Entire eliminating tax deductions for SALT?

[Supposn]

Entire eliminating tax deductions for SALT?

Eliminating federal income taxes deductions proportional to state and local taxes,(i.e. SALT) was inserted within proposed tax bill, for the purpose of reducing the decade's net federal budget 's deficits if the tax bill is enacted. Congress has restricted the “Tax Cuts and Jobs Act's”, (if the bill's enacted), not to exceed $1.5 trillion dollars, (i.e.$1,500,000,000,000.00) net anticipated increased federal debts over the next decade.

I agree with those contending this provision of the bill will to some extent consequentially reduce state and local tax, (i.e. SALT) revenues. Those are the revenues for funding their jurisdiction's public educational systems, safety guardians, and their entire supporting infrastructures.

I am not among those that believe our nation would be better served by entirely eliminating federal income deductions for SALT. It's been suggested that Congress's goals could essentially be accomplished by capping each taxpayer's SALT deduction and pegging all finite dollar tax deductions such as the standard deductions or this proposed SALT deduction to annual cost-of-living adjustments.

Respectfully, Supposn

 

[Moonglow]

All it did was shift the burden back to the states..

 

[Supposn]

All it did was shift the burden back to the states..

Moonglow, all it did was shift the burden back to the states and their taxpayers.

Entire eliminating tax deductions for SALT? ... I am not among those that believe our nation would be better served by entirely eliminating federal income deductions for SALT. It's been suggested that Congress's goals could essentially be accomplished by capping each taxpayer's SALT deduction and pegging all finite dollar tax deductions such as the standard deductions or this proposed SALT deduction to annual cost-of-living adjustments. ...

Respectfully, Supposn​

 

[william the wie]

Reasonable point supposn

 

[BuckToothMoron]

Entire eliminating tax deductions for SALT?

Eliminating federal income taxes deductions proportional to state and local taxes,(i.e. SALT) was inserted within proposed tax bill, for the purpose of reducing the decade's net federal budget 's deficits if the tax bill is enacted. Congress has restricted the “Tax Cuts and Jobs Act's”, (if the bill's enacted), not to exceed $1.5 trillion dollars, (i.e.$1,500,000,000,000.00) net anticipated increased federal debts over the next decade.

I agree with those contending this provision of the bill will to some extent consequentially reduce state and local tax, (i.e. SALT) revenues. Those are the revenues for funding their jurisdiction's public educational systems, safety guardians, and their entire supporting infrastructures.

I am not among those that believe our nation would be better served by entirely eliminating federal income deductions for SALT. It's been suggested that Congress's goals could essentially be accomplished by capping each taxpayer's SALT deduction and pegging all finite dollar tax deductions such as the standard deductions or this proposed SALT deduction to annual cost-of-living adjustments.

Respectfully, Supposn

My first reaction to eliminating SALT deductions is negative. I see this potentially forcing states to lower their tax rates, which In turn will force states to reduce their spending, which in turn will further restrict what they can provide to their citizens, which In turn will require the Federal government to spend more to provide what was provided by states. In short, bigger central government, smaller state government. YUK!

 

[leftwinger]

Why should the rest of the USA subsidize 40% of a CA billionaire 13% state tax payment?

 

[Dont Taz Me Bro]

My first reaction to eliminating SALT deductions is negative. I see this potentially forcing states to lower their tax rates, which In turn will force states to reduce their spending, which in turn will further restrict what they can provide to their citizens, which In turn will require the Federal government to spend more to provide what was provided by states. In short, bigger central government, smaller state government. YUK!

I guarantee you none of those states will be lowering their tax burden as a result of this.

 

[BuckToothMoron]

My first reaction to eliminating SALT deductions is negative. I see this potentially forcing states to lower their tax rates, which In turn will force states to reduce their spending, which in turn will further restrict what they can provide to their citizens, which In turn will require the Federal government to spend more to provide what was provided by states. In short, bigger central government, smaller state government. YUK!

I guarantee you none of those states will be lowering their tax burden as a result of this.

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

 

[Dont Taz Me Bro]

My first reaction to eliminating SALT deductions is negative. I see this potentially forcing states to lower their tax rates, which In turn will force states to reduce their spending, which in turn will further restrict what they can provide to their citizens, which In turn will require the Federal government to spend more to provide what was provided by states. In short, bigger central government, smaller state government. YUK!

I guarantee you none of those states will be lowering their tax burden as a result of this.

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

That may turn out to be the case, but you know what? Tough titties. The residents of those states obviously love paying high taxes or they wouldn't keep electing politicians who constantly raise them.

