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Author Topic: SALT Taxes  (Read 192 times)

Ben

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SALT Taxes
« on: April 03, 2021, 10:57:08 AM »

Dems are pressuring 46 to eliminate the SALT tax cap, while at the same time demanding a host of other new taxes. I'm betting Biden folds.

https://www.theepochtimes.com/democrat-governors-push-biden-to-remove-cap-on-salt-tax-deductions_3760929.html

Quote
A group of powerful Democrat governors is pressuring President Joe Biden to remove a cap on state and local tax deductions, known as SALT.

New York Gov. Andrew Cuomo, California Gov. Gavin Newsom, and five other governors wrote to Biden on Friday praising his administration for steps its taken so far, including the $1.9 trillion COVID-19 relief package it was able to ram through Congress.

“We applaud those efforts to help our citizens. But we must go further and undo the cap placed on State and Local Tax (SALT) deductions by the Trump Administration through the Tax Cuts and Jobs Act in 2017,” the group said.
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Fly320s

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Re: SALT Taxes
« Reply #1 on: April 03, 2021, 02:30:57 PM »

Couldn't read the article, but if they remove the cap on the deductions, doesn't that mean deductions can increase and taxes decrease?
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kgbsquirrel

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Re: SALT Taxes
« Reply #2 on: April 03, 2021, 03:28:23 PM »

Couldn't read the article, but if they remove the cap on the deductions, doesn't that mean deductions can increase and taxes decrease?

Whatever it appears to be you can be assured it is bad for America. 

cordex

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Re: SALT Taxes
« Reply #3 on: April 03, 2021, 03:39:12 PM »

You can frame it as reducing tax burden for some people.
Or as shifting federal tax burden from states with massive state bureaucracy to states with smaller governments.

MechAg94

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Re: SALT Taxes
« Reply #4 on: April 04, 2021, 05:32:35 PM »

Couldn't read the article, but if they remove the cap on the deductions, doesn't that mean deductions can increase and taxes decrease?
Every dollar deducted from State taxes only reduces the federal taxable income.  I don't think it would be 1 for 1 as far as final taxes paid. 

It would be worse as it gives states an excuse to charge more in taxes.
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Ron

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Re: SALT Taxes
« Reply #5 on: April 05, 2021, 08:48:59 AM »

Considering the functionally infinite levels of debt our government(s) operate under I suggest this has nothing to do with government revenue or budgets.

It's all about manipulating who has wealth and power among the public by regulating the level of true wealth allowed among the middle class.

I define true wealth as all liquid assets and property compared to all debts owed.

Paying down and getting out of debt, all debt, including so called good debt is to be made as difficult as possible.

A debt free fully employed middle class who own real assets cannot be controlled and manipulated as easily as those who are so in debt they are compelled to work jobs they wish to escape. Paying off their debt becomes more difficult because all their "wealth" is tied up in financial instruments that are subject to government/financial masters of the universe whims. You must carry high debt load to live the middle class life (mortgage/car payments etc.), and let any wealth accumulated be used by the controllers or lose a high percentage of it to them if you cash out. The system is functional but is not freedom. It is a system of usury as old as written history and has been used to enslave people from time immemorial.

Whenever the people get uppity, the powers that be can just wreck the economy, forcing the people "to make bricks with no straw".

The yoke on the American beast of burden is not there to pay for government. It is there to maintain control.

We've all been fortunate to live in a gilded cage. Our chains have rested pretty lightly upon us.

I'm not confident the new crop of "nobles" are going to practice the same level of Noblesse oblige.
« Last Edit: April 05, 2021, 09:11:20 AM by Ron »
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