S.A.L.T. State and Local Tax Deduction Thoughts?

[Pad_Foot]

Not the SALT talks... Strategic Arms Limitation Talks
But, remember when we had politicians who treated the USSR like an adversary?

SALT Tax Deduction?
$10,000 CAP across America.
$10,000 for singles AND married folks. Talk about a marriage PENALTY.
File separately stupid couples!!?? Nope! Then your cap is $5,000.

THOUGHTS??
Dems? Why aren't you fighting this?
Republicans?? How can you condone double taxation!
Trumplikans?? This is how your 'resident got the tax break for the ultra rich and corporations.
..... Note YOUR taxes are going back to what they were! Corporations? NOPE!

$10,000 CAP for anyone... married or single...!!
https://www.reuters.com/legal/legal...eduction-be-taken-with-grain-salt-2023-01-11/

FILE Separately and get whatever SINGLE person gets!!
NOPE !! $5,000 cap.
https://www.policygenius.com/taxes/the-state-and-local-tax-deduction/
If I'm wrong?? Let me know!

How they SOLD it...
The SALT deduction is a federal subsidy for high-income taxpayers from high-tax states.3 Prior to the cap being put in place, the average millionaire from New York or California deducted more than $450,000 per year of SALT. Meanwhile, the average Texan millionaire only deducted about $50,000, resulting in a federal tax liability nearly $180,000 higher than their New York and California counterparts.4
https://www.heritage.org/budget/pages/recommendations/3.revenue.113.html

 

[Pad_Foot]

If your kid earned enough money?
Have them file their taxes separately! Screw the $500 the Government offers you!
Your kid can take the $12,950 deduction as an independent and get far more money back!!
Hell! Trying to get over the Married Standard Deduction limit with only $10,000 in SALT??
That's really hard even with college expenses, which taper off with income.

Get all the money you can get back from the GOVERNMENT!!

Did you notice the Feds have cut back on what they take from your paycheck, but NOT on the taxes they expect in April?? Great TRICK!! You have so much more money until the shit hits fan in April.

 

[Pad_Foot]

Best TAX movie??
"DAVE" with Kevin Kline ?

(Yeah yeah.. .I'll be done with my taxes in a couple hours)

 

[BabyBoomer50s]

I love the SALT cap provision of the TCJA. Brandon and Congressional leaders in both parties are cool with it as well.

 

[jaF0]

I'm not sure I'm opposed.


Or in favor.

 

[RobDownSouth]

How they SOLD it...
The SALT deduction is a federal subsidy for high-income taxpayers from high-tax states.3 Prior to the cap being put in place, the average millionaire from New York or California deducted more than $450,000 per year of SALT. Meanwhile, the average Texan millionaire only deducted about $50,000, resulting in a federal tax liability nearly $180,000 higher than their New York and California counterparts.4
https://www.heritage.org/budget/pages/recommendations/3.revenue.113.html

The SALT deduction limitation is a painless way to favor low-tax low-service states over high-tax high-service states. it's essentially a double tax on "blue" states, as they tend to promote higher standards in schools, etc (and anything that produces a less-educated public is essentially mothers milk for conservatives).

Curious as to how the "average Texas millionaire" tax saving is derived by the heritage foundation. The SALT limitation is primarily a deduction for state income taxes paid, and there is no state income tax in Texas.

 

[Pad_Foot]

We will have to find a Texan millionaire