not about saving the planet. It's about massively expanding the size and scope of the U.S. government, making mincemeat of the Constitution, and spending trillions upon trillions of dollars to make us all dependent on government.
[Democrats Squirm as Lindsay Graham Calls for a Vote on the Green New Deal]
Wealthy Dem voters are just now figuring out how much SALT is costing them, and Dem-State pols are TERRIFIED.
They have managed to hide the true costs of Dem Policies in these states with the deduction, while laughing about the dumb hicks actually paying the bills, for years.
It's not anecdotal. I got pushed up into the 25% tax bracket and before anyone says it, I'll say it: YES, the hellhole that is known as Illinois TAXES TOO MUCH also.
That however does NOT excuse the fact that my FEDERAL tax rate went up to 25% when we were all told we were going to get our Federal taxes CUT.
“If they lowered their taxes in commie states, the SALT cap wouldnt hurt them.”
There are people being hurt in every state in the union by the SALT cap.
Just because you and most here don’t make enough money to be hurt by it does not mean it’s not happening in YOUR state.
There are people in EVERY state being hurt by the SALT cap.
“and Dem-State pols are TERRIFIED”
Why would they be?
Congressional Republicans already paid the price for passing the tax increase on suburbia.
1. I didn't make any more income in 2018 than I did in 2017, AND;
2. I reduced my SALT taxes to under the $10k cap when I sold my old home and reduced my property tax burden by more than 50%.
That meant my combined SALT taxes here in Illinois were under the $10k limit in 2018.
Now, can someone please explain to me exactly how I got pushed up into the 25% Federal Tax Bracket? My accountant (A CPA and Financial Advisor) flat-out says it's a byproduct of the Trump Tax Cuts. He and I are both Trump supporters and I support our President 100%. I'm simply saying it's not "anecdotal" that many of us saw our taxes GO UP despite doing everything right to manage them down.
There is something major f'ed up with the "Trump Tax Cut" and it's not just SALT taxes -- which are a HUGE problem in and of themselves.
I paid $4,200 more this year than last.
On the same income.
And it’s Congressional Republicans that raised my taxes.
Would your tax rate have gone up if there was no SALT limit ... probably not. Now think back on those past years when you were claiming those excessive SALT deductions and the rest of us were paying to subsidize NY, IL, CA, etc.
There is no 25% bracket. That existed for the prior years taxes.
The old tax brackets were 10%, 15%, 25%, 28%, 33%, 35% and 39.6%.
The new 2018 tax brackets are 10%, 12%, 22%, 24%, 32%, 35% and 37%.
“Now think back on those past years when you were claiming those excessive SALT deductions and the rest of us were paying to subsidize NY, IL, CA, etc.”
Only retards believe that.
Each of the 3 states you named paid more than the national average, per capita, in Federal Taxes.
What is your state? How much does it pay to DC vs how much it receives in spending?
Doesn’t hurt people in Texas.
Good luck with getting that through the Senate and then the President to sign it.
It hurts those in the Dallas/Ft Worth, Austin and Houston suburbs who are making over $100k and have more than two kids.
It’s nearly certain.
High property taxes, high home values. Deductible sales taxes, cars, boats and other excise taxes.
And capped family deductions.
I assure you there are those in Texas that are not “rich” that are paying more this year than last.
25%: $37,951 $91,900
Married filing joint
25%: $75,901 $153,100
24%: $82,501 $157,500
Married filing joint
24%: $165,001 $315,000
Your CPA is skimming massive dollars from you. The brackets are incredibly different and there is no current 25% bracket.
Houses are not that expensive here. I make way over $100k and don’t feel a thing.
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