 

[BuckToothMoron]

My first reaction to eliminating SALT deductions is negative. I see this potentially forcing states to lower their tax rates, which In turn will force states to reduce their spending, which in turn will further restrict what they can provide to their citizens, which In turn will require the Federal government to spend more to provide what was provided by states. In short, bigger central government, smaller state government. YUK!

I guarantee you none of those states will be lowering their tax burden as a result of this.

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

That may turn out to be the case, but you know what? Tough titties. The residents of those states obviously love paying high taxes or they wouldn't keep electing politicians who constantly raise them.

They don’t mind paying the taxes as much because they are offset with the federal tax deduction. What do you think will happen to the housing market when you eliminate interest deductions. Might want to short those builder stocks.

 

[Penelope]

My first reaction to eliminating SALT deductions is negative. I see this potentially forcing states to lower their tax rates, which In turn will force states to reduce their spending, which in turn will further restrict what they can provide to their citizens, which In turn will require the Federal government to spend more to provide what was provided by states. In short, bigger central government, smaller state government. YUK!

I guarantee you none of those states will be lowering their tax burden as a result of this.

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

That may turn out to be the case, but you know what? Tough titties. The residents of those states obviously love paying high taxes or they wouldn't keep electing politicians who constantly raise them.

Yes we do enjoy good public schools, parks, public transportation, and social programs and things like good police forces and firemen.

 

[Supposn]

Why should the rest of the USA subsidize 40% of a CA billionaire 13% state tax payment?

Old Yeller, am I incorrect to speculate if you're a resident of a low tax state that funds its educational systems, safety guardians, and entire supporting infrastructures less adequately?
You guys are OK with that?

Respectfully, Supposn

 

[william the wie]

My first reaction to eliminating SALT deductions is negative. I see this potentially forcing states to lower their tax rates, which In turn will force states to reduce their spending, which in turn will further restrict what they can provide to their citizens, which In turn will require the Federal government to spend more to provide what was provided by states. In short, bigger central government, smaller state government. YUK!

I guarantee you none of those states will be lowering their tax burden as a result of this.

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

That may turn out to be the case, but you know what? Tough titties. The residents of those states obviously love paying high taxes or they wouldn't keep electing politicians who constantly raise them.

They don’t mind paying the taxes as much because they are offset with the federal tax deduction. What do you think will happen to the housing market when you eliminate interest deductions. Might want to short those builder stocks.

My first reaction to eliminating SALT deductions is negative. I see this potentially forcing states to lower their tax rates, which In turn will force states to reduce their spending, which in turn will further restrict what they can provide to their citizens, which In turn will require the Federal government to spend more to provide what was provided by states. In short, bigger central government, smaller state government. YUK!

I guarantee you none of those states will be lowering their tax burden as a result of this.

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

That may turn out to be the case, but you know what? Tough titties. The residents of those states obviously love paying high taxes or they wouldn't keep electing politicians who constantly raise them.

They don’t mind paying the taxes as much because they are offset with the federal tax deduction. What do you think will happen to the housing market when you eliminate interest deductions. Might want to short those builder stocks.

My first reaction to eliminating SALT deductions is negative. I see this potentially forcing states to lower their tax rates, which In turn will force states to reduce their spending, which in turn will further restrict what they can provide to their citizens, which In turn will require the Federal government to spend more to provide what was provided by states. In short, bigger central government, smaller state government. YUK!

I guarantee you none of those states will be lowering their tax burden as a result of this.

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

That may turn out to be the case, but you know what? Tough titties. The residents of those states obviously love paying high taxes or they wouldn't keep electing politicians who constantly raise them.

They don’t mind paying the taxes as much because they are offset with the federal tax deduction. What do you think will happen to the housing market when you eliminate interest deductions. Might want to short those builder stocks.

Not necessarily soon though. The marginal buyers of housing in high tax blue states are not Americans. A house and a business will get you legal residence in the US. It will take quite a while for people in say, Indonesia, to get the word that California or any other high tax state is an idiotic place to invest. When the folks in Botswana get the word that blue states are tanking that the 50-100 trillion in write downs and perp walks for the politicians will start. Call it 2-5 years in the future. but in the meantime builders will move on to the low tax red states. That relocation bubble will be big.

 

[Dont Taz Me Bro]

My first reaction to eliminating SALT deductions is negative. I see this potentially forcing states to lower their tax rates, which In turn will force states to reduce their spending, which in turn will further restrict what they can provide to their citizens, which In turn will require the Federal government to spend more to provide what was provided by states. In short, bigger central government, smaller state government. YUK!

I guarantee you none of those states will be lowering their tax burden as a result of this.

