SALT Tax Provision Impacting High State Tax Budgets

#31
#31
roosterjbh said:
So now they are paying even more in than before. Again, the elimination was just a political weapon used against blue states.
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Hahahahahahahahahahahahahahahahahahahahahahahahahahahahaha!!!

Don’t worry do a web search. The criminal states are already looking at ways to cook the books to get around it. Plus SALT limit is set to expire in 2025 along with the rest of the individual tax reform changes.
 
#32
#32
NorthDallas40 said:
Per capita or gross value?

I just went and did a quick look. CA 1 and TX 2. Per capita a wash between those two. And if people start to move out of those high tax states this is going to shift. I stick by my stance. This is a good thing.

Federal tax revenue by state - Wikipedia
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Just looking at federal tax revenue is dumb. Texas is a bit of an outlier.
AP FACT CHECK: Blue high-tax states fund red low-tax states

Connecticut residents paid an average of $15,643 per person in federal taxes in 2015, according to a report by the Rockefeller Institute of Government. Massachusetts paid $13,582 per person, New Jersey paid $13,137 and New York paid $12,820.

California residents paid an average of $10,510.

At the other end, Mississippi residents paid an average of $5,740 per person, while West Virginia paid $6,349, Kentucky paid $6,626 and South Carolina paid $6,665.

Low-tax red states also fare better when you take into account federal spending.

Mississippi received $2.13 for every tax dollar the state sent to Washington in 2015, according to the Rockefeller study. West Virginia received $2.07, Kentucky got $1.90 and South Carolina got $1.71.

Meanwhile, New Jersey received 74 cents in federal spending for tax every dollar the state sent to Washington. New York received 81 cents, Connecticut received 82 cents and Massachusetts received 83 cents.
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#33
#33
roosterjbh said:
Just looking at federal tax revenue is dumb. Texas is a bit of an outlier.
AP FACT CHECK: Blue high-tax states fund red low-tax states
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Every state you listed has ridiculous property values. Hey I’m an engineer. Give me the data and tell me the story you need to tell. No problem.

And no way in hell I’d live in any of those states due to their taxation policies.

But wait there’s more! Those states still have an oppressive state tax structure also. All of you did it to yourselves. Tough ****. This is good for the rest of the country now YOU outliers get your fiscal houses in order as far as I’m concerned.

And in addition to the tax changes we’ll also be getting a big influx of high wage earners. Already happening in TX. And CAs middle class is in mass exodus. They don’t even try to deny it.
 
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#34
#34
hog88 said:
That's not a good thing IMO, those damn people come down here to escape high taxes and then vote for the same crap that got them high taxes in their old state.
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Those places will be compelled to lower taxes.
 
#37
#37
NorthDallas40 said:
When I saw this part of the tax plan I wondered if this would result. The 10k cap on state tax exemption is hitting the blue states where it hurts. Good. I’m a fan of getting a tax break for state taxes but always felt there should be limits or it will get abused. And it is abused in CA NY NJ etc...

Looks like people are talking with their feet too! Another reasonable expectation. And my property tax bill shows it too. Our values have been rising by the limit allowed of 10% a year in Collin Co TX which is one of the fastest growing parts of the nation. Oh well I’ll get my payback when we downscale in about 15 years.

GOP's SALT cap may speed exodus from high-tax states, report says | Fox News
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They are likely already paying more in total taxes than you and you get a feeling of satisfaction because they will now be paying more? This is like the reverse of liberals and the 1%.

You'll love it when they move to your town and take over your local politics.
 
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#38
#38
NorthDallas40 said:
Not what I said but I’ll go with it. How about states need to stop diverting federal funds to their coffers indiscriminately? A much more accurate description no?
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But that's between the feds and the state of CA. You're punishing the taxpayers, not the people that created the problem.
 
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#39
#39
n_huffhines said:
They are likely already paying more in total taxes than you and you get a feeling of satisfaction because they will now be paying more? This is like the reverse of liberals and the 1%.

You'll love it when they move to your town and take over your local politics.
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They are paying more taxes, but disproportionally less in federal taxes. Low tax states shouldn’t be penalized for having low taxes.
 
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#41
#41
golfballs said:
They are paying more taxes, but disproportionally less in federal taxes. Low tax states shouldn’t be penalized for having low taxes.
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Everybody should be paying less taxes. You guys become communists when it comes to taxes. You want **** to be equally bad. We should want **** to be better.
 
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#42
#42
hog88 said:
Hmmmm, who voted for those people causing the problems?
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We all did. If the feds are giving away our money to CA, that's our problem, not CA's problem. Why did we vote those feds in?

The root of the problem isn't how much CA pays in taxes, it's how much the feds spend.
 
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#44
#44
n_huffhines said:
We all did. If the feds are giving away our money to CA, that's our problem, not CA's problem. Why did we vote those feds in?

The root of the problem isn't how much CA pays in taxes, it's how much the feds spend.
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We agree
 
#45
#45
n_huffhines said:
Everybody should be paying less taxes. You guys become communists when it comes to taxes. You want **** to be equally bad. We should want **** to be better.
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I agree we should all be spending less in taxes. This should compel high tax states to lower their taxes.

Regardless this is more fair than to punish low tax states by having them disproportionately fund the federal government
 
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#46
#46
I do find it ironic that D politicians wanted to treat SALT as charity to cheat the tax system - they are trying to find ways to get tax breaks for the rich.
 
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#47
#47
n_huffhines said:
They are likely already paying more in total taxes than you and you get a feeling of satisfaction because they will now be paying more? This is like the reverse of liberals and the 1%.

You'll love it when they move to your town and take over your local politics.
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Bet me that actually happens. I’m out of beer money again.
 
#49
#49
n_huffhines said:
We all did. If the feds are giving away our money to CA, that's our problem, not CA's problem. Why did we vote those feds in?

The root of the problem isn't how much CA pays in taxes, it's how much the feds spend.
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Huff I have no problem calling the feds on their binge spending. I think we agree on the crap budget that was just passed.

But I also submit that’s a separate discussion.
 
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#50
#50
volinbham said:
I do find it ironic that D politicians wanted to treat SALT as charity to cheat the tax system - they are trying to find ways to get tax breaks for the rich.
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Yeah I basically agree with this. I don’t see why we should get an unlimited tax break on a huge asset like a home which feeds local and state taxes directly and proportionally offsets the federal funds. I should get a credit... to a point.

I can also see an ategument that it allows me to focus my taxation to state and local levels. I don’t discount that argument.

I also submit that unlimited SALT exemptions are one enabler on over priced real estate.

Regardless state governments will act to offset this. They are already starting to do so. But I do wonder the longer term impact on housing prices in these dominantly blue states.
 
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