It was deliberate punishment to NY, CT Massachusetts and other blue states. Hit me hard and last I checked, I'm a pretty normal person

This was a tool for reallocation of wealth from the middle class to the elites. Highway robbery in plain daylight, and like you noted, normal people like you and I paid the price, by design. First thing I noticed was my refund slashed in half the first year. Subsequent years were as bad. The crazy part is that once it happened, everyone who voted for him found an alternative explanation for what was happening. One of the first times I saw the power of idolatry in action. The new era of how to vote against your own interests and feel happy about it. First post here BTW-Hello fellow DUers.

In 2020 I had $25,000 property taxes plus state income tax totaled over $35,000 which had been fully deductible. Cutting that to a $10,000 deduction meant paying an extra 10,000 a year in taxes. Which is essentially an extra $800 a month for the people buying the house. I bought more house than I needed because it was a temporary safe place with a good school. Kid ended up not even going there. Property value went down about 120K just because of the salt tax cap directly, and another 80K because of having to sell during covid-ish. So I lost a whole lot of money on that stupid house.

Changing the rules of the game so drastically after people already bought their houses screwed some of us blue state people.

Salt text cap does not apply to businesses, only to individuals. Businesses get to deduct the whole thing because businesses are really really special.

Bad timing for me, any other time it would not have mattered.

Property taxes here in my I’m-almost-retired home just went up from $7K to $8600 so i guess I’ll get hit again with this stupid thing.

Nothing working well in the last decade.

$110K for one of my Public Works Employees, his spouse (county day care employee) and their two kids is not a lot when they saved 10 years to buy their modest cape cod type home.

We fully fund our schools, FD, public works, and PD.

That house has an 8K A year property rax, and they aren't allowed to deduct their state taxes from their federal return.

Meanwhile in Mississippi some old football millionaire got a shit ton of money for their kid's sports team.

They stole from from Steve and Nicole and gave it to people with tens of millions of dollars.

Rich in NJ - I don't think so.

Last edited Fri Dec 13, 2024, 12:51 PM - Edit history (3)

And it's not a "rich person's" tax -- in high tax states this snags a lot of middle class people too.

It was part of tRump's so-called tax cuts as a greedy, vicious, and mean-spirited weapon to punish blue states that have higher state tax rates in order to provide a more-than-bare-bones safety net. I've been real close to the $10,000 SALT deduction limit myself.

And as inflation continues, whether 2%, or more (like if fucknuts starts a tariff trade war or deports millions of undocumented workers), it will snag more and more regular people, which was part of the greedbangers' strategy all along.

Just like income taxation of Social Security benefits started out as only taxing high income people at the beginning, but now about 40% of seniors pay some income taxes on their benefits [1]. That's because the income thresholds were never adjusted for inflation. The income threshold for taxation of SS benefits for singles has always been a very modest $25,000/year (very modest by today's standards). But back in 1980, that amount had the purchasing power that $92,000 has today.

[1] Google: what percent of seniors pay income taxes on their social security benefits?
https://www-origin.ssa.gov/benefits/retirement/planner/taxes.html#:~:text=About%2040%25%20of%20people%20who,in%20addition%20to%20your%20benefits.

BLS Inflation calculator: https://www.bls.gov/data/inflation_calculator.htm

We need that money for our retirement. We don't have kids and the last one standing is going to have to pay people to do things like take them to Doctors.

Meantime a couple making a half million in Mississippi gets off Scot free.