House GOP tax bill calls for ‘SALT' deduction cap of $30,000 for most taxpayers.

[SweetTea]

While I agree, it will be fun to watch democrats bitch about the SALT cap raises not being available to those making over 400K. This was actually a great political move by Republicans.

Democrats hate the rich and love the poor, but only when it is politically expedient.

 

[Marener]

/----/ Uber Rich Blue States still get a $40,000 deduction. But you want to punish working-class folks who get a few hours of overtime.

Punish? I just want them to pay their fair share. If they’re not paying taxes on overtime, they’re not pulling their weight.

 

[Cellblock2429]

Punish? I just want them to pay their fair share. If they’re not paying taxes on overtime, they’re not pulling their weight.

Punish? I just want them to pay their fair share. If they’re not paying taxes on overtime, they’re not pulling their weight.

/----/ No, you don't. All you guys want is to soak the rich—except rich blue states.

 

[ThisIsMe]

I'm just concerned that we are going to have enough revenue to fund our over bloated government.

I like the idea of no tax on tips and OT as much as anyone else, but, what's it going to cost us, long run?

 

[Marener]

/----/ No, you don't. All you guys want is to soak the rich—except rich blue states.

Still doesn’t explain why you don’t want people to pay their fair share.

 

[Cellblock2429]

Still doesn’t explain why you don’t want people to pay their fair share.

/---/ We already do. Why do you want red states to subsidize rich blue states?

 

[Marener]

/---/ We already do. Why do you want red states to subsidize rich blue states?

People who work overtime won’t when this bill goes through.

Why should salaried people subsidize wage earners and people who make tips?

 

[Cellblock2429]

People who work overtime won’t when this bill goes through.

Why should salaried people subsidize wage earners and people who make tips?

/----/ Uber rich blue states will get a $40,000 deduction. No worker picking up a few hours of overtime doesn't get that much. And tips are a gift, which is tax-free up to $18k a year.
Cry harder.

 

[Marener]

/----/ Uber rich blue states will get a $40,000 deduction. No worker picking up a few hours of overtime doesn't get that much. And tips are a gift, which is tax-free up to $18k a year.
Cry harder.

I know people making well over 100k because their wages go up so much from overtime.

Why do people earning half as much as them have to subsidize them?

 

[Cellblock2429]

I know people making well over 100k because their wages go up so much from overtime.

Why do people earning half as much as them have to subsidize them?

/----/ Why do workers have to subsidize uber-rich blue states and al lthier millionaires?

I know people making well over 100k because their wages go up so much from overtime.

Why do people earning half as much as them have to subsidize them?

/----/ Why do workers have to subsidize uber-rich blue states and all their millionaires?

I live in a Blue State, pay a ton of taxes, so this will benefit me -AND I'M AGAINST IT. It only encourages Albany to jack up our taxes even more with the excuse that it's a federal income tax deduction.

 

[Lisa558]

No, low tax states should not be subsidizing high tax states. If people are unhappy with the level of state and local taxes they are paying they should elect people who are more fiscally responsible.

• Currently, there's a $10,000 limit on the federal deduction on state and local taxes, known as SALT, which will expire Dec. 31, 2025, without action from Congress.
• House Republicans wants to raise that to $30,000 for those making $400,000 or less, according to preliminary text released Monday afternoon.
• However, the committee will debate the legislation on Tuesday afternoon and it could still change significantly.

House GOP tax bill calls for ‘SALT' deduction cap of $30,000 for most taxpayers. Here's who could benefit

The proposed House GOP tax bill raises ‘SALT’ deduction cap to $30,000 for most taxpayers. Here’s who would benefit the most, experts say.

www.nbcnewyork.com

So they want to give rich people with $2 million homes more of a tax break, but still want elderly with provisional income of more than a measly $25,000 to pay tax on their Social Security benefits.

 

[Marener]

/----/ Why do workers have to subsidize uber-rich blue states and al lthier millionaires?

/----/ Why do workers have to subsidize uber-rich blue states and all their millionaires?

I live in a Blue State, pay a ton of taxes, so this will benefit me -AND I'M AGAINST IT. It only encourages Albany to jack up our taxes even more with the excuse that it's a federal income tax deduction.

Why are you so upset about subsidizing blue state taxpayers but not upset about not subsiding people who work overtime?

 

[Lisa558]

Why are you so upset about subsidizing blue state taxpayers but not upset about not subsiding people who work overtime?

Because people that get overtime are lower-income earners. People who pay $30,000 in property tax are multimillionaires.

 

[Lisa558]

Cellblock2429

I’m mixed up. I thought libs were opposed to giving tax breaks to the rich. Now all of a sudden they’re for tax breaks on multi-million dollar homes?

 

[Marener]

Because people that get overtime are lower-income earners. People who pay $30,000 in property tax are multimillionaires.

It’s not just property tax, it’s all state and local taxes.

It would help if you were anywhere near informed about the topic.

There’s a lot of skilled earners who make a lot of money, with a lot of it coming from overtime. People making over 100k. We need to subsidize them?

Low income earners already pay next to no taxes anyway.

 

[Cellblock2429]

Why are you so upset about subsidizing blue state taxpayers but not upset about not subsiding people who work overtime?

/----/ Here is an example. Their tax will be fully deductible. And there are ones with higher taxes.

$2,595,000

98 Beach Road, Westhampton Beach, NY 11978​

• Tax assessed value: $1,196,500
• Annual tax amount: $13,033
• https://www.zillow.com/homedetails/98-Beach-Rd-Westhampton-Beach-NY-11978/32718621_zpid/

 

[Marener]

/----/ Here is an example. Their tax will be fully deductible. And there are ones with higher taxes.
View attachment 1113699
$2,595,000

98 Beach Road, Westhampton Beach, NY 11978​

• Tax assessed value: $1,196,500
• Annual tax amount: $13,033
• https://www.zillow.com/homedetails/98-Beach-Rd-Westhampton-Beach-NY-11978/32718621_zpid/

Good point. Better make ATV loans tax deductible instead.

 

[Lisa558]

It’s not just property tax, it’s all state and local taxes.

It would help if you were anywhere near informed about the topic.

There’s a lot of skilled earners who make a lot of money, with a lot of it coming from overtime. People making over 100k. We need to subsidize them?

Low income earners already pay next to no taxes anyway.

People with salaries over $100k don’t get overtime - or they shouldn’t. Once you have a high salary, you’re paid for the job - not by the hour.

 

[Cellblock2429]

Good point. Better make ATV loans tax deductible instead.

/----/ "ATV loans"
???

 

[Marener]

People with salaries over $100k don’t get overtime - or they shouldn’t. Once you have a high salary, you’re paid for the job - not by the hour.

/----/ "ATV loans"
???

Proposed new auto loan tax deduction could help buyers get break on interest

All new car and truck buyers who take out a car loan won't qualify for the tax deduction. Much will depend on your income, and the vehicle you buy.

www.freep.com