Posted on 04/18/2018 1:52:05 PM PDT by SeekAndFind
Besides, she has all the tricks on her side, like when they stole the street from that Asian couple who bought it legitimately at a tax auction because the HOA didn't know to keep up their payments.
-PJ
It also plays mostly to the benefit of a very few states. California and New York taxpayers soak up almost third of all benefits from SALT deductions; add in New Jersey, Illinois, Texas, and Pennsylvania, and they account for more than half of its benefits. Taxpayers in most other states end up footing the bill.
About time somebody recognizes that property taxes in Texas are confiscatory. They dont even have the state income tax so all of this SALT comes from their property taxes. No I must not be all of the state because Texas freepers swear up-and-down they pay hardly any property tax. But when we lived in Corpus Christi for one year we paid more in property taxes than we did in state income tax, property tax, and DMV fees in California.
Nevertheless, all these states need to put pressure on their state governments. Its not the feds fault that they are overtaxed.
Last I knew he had a very nice (read: expensive) house in Michigan. Not sure if that is his primary residence or just a vacation property.
Good catch, I already responded before seeing your post. When we lived there our property tax was outrageous , 3 1/2% and rising. And that was in 2001!
I’m sure all the Hollywood actors will be thrilled to pay the higher taxes!
The super high-income people like Steyer in states like CA and NY actually lost about 80% of their SALT deductions way back in 2013. The Tax Act of 2012 included language that starts to limit the SALT deduction beginning at $300K of income for married taxpayers. So the Silicon Valley billionaires really got nailed by the tax bill passed at the end of 2012, but because democrats voted for that bill and Obama signed it, we didn’t hear all the bitching and moaning about lost SALT deductions. Also, that bill didn’t affect people with incomes below $250K. But it’s very telling how the news media has basically ignored the truth that many democrats voted for a big cut in SALT deductions way back in 2012 and yet they now say they’ve always opposed cutting the SALT deduction. Another bunch of BS from democrat politicians.
State income taxes are ridiculously high in California. I did a comparison with neighboring state Arizona a few years ago, and the state spending per resident was about 40% more in California. The gap is probably more today. Schools, roads, state police force, and all the other state services are about the same in those two states. Salaries and wages are roughly 10 to 15% higher in CA, but the other 25% is all unnecessary bureaucracy and even higher spending on illegal immigrants than in AZ. And yet the people of CA actually voted for even higher taxes a few years ago. There are a lot of neurotic crazy people living in CA now.
There is nothing that prohibits them paying more on their own. Why are they screaming? It's finally happening. The rich in California is paying more.
They need to scream at California Legislators who are taxing them too much. Not at the rest of us who have had to make up what they weren't paying. I bet their money is still going to Sacramento, and they aren't saying anything about that.
I’m gonna file this under “things that make me smile!”
There are 111 Billionaires in California. Most are likely those types.
Awe geeee! Poowah wittle commie Kalifornians. I feel so badly for them - NOT!
ESAD, you Marxist MoFos!
Exactly as it was designed. As a “screw you” to blue states that have been actively part of the lunatic “RESIST” movement. Hey, Kommiefornia and New Yecccch .. SCREW YOU!
Tax reforms that hurt the rich folks in California and New York City, while benefiting the folks in the middle of the country who work for a living?
As for Texas, once I got rid of my mortgage, it was always touch and go as to whether I would get any benefit from itemizing. I’ll come out ahead with the new structure.
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