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This hit my feed. Apparently a Rep wanted to remove the cap on tax deductions imposed by Republicans in 2017. It failed. Apparently Dems are also trying to "fix" it, but not getting anywhere.

https://www.politico.com/live-updates/2024/02/14/c...

It may end up just sunsetting out in 2025.

As a blue stater, I applaud the limits. Let those of us in wealthy blue states pay our fair share.

I don't really have a position one way or t'other. I tend to think one shouldn't be able to deduct taxes paid to someone else, whether foreign taxes or state taxes. But I would be willing to listen to arguments to the contrary. I have no strong opinion on this one.

But it is refreshing to hear a Republican say "pay our fair share". Most don't want to, especially the wealthy who bribe congress-critters to get more tax cuts that mostly benefit them. Kudos to you.

But it is refreshing to hear a Republican say "pay our fair share".

He's saying that tongue-in0cheek, because three blue states were listed in the article as being hit hardest by the cap.

O think alt min tax doesn't allow you to deduct it, so I'm OK with lifting the cap.

Indeed. Blue states tax their residents more, who in the past were able to deduct these taxes from their federal returns giving blue state taxpayers an advantage over red state taxpayers. With the SALT limitations, that playing field has been leveled to the benefit of everyone.

Dope: Blue states tax their residents more, who in the past were able to deduct these taxes from their federal returns giving blue state taxpayers an advantage over red state taxpayers. With the SALT limitations, that playing field has been leveled to the benefit of everyone.

There is no advantage Dope. Blue taxpayers pay high property taxes because the property is expensive within the commuting area. If you pay high property taxes the deduction helps you until alt min tax kicks in. The only reason most red staters don't get hurt is low property taxes, therefore they never hit the cap on the deduction and get to deduct it all. There's no disadvantage for red states, most red staters get to deduct all of their property taxes because you pay little tax. Alt min tax kicks in on high income taxpayers, and doesn't allow the deduction and so the full deduction helps a band of middle class taxpayers.

We could eliminate the deduction but the RE business has a big lobby. Trump would veto it.

Blue taxpayers pay high property taxes because the states and municipalities charge high rates.

The only reason most red staters don't get hurt is low property taxes,

Oh? Every red state has low property taxes?

Blue taxpayers pay high property taxes because the property is expensive within the commuting area. - Lapsody

That is an example of liberal reasoning. It's like high property taxes have been forced onto us because of all this high value real estate around here.

With all that value to tax, the taxing authorities could lower their tax rates and raise a red state amount of money. But, noooo, we can't live on that, we have all these social services we have to deliver. OK, if you decide you want your state to provide higher level services to state residents, that is fine with me, just don't nationalize your spending to support your generosity.

That is an example of liberal reasoning. It's like high property taxes have been forced onto us because of all this high value real estate around here.

With all that value to tax, the taxing authorities could lower their tax rates and raise a red state amount of money. But, noooo, we can't live on that, we have all these social services we have to deliver. OK, if you decide you want your state to provide higher level services to state residents, that is fine with me, just don't nationalize your spending to support your generosity.

That's myopic reasoning. Most of the red states are takers with the blue states contributors.

Per Money Geek the 10 states most dependent on Federal tax dollars are New Mexico, West Virginia, Mississippi, Alaska, Kentucky, Vermont, Montana, Arizona, Maine, Alabama, Louisiana, Wyoming.

The big blue states contribute a lot, nut we're happy to see some red states contributing. But basically, red states take blue state money and then complain about blue states. :) It's more complicated than that, but that's the gist.

Oh? Every red state has low property taxes?

I didn't say every red state. And generally there are spots in red states where the ppty tax is higher. Take Miami and surroundings. And there is a divide between rural and city, plenty of red cities though.

But by and large, rural is red even within blue states.

I have no strong opinion on this one.

I do. A native middle-class Californian, I'm impacted by the steady flow of highly educated, high-income people who are still following Horace Greely's advice to 'go west.'

The resulting demand for homes has driven up the COL, including property costs, far more than most states. California's productivity subsidizes other states. The infrastructure necessary to support 40,000,000 people, most of whom live near the coast, is insanely expensive. We need high income and property taxes or we would sink under the weight of the population.

Thank goodness we have Prop 13 to limit property tax increases or a huge percentage of residents would be taxed out of existence by soaring comps.

and.... the new 2019 "Proposition 19, or the Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act, is a Constitutional Amendment that imposes new limits on property tax benefits for inherited family property.

I earned what I earned in my working life. That ship done sailed. I earned min.wage, $1.35 an hour, as a teen. Today's teen earns $15 to 20 min wage. I earned low 6 figures a year as an adult while today I'd be earning close to or over 7 figures.

My first house (1500 sq feet)cost me around $30k. That same house would now sell for about $2,000,000. Without prop 13 a senior could not afford to stay in the home he bought when prices and wages were low. Without Prop 19 a senior could not afford to downsize from a 3/4 bedroom family home to a small residence. The prop tax would be prohibitive.

Trump failed miserably in his attempts to become a major developer in the California market. Removing the SALT deduction was, in large part, a Trump effort to punish high tax states like California. The change was regressive, impacting the wealthiest property owners the least.

I asked a realtor who specializes in properties over $10,000,000 how the change in SALT deductions impacted his sales. People in that market, he said, can buy what they want regardless of the property tax deductions. They don't care about 'little things' like that.

That agents listings: https://montecito-realestate.com/listings

Greedy Liberals in Blue States need to pay MORE.

From each according to his ability.

To each according to their need.

Keep milking those greedy Liberals.

And then - explain to certain people abroad that Liberals supported bombing Syria, Mali, Gaza.

And include info on which cities are most Liberal.

That's myopic reasoning

Myopic was the first word that came to mind reading BHM's post, and others like it.

Red states love the goods and services that come from the blue states. They love every damned Asian product that ships into and out of our ports and crosses our rails and highways... and they love being subsidized by the blue state commerce.

There's a good reason MAGAs like dope don't all move to bastions of freedom like South Dakota

I say, you got to pay. You got to pay your bills. .

$1.35 in 1960 adjusted for inflation is about $15 today. Minimum wage in most of the country is $7 and change.

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