Four Blue States Do NOT Want the Rich to Pay Their "Fair Share"!

[mikegriffith1]

Well, I guess Democrats really don't want the rich to pay their fair share after all. New York, Connecticut, Maryland, and New Jersey are suing the federal government over the cap on state and local taxes (SALT) imposed by the Tax Cuts and Jobs Act (i.e., the Trump tax cuts), even though the cap only affects people who are in the top 10% of income earners! Why are these states suing to protect tax breaks for the top 10%? Because the Democratic politicians in these states do not want to lower their sky-high income tax rates and property tax rates. They could easily do so tomorrow, but they don't want to.

The Trump tax cuts cap SALT deductions at $10K. I have never paid more than $10K in state income taxes and property taxes, and I am (just barely) in the top 10% of income earners, and I live in an affluent county in Northern Virginia, which is in the top 20 among states for high property tax rates. Generally speaking, in most parts of the country, to pay more than $10K in SALT, you would need to make at least $180K and own a house worth at least $450K. To pay more than $10K in SALT in Northern Virginia, you would need to earn around $150K and own a house worth at least $350K, or earn $120K and own a house worth $450K. You get the idea. We're talking about the top 10% of income earners, people whom the liberals have always said are not paying their "fair share." If you earn $114K per year, that puts you in the top 10% of income earners.

Rather than cut their sky-high income tax rates and property tax rates, these four blue states are wasting everyone's time with a frivolous lawsuit that even the Tax Foundation says has zero chance of succeeding. Memo to Governor Cuomo of New York: Stop your sniveling demagoguery. You and your fellow Democrats control the state government of New York. In about 48 hours, you could pass and sign bills to cut your income tax rates and your property tax rates.

Blue States Sue to Preserve State Tax Deduction: Frivolous Arguments | National Review

Blue states file suit against the US over tax deduction limits

 

[Weatherman2020]

Well, I guess Democrats really don't want the rich to pay their fair share after all. New York, Connecticut, Maryland, and New Jersey are suing the federal government over the cap on state and local taxes (SALT) imposed by the Tax Cuts and Jobs Act (i.e., the Trump tax cuts), even though the cap only affects people who are in the top 10% of income earners! Why are these states suing to protect tax breaks for the top 10%? Because the Democratic politicians in these states do not want to lower their sky-high income tax rates and property tax rates. They could easily do so tomorrow, but they don't want to.

The Trump tax cuts cap SALT deductions at $10K. I have never paid more than $10K in state income taxes and property taxes, and I am (just barely) in the top 10% of income earners, and I live in an affluent county in Northern Virginia, which is in the top 20 among states for high property tax rates. Generally speaking, in most parts of the country, to pay more than $10K in SALT, you would need to make at least $180K and own a house worth at least $450K. To pay more than $10K in SALT in Northern Virginia, you would need to earn around $150K and own a house worth at least $350K, or earn $120K and own a house worth $450K. You get the idea. We're talking about the top 10% of income earners, people whom the liberals have always said are not paying their "fair share." If you earn $114K per year, that puts you in the top 10% of income earners.

Rather than cut their sky-high income tax rates and property tax rates, these four blue states are wasting everyone's time with a frivolous lawsuit that even the Tax Foundation says has zero chance of succeeding. Memo to Governor Cuomo of New York: Stop your sniveling demagoguery. You and your fellow Democrats control the state government of New York. In about 48 hours, you could pass and sign bills to cut your income tax rates and your property tax rates.

Blue States Sue to Preserve State Tax Deduction: Frivolous Arguments | National Review

Left can enjoy what they have reaped.

 

[mikegriffith1]

Left can enjoy what they have reaped.

Indeed. It is especially odd because you need to make some serious money before the SALT cap really impacts you to any meaningful degree. In my Northern Virginia county, if a person makes $200K and owns a house worth, say, $450K, they can still claim about 90-93% of their SALT, so the impact will be modest--it might cost them $1,000-$2,000 in extra taxes for the entire year, and this will be at least substantially offset by the reduction their getting in their personal income tax rate.

 

[Polishprince]

One would think the libs would be over-joyed at Congress's decision to really nail the Ultrarich.

The Trump family are all residents of New York, they will have to pay.

The libs have said they want to drive the rich out and foster economic equality, but now are balking. What hypocrites

 

[SweetSue92]

Well, I guess Democrats really don't want the rich to pay their fair share after all. New York, Connecticut, Maryland, and New Jersey are suing the federal government over the cap on state and local taxes (SALT) imposed by the Tax Cuts and Jobs Act (i.e., the Trump tax cuts), even though the cap only affects people who are in the top 10% of income earners! Why are these states suing to protect tax breaks for the top 10%? Because the Democratic politicians in these states do not want to lower their sky-high income tax rates and property tax rates. They could easily do so tomorrow, but they don't want to.

The Trump tax cuts cap SALT deductions at $10K. I have never paid more than $10K in state income taxes and property taxes, and I am (just barely) in the top 10% of income earners, and I live in an affluent county in Northern Virginia, which is in the top 20 among states for high property tax rates. Generally speaking, in most parts of the country, to pay more than $10K in SALT, you would need to make at least $180K and own a house worth at least $450K. To pay more than $10K in SALT in Northern Virginia, you would need to earn around $150K and own a house worth at least $350K, or earn $120K and own a house worth $450K. You get the idea. We're talking about the top 10% of income earners, people whom the liberals have always said are not paying their "fair share." If you earn $114K per year, that puts you in the top 10% of income earners.

