Re:Evidence from leaked account data on how elites use offsh...
by sokoloff on Saturday May 08, 2021 @06:19PM
(#27091300)
Except for the fact that landlords still have the full mortgage interest deduction (as is proper for any business loan in a system that taxes income/profit) meaning it’s harder for owner-occupants to bid against them for housing.
Re:Evidence from leaked account data on how elites use offsh...
by ixacto on Saturday May 08, 2021 @06:15PM
(#27091263)
Why should people in states that do not have an income tax have to effectively subsidize the SALT tax deduction?
Maybe it will make ca/ny think twice about having such high tax rates…
Re:Evidence from leaked account data on how elites use offsh...
by philjohn on Saturday May 08, 2021 @07:10PM
(#27091651)
Do they fund the SALT deduction? NY and CA pay more in taxes to the Federal government than they receive back in inward investment. Sounds like it's the states with no state tax that are being subsised to me.
Re:Evidence from leaked account data on how elites use offsh...
by ixacto on Saturday May 08, 2021 @10:19PM
(#27092608)
WA/TX/FL do not have an income tax and still pay more to the Federal Government than they receive.
IMO the SALT deduction is a horrible thing and allows state governments to become way too bloated.
On the plus side, between the limit on SALT deduction and the increased standard deduction, the mortgage interest deduction is almost effectively dead; which is something that has needed to get removed, but nobody wanted to do it. Now it's technically there, but almost useless, so best of both worlds.