That’s crap.
The principle is you don’t tax taxes.
NO ONE in the Republican Party ever talked about this until a few months ago when they started pushing the subsidy line.
It IS NOT why we elected Trump.
That was about immigration and trade. Not Leftist redistribution crap like eliminating the deductibility of taxes.
Up until the mid-80’s ALL interest was deductible: the principle being that interest was income to someone and no double taxation should take place. They eliminated that and increased the standard deduction to try to cover it, but it was always just a scam to raise taxes.
And that’s all this is.
All my life I’ve been subsidizing NY and Cali ,, making it easier for rat politicians to tax their people... it isn’t right for people in faraway states to ride the subway or for states to make exorbitant retirement packages for their cronies on my back ,, F’Em! They want to live in Massachusetts or Chicago ,, let them pay FULL F*ing FREIGHT.
So whats the problem, they live in states where taxes are high, caused by Dem policies, they must pay their fair share, their the ones enjoying the benefits provided by the higher state and local taxes.
“Hatred of taxes is the root of all evil” - unknown democrat economist
The left keeps saying that raising taxes on the rich is great for an economy. I guess they’ll get their wish.
It’s gone unreported with the exception of a slip up by WLS am 890 news reported only once. But two civic groups (Brighton Park) and a north side group Humbolt Park) have instituted a law suit against the state for allowing the city to use property taxes as a means of funding social programs.
What “modest home” in the boroughs has a tax bill of $19,400?
There’s something goofy about this columnist’s numbers.
Any home in the “boroughs” with that level of taxation is miles beyond modest.
Let’s look at a typical NYC-area family. The wife is a lawyer; her spouse, an associate TV producer. Together they make $190,000...
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“Typical”? More fake news.
The Federal tax laws are supposed to be applied equally across the US, not be tailored to each State. The high SALT States seem to want to be treated as a “special interest group”. .....Those States need to strongly voice their needs for lower SALTs to their State governments.
“Let’s look at a typical NYC-area family. The wife is a lawyer; her spouse, an associate TV producer.”
Guess what, whining liberal puke, a lawyer and a TV producer aren’t middle class anywhere in America!
Except the high SALT states subsidize the rest of the country by paying more to the Feds than they get back. Nice BS narrative though. I bet you live in a moocher state. How about we get to lower our taxes and you stop taking our money so we wouldn’t need high state taxes?
What is really criminal is how they moved the personal exemption over to part of the standard deduction.
That means that modest-income folks in high-tax states can’t get the deduction while the high-income get to deduct their nannies, expensive private schools, SALT taxes, etc.
Same goes for charity deductions, mortgage interest deductions, etc. Those in the lower middle in general have got screwed—but especially in the high-tax states.
All deductions should have been put on a several-year phase out, coupled with significant reductions in personal income tax rates.
But no...
Typical generally means median. Median for NYC was $73,854 in 2016. Typical for people the author knows? Maybe. What is clear, though is that Trump will lose a huge tax deduction here. Not that the media will talk about this.
I have zero sympathy for those in high tax states. They got what they voted for. Now, they have to deal with the consequences of their stupidity. If you didn’t vote for it, then you should vote with your feet.
Show me a lawyer/associate TV producer that only make a combined $190K - especially in the NYC area......
You are correct - the high tax States/areas are double edges - on one hand they contribute more but on the other hand they end up having their taxes subsidized by a larger pool of folks in ,lower COL areas.
If you choose to live in a high tax zip code, for what ever reason, don't expect me to subsidize your life style.
Now I know I am old. I can’t read the acronym SALT without first thinking it stands for Strategic Arms Limitation Treaty.
And everybody on this thread should remember that the purpose of a tax is to fund government activities. The SJW contingent in Congress continues to affect personal behavior by throwing crumbs into the code to make enough people think they "won" the tax code change battle.
I'm mildly surprised the Democrats haven't tried to add some refundable credit for adopting an illegal alien in order to convince voters we need more illegals.
“They will also pay about $10,584 in state and $6,137 in NYC taxes, which comes to another $16,721. Adding in their property taxes brings their total tax bill to $36,206 — a common level for many hard-working New Yorkers.”
That’s not on the GOP. That’s on the Dems.
The federal tax system should not be subsidizing tax payers in the states with high state and local taxes. How much are taxpayers in states with lower state and local taxes subsidizing those in the higher tax states? About as much as those in the lower tax states will now save with the lower federal tax rates and higher standard deductions. Restore SALT and you’ll have to raise the tax rates for everyone back up a bit.
“I also feel sorry for people in low SALT states who subsidize the high SALT states thanks to favorable deductions”
The logic of zero sum communists who believe the government owns all the wealth/money and just lets us use a portion of it.
There is no subsidy. Nobody in state A is sending money to State B through tax deductions.
Only dumb people believe in that fairy tale, or espouse it for some political objective.
Simply ludicrous.