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

That may turn out to be the case, but you know what? Tough titties. The residents of those states obviously love paying high taxes or they wouldn't keep electing politicians who constantly raise them.

Yes we do enjoy good public schools, parks, public transportation, and social programs and things like good police forces and firemen.

Then I see no issue here. Pay for your fair share and stop leaching off the low tax states.

 

[Penelope]

My first reaction to eliminating SALT deductions is negative. I see this potentially forcing states to lower their tax rates, which In turn will force states to reduce their spending, which in turn will further restrict what they can provide to their citizens, which In turn will require the Federal government to spend more to provide what was provided by states. In short, bigger central government, smaller state government. YUK!

I guarantee you none of those states will be lowering their tax burden as a result of this.

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

That may turn out to be the case, but you know what? Tough titties. The residents of those states obviously love paying high taxes or they wouldn't keep electing politicians who constantly raise them.

Yes we do enjoy good public schools, parks, public transportation, and social programs and things like good police forces and firemen.

Then I see no issue here. Pay for your fair share and stop leaching off the low tax states.

We do not leach of low tax states, they leach off us.

 

[ScienceRocks]

My first reaction to eliminating SALT deductions is negative. I see this potentially forcing states to lower their tax rates, which In turn will force states to reduce their spending, which in turn will further restrict what they can provide to their citizens, which In turn will require the Federal government to spend more to provide what was provided by states. In short, bigger central government, smaller state government. YUK!

I guarantee you none of those states will be lowering their tax burden as a result of this.

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

That may turn out to be the case, but you know what? Tough titties. The residents of those states obviously love paying high taxes or they wouldn't keep electing politicians who constantly raise them.

Yes we do enjoy good public schools, parks, public transportation, and social programs and things like good police forces and firemen.

Don'ttazmebro doesn't believe in civilization and wants to transform the entire country to some form of somalia.

 

[Dont Taz Me Bro]

I guarantee you none of those states will be lowering their tax burden as a result of this.

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

That may turn out to be the case, but you know what? Tough titties. The residents of those states obviously love paying high taxes or they wouldn't keep electing politicians who constantly raise them.

Yes we do enjoy good public schools, parks, public transportation, and social programs and things like good police forces and firemen.

Then I see no issue here. Pay for your fair share and stop leaching off the low tax states.

We do not leach of low tax states, they leach off us.

When you write off your high state and local income taxes that you voted for from your federal income taxes you push the federal tax burden on to the rest of us who live in states that better manage our money. Now, you big government moochers will have to start paying the bill that you voted for.

 

[Toddsterpatriot]

I guarantee you none of those states will be lowering their tax burden as a result of this.

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

That may turn out to be the case, but you know what? Tough titties. The residents of those states obviously love paying high taxes or they wouldn't keep electing politicians who constantly raise them.

Yes we do enjoy good public schools, parks, public transportation, and social programs and things like good police forces and firemen.

Then I see no issue here. Pay for your fair share and stop leaching off the low tax states.

We do not leach of low tax states, they leach off us.

Sounds like you'll be pushing for reduced Federal spending now......

 

[Penelope]

Perhaps they won’t lower their rates, but if you can pick where you live, or where you start a business, I guarantee you that the elimination of the SALT deduction will have an effect on the revenues those higher taxing states collect. The rate maybe the same, but the dollars will most certainly shrink.

That may turn out to be the case, but you know what? Tough titties. The residents of those states obviously love paying high taxes or they wouldn't keep electing politicians who constantly raise them.

Yes we do enjoy good public schools, parks, public transportation, and social programs and things like good police forces and firemen.

Then I see no issue here. Pay for your fair share and stop leaching off the low tax states.

We do not leach of low tax states, they leach off us.

When you write off your high state and local income taxes that you voted for from your federal income taxes you push the federal tax burden on to the rest of us who live in states that better manage our money. Now, you big government moochers will have to start paying the bill that you voted for.

Most do not itemize, the GOP even said so. We don't. I do not like red states mooching off of us.
Map shows conservative states leech off the government more than liberal states

 

[leftwinger]

Why should the rest of the USA subsidize 40% of a CA billionaire 13% state tax payment?

Old Yeller, am I incorrect to speculate if you're a resident of a low tax state that funds its educational systems, safety guardians, and entire supporting infrastructures less adequately?
You guys are OK with that?

Respectfully, Supposn

I am not comfortable at this time to give my area over the internet. sorry. The high tax states rob from the citizens to pay 6 figure pensions IMVHO. Their road schools police are not any better in CA NY than other states. Pay high tax if they choose. Dont ask the rest of us to join in and help them out.