Eliminating the tax deduction on taxes especially you already paid is taxing money you’ve already paid as taxes. Double taxation is grossly unfair and not something I voted for.
Not only that, but this will devastate the housing market.
I rather they keep the current tax law, bad as it is.
“taxing money you’ve already paid as taxes. Double taxation”
This comes up over and over again. It’s BS.
Puts the cart before the horse.
SALT is a loophole for high tax, big gubmint states.
(Mostly School Taxes which creates a “Private School”
only for those in the district, with deductible “Tuition”)
Local taxes are high because local folks voted for it. Don’t make everyone else pay for your deductions. Treat all the same.
Far a huge chunk of folks, doubling the standard deduction will offset most, if not all, of the state tax.
Folks with lots of other alternative approaches for tax avoidance would be directly impacted.
It’s basically a wash for most.
Some local homes have a tax bill of over $20K a year. That’s TWENTY THOUSAND DOLLARS. Folks who live there work hard and make a good living. They can also arrange things to make up the difference quite easily.
Hamptons Hedge fund folks have already figured another path for another piece of it; LLC’s to hold the property to get ALL the mortgage interest deduction (above the $500K value cap).