Democrats want to give a tax cut to the rich

You may disagree with the SALT deduction, but it was wrong to change the law so abruptly instead of phasing it in over a few years. Those affected by it had very little opportunity to change their residence or plan their escape if that’s what they wished to do.
I also think that it should have an annual inflation adjustment to reflect higher taxes each year.

 

I don't know how common gradually phasing in tax increases are, but since it primarily impacted the rich, I imagine they could handle it.

 

The SALT deduction wasn't just for the rich. Real estate taxes in the NY-NJ-CT area are astronomical even for the most basic home. It didn't take much to hit that $10,000 mark.

 

Hmm...

"The median property tax in New York is $3,755.00 per year for a home worth the median value of $306,000.00...."

"The exact property tax levied depends on the county in New York the property is located in. Westchester County collects the highest property tax in New York, levying an average of $9,003.00 (1.62% of median home value)..."

If you're paying more than the average property tax in Westchester County, you're doing alright.

 

I may have misspoke, New Jersey is higher than NY. But the $306,000 is a bit low.
The statewide median sales price in the New York real estate market continued to climb – from $295,000 in January 2020 to $355,000 in January 2021 – an increase of 20.3 percent year-over-year. The housing affordability index decreased by – 8.9% to 113 as compared to January of last year when it was 124.

 

If only there was some way the average citizen, or group of citizens, could influence tax rates in their state.

 

Why do you insist that it’s only fir the rich? Property taxes in Texas are usually between 2-3%. We don’t have a state income tax, but we do have 8-9% sales taxes. It absolutely does affect single filers who only receive a $12,000~ standard deduction. The joint filers have it easier since they have ~$24,000 of standard deduction.
Even if it was for higher income ppl, they pay many more taxes than others. Why can’t they have any breaks?

 

I'm not opposed to tax breaks...I'm a Republican after all. However tax breaks; deductions and credits, need to be for some useful public purpose. What is the useful public purpose that working people in low tax states need to subsidize the 1% in high tax states? I'm not seeing it.

 

I have always read that blue states are the ones that subsidize the red states. Is that not true? When I lived in California, I always thought that it was unfair that I used the SAME standard mileage allowance rate for Schedule C of business despite the fact that gasoline almost costs double that of my native Texas. I also had to use the same tax table despite that salary was higher relative to cheaper states. look at the recent stimulus- high COL states have to use the same $75,000 income limit. It goes on and on. Can the blue states have any tax breaks? It sure doesn’t seem like it. I am back in Texas and notice the difference that I am able to save.

 

I've been hearing that blue states subsidize red states for years, and there are multiple threads on that, going back years, on this forum. And I suspect in a whole dollar sense that may be true, but also irrelevant since I've never been able to get a breakdown of what is meant by that. For example, Texas has several large military bases and forts that probably suck in billions of federal dollars every year, while Vermont has none to speak of, so is blue Vermont subsidizing red Texas on that account? Florida and Arizona have large retirement communities so the amount of Social Security and Medicare dollars going into those states far exceeds the SS & Medicare taxes collected. Are those states being subsidized by blue states?

What I'm saying is that the "blue states subsidize red states" meme is meaningless. As is your idea that blue states need special tax breaks because of blue state subsidies to red states.

 

Sorry, but that's false.

Why are some Democrats pushing a tax break for the rich?
Opinion by the Editorial Board

". . . There is simply no denying, however, that the SALT deduction disproportionately benefits well-off households, and that limiting it was one of the few aspects of the Trump bill that actually promoted tax progressivity. It also reduced a nontransparent transfer from the rest of the country to high-tax, high-service states such as California, New York, New Jersey, Massachusetts and Maryland. Proponents of the SALT deduction, many of whom represent upper-income, Democratic-leaning cities and suburbs in the aforementioned states, say restricting it amounted to a federal penalty on states that offer a higher level of education, public health and the like. The better way to render such federal support, though, is openly and directly, via spending — as Mr. Biden has already done through his covid-relief bill, and as he plans to do in a new $2 trillion infrastructure package. . . . "

 

SALT gives states more flexibility to play around with spending programs. Without it, more burden will be placed on the federal government. Its okay for a single tax to benefit the rich, because overall our tax system is still pretty progressive.

 

@Lil Mike

And the other thing we hear about all the time is how much better educated - and therefore smarter - Democrats are. You've heard that narrative, right?

And, they don't mind posting data that shows that the higher educated people have higher lifetime incomes than the lower educated.

And so now they want to cancel student loan debt. And yet, college grads are statistically the highest paid people in the U.S.

Another giveaway to the rich.

 

Democrats are like a bartender who has the power to force you to drink far too much. Republicans try to wean you down from too much alcohol.

Democrats attack only some classes. But this country was established to not attack any class. We are to be equal. This is why our founders did not impose income taxes on the citizens of those days.

 

Democrats take for the raw power and thrill they get from taking.

Republicans' take what is needed to govern.

 

Cancelling student loan debt is a redistribution from the poorer to richer classes. Exactly as planned.

 

So the community shoveled $60K into the average homeowner's pockets last year, but you don't think they should have to repay even 10% of what they took.

Somehow, I kinda figured it'd be something like that...

 

Kindly actually respond to what I actually post, not what you either think I posted, or what you want it to say.

 

So the community shoveled $60K into the average homeowner's pockets last year, but you don't think they should have to repay even 10% of what they took.

Somehow, I kinda figured it'd be something like that...

 

Kindly respond to what I actually post, not what you either think I posted, or what you want it to say.