Repeal the SALT deduction limit for LIers? (New York, Seaford: mortgage, credit)
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“King (R-Seaford) charged that New Yorkers already get "short changed" by federal government, getting 79 cents back from Washington for every dollar they pay in taxes — or a shortfall of $48 billion annually. He called the SALT cap a "disgrace" and unfair to residents who purchased homes on Long Island expecting to utilize the deductions.”
The biggest BS story.
First, taxes are always subject to change, so if you buy a home needing those deductions that’s a red flag.
Second, the whole “get back” comment is ironic (more so when it comes from a Democrat) because NY doesn’t pay taxes per se - its corporations and people do. And for personal income tax, it’s progressive. Make more, pay more. If we had a flat tax it’s possible those in flyover states would pay more.
A lot of hubris from the elected officials, ""unfair" to Long Islanders who pay disproportionately higher property taxes than other parts of the country" and ""We are subsidizing the "rest of the country," King said".
I am glad to think that the world revolves around their districts which it doesn't. Why aren't they working to resolve the high property taxes which pay for bloated public sector union contracts along with all the other bloat, graft and waste associated with the local government's?
A lot of hubris from the elected officials, ""unfair" to Long Islanders who pay disproportionately higher property taxes than other parts of the country" and ""We are subsidizing the "rest of the country," King said".
I am glad to think that the world revolves around their districts which it doesn't. Why aren't they working to resolve the high property taxes which pay for bloated public sector union contracts along with all the other bloat, graft and waste associated with the local government's?
There's a simple solution: Moderator cut: language removed .
It works for me....
I feel like many more will follow once they see their tax return...between that and the re-assessments in Nassau that will cause some hefty increases...
Last edited by nancy thereader; 01-09-2019 at 08:34 AM..
Unbelievable, can’t make this stuff up. Now politicians are crying wolf because we pay to much in taxes and blame Washington instead of going after the real reason!!
“King (R-Seaford) charged that New Yorkers already get "short changed" by federal government, getting 79 cents back from Washington for every dollar they pay in taxes — or a shortfall of $48 billion annually. He called the SALT cap a "disgrace" and unfair to residents who purchased homes on Long Island expecting to utilize the deductions.”
The biggest BS story.
First, taxes are always subject to change, so if you buy a home needing those deductions that’s a red flag.
Second, the whole “get back” comment is ironic (more so when it comes from a Democrat) because NY doesn’t pay taxes per se - its corporations and people do. And for personal income tax, it’s progressive. Make more, pay more. If we had a flat tax it’s possible those in flyover states would pay more.
Lastly, the reason NY representatives complain is because its tax burden is much higher than other states.
NY has used SALT as a way to buffer its ridiculous tax and spend policy and now it’s been exposed.
What happened to Cuomo’s plan to change those taxes to “charitable deductions”?
The bolded struck me....correct me if I'm wrong, but the SALT cap is all state, local, and property taxes rolled into one... My deduction was >$40K last year, $13K of which was property tax. This cap effectively eliminates property tax deduction for most people...
Unbelievable, can’t make this stuff up. Now politicians are crying wolf because we pay to much in taxes and blame Washington instead of going after the real reason!!
A lot of hubris from the elected officials, ""unfair" to Long Islanders who pay disproportionately higher property taxes than other parts of the country" and ""We are subsidizing the "rest of the country," King said".
I am glad to think that the world revolves around their districts which it doesn't. Why aren't they working to resolve the high property taxes which pay for bloated public sector union contracts along with all the other bloat, graft and waste associated with the local government's?
It's likely safe to say that most folks want to 'redistribute the wealth' in reaction to the results of the last few decades, some are pro & some are con.
The bolded struck me....correct me if I'm wrong, but the SALT cap is all state, local, and property taxes rolled into one... My deduction was >$40K last year, $13K of which was property tax. This cap effectively eliminates property tax deduction for most people...
Correct, it’s all that (but not mortgage interest).
If someone makes $150K, a decent income on LI, but gets to deduct $30K for SALT, that’s equivalent to a 20% reduction in your federal burden. With mortgage interest that would push your net federal liability to close to zero.
It’s going to be painful for a while for many, but the answer isn’t to restore SALT, it’s to spend less. Will never happen in NY.
Correct, it’s all that (but not mortgage interest).
If someone makes $150K, a decent income on LI, but gets to deduct $30K for SALT, that’s equivalent to a 20% reduction in your federal burden. With mortgage interest that would push your net federal liability to close to zero.
It’s going to be painful for a while for many, but the answer isn’t to restore SALT, it’s to spend less. Will never happen in NY.
It is going to be painful....add in the personal exemption that was eliminated...a family of 4 loses and additional $16,200 right there. Doubling the standard deduction won't do it for most people...even with the new child credit.
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