Thanks Iron Munro:
Posted on 09/24/2018 4:59:28 PM PDT by SpeedyInTexas
Repealing the GOP tax law's $10,000 cap on the state and local tax (SALT) deduction would largely benefit wealthy taxpayers, estimates released Monday by the Urban-Brookings Tax Policy Center found.
(Excerpt) Read more at thehill.com ...
Felt nice to say that.
the wealthy primarily in blue states where property taxes are out of control...
Duh....
Thanks Iron Munro:
Man, I’m tired of the beating the wealthy take in this country. First, I’m a retired teacher with less than 6 figures in my retirement accounts, so I’m not rich by any measure. The rich, like it or not, are the energy that drive this economic system. Also, the top 10% pay 72% of all IRS tax revenues, so they pay far more than their fair share. Liberals have this warped idea that the economic pie is fixed and the only to help lower income people is to take it away from the rich. In other words, take money from productive sources and give it to less productive sources. They view the economic pie as fixed and to increase your slice means a smaller slice for someone else.
Stupid.
How about fostering economic policies that encourage economic growth? By growing the size of the pie, even though your slice remains the same relative size, your standard of living rises because the size of the pie is getting bigger. Liberals don’t see that a rising tide lifts all boats.
When politicians spout off that “the rich don’t pay their fair share”, they’re right...they pay too much. Such politicians are phonies anyway. After all, who do you think wrote the tax code?
Personally, I’d like to see a Flat Tax: Everyone pays the same rate, no deductions. If you don’t pay taxes, you don’t get to vote. After all, no skin in the game, why should you vote? Friedman said that 17% would do it. (I don’t like the Fair Tax because of the prebate, which lets politicians get into messing around with the tax code again.) A flat tax would mean you could fill out your taxes on a postcard.
I’ve tried poor...I wouldn’t mind trying rich.
I live in a “Blue” state - we are a single income family and my husband is a firefighter...not exactly “wealthy”!!
However, we give over 15% of our income to charity and have high property and sales taxes so we are one of the middle income families who did NOT benefit from the President’s tax overhaul. We used to get our personal exemption of $4,000 per person and then subtract our taxes and donations after that. It was usually over $30,000 off of a $100,000 income. Now, we will only get the standard deduction of $24,000, which even at the lower rate means our taxes will go UP by $1500-2000 in 2018.
Repeal it. I never saw that money and had no choice in that.
So those commies at the hill are trying reverse psychology. Amateurs!
Let them pay their big blue state taxes on those big houses without robbing conservatives in other states!
State of California Debt Clock
http://www.usdebtclock.org/state-debt-clocks/state-of-california-debt-clock.html
Trump should offer it to the Democrats in exchange for funding for the Wall. They’d probably grumble and take it!
Blue state constituents should push their own states to lower their taxes instead of robbing conservatives in other states.
U.S. National Debt Clock : Real Time
http://www.usdebtclock.org/
“The Democrats need to stop advocating for tax benefits for the RICH and start supporting working class folks.”
There is a bit of sarcasm in my posting. Dems usually say Reps are supporting policies for the Rich. I had a chance to say Dems are supporting policies for the Rich.
Hahaha.
Living in Texas, there is no state income tax but high property taxes. So I will also lose some deductions above $10k. I haven’t calculated taxes for 2018 yet, but I could have slightly higher taxes.
I’m guessing overall, I’m +/- a percent or two.
But philosophically, I do support capping SALT. The citizens of the high tax states need to hold their reps responsible.
I am to the right of Attila the Hun, but have always felt the mortgage deduction was unjust and a great contributor to “inequality”. It rewards the wealthy who have expensive, appreciating homes, and does little or nothing for the poor, who typically rent. I think the SALT cap is brilliant. The Dems should be jumping for joy over this equalizer.
Exactly. Same boat as you. Many of us are. The Tax Bill screwed us, and millions of other families.
In my neck of the woods, you can pay ten grand in taxes on an existing $200,000 house sitting on an acre of land. Out in the sticks.
The folks living there are likely not wealthy by anyone’s definition.
That said, their fellow taxpayers in lower tax states should not be made to balance out homeowners getting screwed by their elected officials.
I live in NYS, too. Our fellow taxpayers don’t exist to bail our our sorry a$$es. Theft is theft, and it’s somebody else’s money.
LOL!
Looked good in writing. I enjoy reading it. Stinky Dems only care about the rich in their gated communities like Chris Matthew’s.
#MeToo
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