SALT deduction without cap, good or bad idea?
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  Political Debate (Moderator: Torie)
  SALT deduction without cap, good or bad idea?
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Poll
Question: Do you support Democrats efforts to eliminate SALT cap?
#1
Democrat and favor lifting cap
 
#2
Democrat oppose lifting cap
 
#3
Republican favor lifting cap
 
#4
Republican oppose lifting cap
 
#5
Independent favor lifting cap
 
#6
Independent oppose lifting cap
 
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Partisan results

Total Voters: 25

Author Topic: SALT deduction without cap, good or bad idea?  (Read 895 times)
mileslunn
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« on: April 09, 2021, 10:02:19 PM »

Democrats want to lift salt cap claiming it unfairly penalized high taxed blue states and also hurts middle class.  Republicans counter it is largely a tax cut for the rich which Democrats are supposedly against and it forces other states to subsidize high taxed blue states in that they pay more federal tax for this.  Are you for or against SALT cap and why?  Also options such as raising cap but not eliminating (and what amount to) or eliminating SALT altogether are possibilities so if so discuss.  Likewise so is raising taxes to cover for it and if so which taxes and by how much?  And also why do you support cap or why do you oppose it?
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dead0man
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« Reply #1 on: April 09, 2021, 11:06:01 PM »

It's always funny to me when you guys push to subsidize wealthy people.  The Union Bailout as "infrastructure project", trying to write off college debt, lifting the salt cap....seems like there was something else recently.  You guys don't mind giving tax dollars to rich people, you just want to make sure it's the correct 1%ers.


You used to try hiding it better, now you don't even seem to care anymore.
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S019
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« Reply #2 on: April 09, 2021, 11:07:30 PM »

I strongly support lifting the cap. The cap is extremely unfair to high tax states like NJ.
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mileslunn
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« Reply #3 on: April 10, 2021, 12:38:52 AM »

It's always funny to me when you guys push to subsidize wealthy people.  The Union Bailout as "infrastructure project", trying to write off college debt, lifting the salt cap....seems like there was something else recently.  You guys don't mind giving tax dollars to rich people, you just want to make sure it's the correct 1%ers.


You used to try hiding it better, now you don't even seem to care anymore.

I get impression that right now neither party is fully for tax cuts for rich or tax hikes on rich.  Rather both want to raise taxes on the rich in opponent's states but cut for the rich and their states.
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Kahane's Grave Is A Gender-Neutral Bathroom
theflyingmongoose
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« Reply #4 on: April 10, 2021, 12:46:53 AM »

It does unfairly penalize blue states. I normally support tax cuts, but anything that just continues to siphon my tax dollars to subsidize some random person in Arkansas should be cut.
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dead0man
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« Reply #5 on: April 10, 2021, 12:49:59 AM »

It's always funny to me when you guys push to subsidize wealthy people.  The Union Bailout as "infrastructure project", trying to write off college debt, lifting the salt cap....seems like there was something else recently.  You guys don't mind giving tax dollars to rich people, you just want to make sure it's the correct 1%ers.


You used to try hiding it better, now you don't even seem to care anymore.

I get impression that right now neither party is fully for tax cuts for rich or tax hikes on rich.  Rather both want to raise taxes on the rich in opponent's states but cut for the rich and their states.
indeed, both Republicans and Democrats are hacks who don't want what's best for America.  They only want what is best for the people waving the correctly colored flags.  They will be our doom.  (which I think is the goal for some of them)
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True Federalist (진정한 연방 주의자)
Ernest
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« Reply #6 on: April 10, 2021, 10:21:32 AM »

The SALT cap is effectively a backdoor tax hike on the rich. The only modifications that might be worthwhile would be to eliminate the marriage penalty in the cap as it's $10k for MFH, HoH, and Single returns and $5k for MFS. Something like $6k for MFS and Single, $9k for HoH, and $12K for MFJ makes sense. I'm not tied to any particular numbers, just the 2:3:4 ratio that is already used for the standard deduction. The numbers I used in my example result in an increase for some and a decrease for others. Also indexing the cap to inflation would be reasonable.
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