Rather than cut their sky-high income tax rates and property tax rates, these four blue states are wasting everyone's time with a frivolous lawsuit that even the Tax Foundation says has zero chance of succeeding. Memo to Governor Cuomo of New York: Stop your sniveling demagoguery. You and your fellow Democrats control the state government of New York. In about 48 hours, you could pass and sign bills to cut your income tax rates and your property tax rates.

Blue States Sue to Preserve State Tax Deduction: Frivolous Arguments | National Review

Blue states file suit against the US over tax deduction limits

Whhhaaaaattt????

You mean the ultrarich limousine liberals want to keep their money?? And not pay for the free college, free health care, $15 minimum wage and all the other lavish bennies that the Bronx chick and Bernie are promising in Wichita???

Color me shocked. (or not)

 

[mikegriffith1]

Well, I guess Democrats really don't want the rich to pay their fair share after all. New York, Connecticut, Maryland, and New Jersey are suing the federal government over the cap on state and local taxes (SALT) imposed by the Tax Cuts and Jobs Act (i.e., the Trump tax cuts), even though the cap only affects people who are in the top 10% of income earners! Why are these states suing to protect tax breaks for the top 10%? Because the Democratic politicians in these states do not want to lower their sky-high income tax rates and property tax rates. They could easily do so tomorrow, but they don't want to.

The Trump tax cuts cap SALT deductions at $10K. I have never paid more than $10K in state income taxes and property taxes, and I am (just barely) in the top 10% of income earners, and I live in an affluent county in Northern Virginia, which is in the top 20 among states for high property tax rates. Generally speaking, in most parts of the country, to pay more than $10K in SALT, you would need to make at least $180K and own a house worth at least $450K. To pay more than $10K in SALT in Northern Virginia, you would need to earn around $150K and own a house worth at least $350K, or earn $120K and own a house worth $450K. You get the idea. We're talking about the top 10% of income earners, people whom the liberals have always said are not paying their "fair share." If you earn $114K per year, that puts you in the top 10% of income earners.

Rather than cut their sky-high income tax rates and property tax rates, these four blue states are wasting everyone's time with a frivolous lawsuit that even the Tax Foundation says has zero chance of succeeding. Memo to Governor Cuomo of New York: Stop your sniveling demagoguery. You and your fellow Democrats control the state government of New York. In about 48 hours, you could pass and sign bills to cut your income tax rates and your property tax rates.

Blue States Sue to Preserve State Tax Deduction: Frivolous Arguments | National Review

Blue states file suit against the US over tax deduction limits

Whhhaaaaattt????

You mean the ultrarich limousine liberals want to keep their money?? And not pay for the free college, free health care, $15 minimum wage and all the other lavish bennies that the Bronx chick and Bernie are promising in Wichita???

Color me shocked. (or not)

You nailed. Consider that thanks to the Trump tax cuts' deep reductions in personal federal income tax rates, someone who makes $200K and owns a house worth $450K will feel very little impact from the SALT cap in most states. But, ah, in high-tax blue states like New York and Massachusetts, they will feel more of an impact, but will still be quite well off.

For example, in New York, a $450K home will be charged at least $10K in property taxes, and someone making $200K in New York will pay about $12K in state income taxes. So instead of being able to deduct all of their SALT, they will have to pay about $12K more than they would otherwise have to pay. However, their federal income tax rate is now 25% lower--3 percentage points lower--than it was last year (12% instead of 15%), so that will offset part of their loss from the SALT cap. In the end, they will still make more than about 90% of their fellow Americans.

 

[TroglocratsRdumb]

The low tax states were subsidizing the high tax states because of the SALT deduction

 

[mikegriffith1]

The low tax states were subsidizing the high tax states because of the SALT deduction

Yes, that's a big part of the reason that the SALT deductions were capped. Why should people in Texas, Tennessee, Washington state, Florida, Alabama, Mississippi, etc., subsidize the high SALT in states like New York, Illinois, Massachusetts, New Jersey, Connecticut, California, Oregon, etc.?

 

[mikegriffith1]

Now isn't this curious? You'd think that our resident liberals would be posting replies with strong condemnations of those four blue states and would be demanding that those states let "the rich" pay their "fair share." You see, this is further proof that liberals really don't mean half of the stuff they say. If Obama had capped SALT deductions at $10K when the Dems controlled Congress, liberals would have hailed the move as "eminently fair" and "long overdue." They would have pointed out that only people who earn over $400K would be impacted to any substantial degree by the SALT cap. But, because Trump and the GOP did the cap, liberals have suddenly turned on a dime and have condemned the move.

 

[mikegriffith1]

Well, still no liberal replies in this thread! Gee, I wonder why. After all these years of demanding that the rich "pay their fair share," I guess liberals have decided that the rich need even more tax breaks than they now have. I guess liberals want the rich to be able to deduct all of their state and local taxes, just like before. This is one more example of the amazing effect that Donald Trump is having on liberals. Anything he's for, they're against, and anything he's against, they're for--no matter what.