Quote:
Originally Posted by spence
Fiscally it actually makes some sense. Trump's 10k SALT limit was to pay for the large corporate tax breaks but it expires in 2025 and returns to be unlimited. The current proposal in the House does raise the cap but it keeps it there for 10 years before it expires.
Politically it is problematic, they need to be promoting it in a very clear way as most people don't dig into the details. Long term it's actually a tax increase on the wealthy.
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you’re saying a tax cut for the wealthy, is a tax hike for the wealthy. tax cuts often have expiration dates, very rarely do they let them
expire, no one wants to be blamed for the tax hike.
raising the deductibility of state taxes to 80k is a meaningful tax cut for the next few years, for people who are extremely wealthy.
it’s like they’re trying to lose. it’s an obvious payoff to
their benefactors in blue states.
there should be no federal deductibility for state taxes. that shifts more federal tax burden to citizens of low tax states. i live in a very high tax state. if someone in FL has the same exact economic situation i do, why should he pay a higher federal tax rate than me? why does the IRS publish him for choosing to live in a low tax state?
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