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.
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.