Mostly affects states with high SALT - *COUGH* ALL BLUE STATES *COUGH* so as far as presidential elections, nothing was really lost.
The Democrats probably won’t jack up their taxes so nothing will happen. The Democrats are looking to jack up taxes on the super rich, not these people who are merely kind of rich.
The Republicans made a catastrophic mistake by raising taxes on the middle and upper middle class to fund a tax cut for ultra rich people. People in the suburbs have been kind of embarrassed by the Republican Party’s lurch towards racism and away from science for a long time now, they just cared about money more. Now the party of racism is also the party that raises their taxes. That’s why they abandoned the Republicans in droves.
They are probably lost to republicans for good now, as they were already trending away.
Mostly affects states with high SALT - *COUGH* ALL BLUE STATES *COUGH* so as far as presidential elections, nothing was really lost.
Mostly blue states, but it sure hurt Republicans in the House as they were wiped out in the traditionally Republican areas of blue states like Orange County. More importantly from a presidential perspective they got torched in places like the Philadelphia suburbs which are pretty crucial to a Republican winning Pennsylvania.
Regardless, one of my biggest problems with this tax cut was exactly this sort of thinking on the part of the Republicans, that since these people weren't going to vote for them anyway it was okay to fuck them over. That's tribalism taken to a crazy new extreme that will be very bad news for this country going forward.
Actually it wasn't about "fucking them over;" the removal of unlimited SALT deductions was and remains the morally and fiscally correct thing to do regardless of how the impact was distributed.
Mostly affects states with high SALT - *COUGH* ALL BLUE STATES *COUGH* so as far as presidential elections, nothing was really lost.
Actually it wasn't about "fucking them over;" the removal of unlimited SALT deductions was and remains the morally and fiscally correct thing to do regardless of how the impact was distributed.
But then in the same bill include a debt bomb tax cut and lie to everybody's faces about the growth paying for it.
Who believes this horse shit?
But then in the same bill include a debt bomb tax cut and lie to everybody's faces about the growth paying for it.
Who believes this horse shit?
Man you’re right, SALT was bad. Far better to eliminate it to finance tax cuts so people can repurpose their normal work as pass through income while doing the same job in order to randomly incentivize work that’s amenable to that for no reason.
After all, they were just trying to minimize distortions in the tax code. Lol.
Repeal the bill and reclaim your SALT deductions if you really are that hard up for dough. I'm sure the rest of the nation won't mind helping you pay for the tens of thousands of dollars of tax bills on your seven figure apartment. The median person making $56k will fall over themselves in joy to ensure you can save as much as they make in a year from your individual federal taxes so that you can feel better about paying state/local taxes that get squandered in corruption that your voters refuse to rein in, hell actively enable.
No matter how much you make this about the entire tax bill
I don't really care that "affluent people can afford to pay proportionately more though" since that is a given and flat taxes are not a realistic proposal at this point. I do disagree with "REALLY going to town on the rich" as an ends to itself merely to attempt to hurt the rich or "bring them down to @fskimospy level". Taxes collected should reflect the spending the electorate demands which should broadly benefit the American people as a whole. If you need to tax a rich guy heavily to build infrastructure then so be it, that rich person will benefit as well. If you want to tax a rich guy heavily just to feel better about yourself only making $200k instead of $200m then you suck and should reexamine your morals.
Rich people get A LOT of passive income. We should tax them considerably more than we do now. Remember that year Romney didn't work, yet still made around $12 mil? Shee-it, I wish some rich guy would just let me borrow his millions for only a year. Easy money.
Is this serious? I mean, really
What if I could get a bill passed that prohibited property taxes but did so by deploying the nuclear arsenal against the population of th United States so that nobody would be alive to pay them? Would context matter?
There is no defensible reason that un-earned income should be taxed at lesser rates than earned income.
So "giving a tax break to the rich" is akin to nuclear holocaust? Sure, whatever.
In the end you'll need to make a decision on SALT as a standalone item anyway when/if you repeal the tax bill in whole or part. If you want to give back unlimited SALT breaks then you can own the fact that you're giving targeted tax breaks that go overwhelmingly to wealthy ($100k plus income) folks living in areas that have voluntarily chosen to pay high state and local taxes. I'm guessing the rest of the country won't be crazy about giving some billionaire hedge fund manager a federal tax break to buy their $20MM penthouse apartment.
So now $10M is the upper bound for middle class? LOL. The affluent suburbs are filled with the $200k+ crowd. They are not middle class.
Is this serious? I mean, really
What if I could get a bill passed that prohibited property taxes but did so by deploying the nuclear arsenal against the population of th United States so that nobody would be alive to pay them? Would context matter?
I'm all game if you want to propose a comprehensive tax reform package that includes whatever provisions you want. If you're being honest with yourself, in no version will that bill contain unlimited SALT deductions.
So if we just raised the tax brackets back up to what they were, you would be fine with leaving SALT deductions capped?
Same time frame, I received credits when deployed, but I would support 0% at all times, except for the Coast Guard.Military pay is already pretty tax free. Back in the early-mid 2000's I was making the equivalent of about $70,000 a year and was paying federal taxes on maybe half of it. Once your 'income' gets down into the $35,000 a year range you aren't paying much in federal taxes anymore and thanks to Pennsylvania's laws I was paying zero state tax.
I'd keep the caps but raise the top marginal rate and every dime regardless of where it comes from is ordinary income.
They should and I support that. I also support removing the SALT deduction. It’s made the residents of my town suddenly VERY interested in state and property taxes, and politically engaged on where that money is going. Before, they didn’t care, because the federal government subsidized local government bloat.That's incorrect info buddy.
The Dems aren't raising taxes on anyone except the 1%. Do some more research.. wealth tax and higher taxes on incomes above 10 million per year.
How many people would it effect? Lottery Winners? Billionaires? Braindead GOP Voters who thinks Trickle Down Economics effects them?