House Democrat's New Tax Plan Could Provide $2.9T in New Revenue

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.

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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.

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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

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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.

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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

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