Re:House Democrat's New Tax Plan Could Provide $2.9T in New ...
by anonygler on Tuesday September 14, 2021 @12:07AM
(#28520092)
So they’ve completely abandoned restoring SALT deductions now? What a win for republicans, penalizing high tax blue states.
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Re:House Democrat's New Tax Plan Could Provide $2.9T in New ...
by paconbork on Tuesday September 14, 2021 @12:31AM
(#28520251)
Though many democrats did want to re-enact an overtly regressive tax break, perhaps some realized that it went completely against their stated principles.
Re:House Democrat's New Tax Plan Could Provide $2.9T in New ...
by refurb on Tuesday September 14, 2021 @02:48AM
(#28521183)
Restoring SALT deductions mostly helps the wealthy since you can deduct up to $10,000.
Democrats don’t want to burn political capital trying to secure a win for the rich.
Re:House Democrat's New Tax Plan Could Provide $2.9T in New ...
by altano on Tuesday September 14, 2021 @04:03AM
(#28521680)
I often see this said but you can do some quick math to see it affects more than wealthy people. A median single-family home in CA is now $800k, so the property tax on that would almost be enough to hit the $10k. And that’s before any other state or local taxes like income tax.
I actually don’t support reinstating the SALT tax deduction but the discussion of it seems off.
Re:House Democrat's New Tax Plan Could Provide $2.9T in New ...
by refurb on Tuesday September 14, 2021 @06:00AM
(#28522439)
If you recently bought an $800,000 home you're quite wealthy compared to the median American.
Re:House Democrat's New Tax Plan Could Provide $2.9T in New ...
by geoduck14 on Tuesday September 14, 2021 @08:51AM
(#28523960)
>If you recently bought an $800,000 home you're quite wealthy compared to the median American.
I was in Oakland a couple years back and saw a house for $600k - just looking at it made me want a Tetnis shot. I don't envy Californians for their $800k houses
Re:House Democrat's New Tax Plan Could Provide $2.9T in New ...
by altano on Tuesday September 14, 2021 @11:09PM
(#28534803)
If you're willing to say "this deduction only helps wealthy Californians but I define 'wealthy' as people buying median-priced (and lower) homes" than I'll get on board with that statement. I don't think it's a super ambitious or useful one though.
Re:House Democrat's New Tax Plan Could Provide $2.9T in New ...
by b20000 on Tuesday September 14, 2021 @11:08AM
(#28525993)
the median american is not paying california taxes, house prices, schools costs etc
Re:House Democrat's New Tax Plan Could Provide $2.9T in New ...
by tharne on Wednesday September 15, 2021 @02:57PM
(#28542928)
> Restoring SALT deductions mostly helps the wealthy since you can deduct up to $10,000.
It helps folks in higher cost / higher tax areas. It's not really a rich/poor thing.
That was one thing I always chuckled about with respect to the Trump tax cuts and the removal of SALT. They really screwed folks in suburban New Jersey, Long Island, and California. And it was exactly those seats that Republicans lost and which cost them the house in 2018.