Trump promises to bring back SALT

[VakAttack]

Now nobody ask how these deductions got removed....

[Scouts Honor]

why would a state need a salt?

b/c they want to overtax people... and give them a break against the feds...

hmmm

[Bigbrog]

16 hours ago, Scouts Honor said:

why would a state need a salt?

b/c they want to overtax people... and give them a break against the feds...

hmmm

I'm not a salt guy...I just over season with pepper to make up for it

[WrestlingRasta]

Kinders SPG is good on just about anything. 

[ionel]

Shouldn't this be over in the Smokers Meats thread or are we talking about Strategic Arms Limitation Talks?  

[wrestlingguy]

20 minutes ago, WrestlingRasta said:

Kinders SPG is good on just about anything. 

Looking it up now.

[Paul158]

This thread sure made a turn for the best, better ,whatever.. Excellent job.

[Danny Deck]

1 hour ago, WrestlingRasta said:

Kinders SPG is good on just about anything. 

I've really liked all of their seasonings.

[Lipdrag]

2 hours ago, ionel said:

Shouldn't this be over in the Smokers Meats thread or are we talking about Strategic Arms Limitation Talks?  

Not to go all nerd on this but I think it is State and Local Taxes.  Reduction of the federal tax deduction (it should have been eliminated) for the state and local income, property, and other taxes.  It came in under Trump's tax overhaul.  The original proposal was to eliminate it.  The compromise was to cap the deduction at $10k.

The principal is that whether you make $100k in Florida or Tennessee or New Jersey you should have the same responsibility to pay for our federal government.  There should be no federal tax discount just because your local politicians want to steal more of your money.  It is a good principal.  The "giveback" in the original bill was a significant increase in the standard deduction.

Trump has no principals so he is caught being against limiting SALT after being for SALT.  He is just pandering, of course.  Usually he panders at a lower end of the socio-economic scale (i.e. tip earners and OT wage workers) rather than to upper middle class homeowners in blue states - who were the main group hurt by SALT.  However, if he wins only 1 or 2% more votes in the metro Philly, Atlanta, Phoenix, Milwaukee, Detroit, or Las Vegas areas he'll probably win.  Therefore, "just win baby" seems to be the theme of this election season.

[ionel]

13 minutes ago, Lipdrag said:

Not to go all nerd on this but I think it is State and Local Taxes.  Reduction of the federal tax deduction (it should have been eliminated) for the state and local income, property, and other taxes.  It came in under Trump's tax overhaul.  The original proposal was to eliminate it.  The compromise was to cap the deduction at $10k.

The principal is that whether you make $100k in Florida or Tennessee or New Jersey you should have the same responsibility to pay for our federal government.  There should be no federal tax discount just because your local politicians want to steal more of your money.  It is a good principal.  The "giveback" in the original bill was a significant increase in the standard deduction.

Trump has no principals so he is caught being against limiting SALT after being for SALT.  He is just pandering, of course.  Usually he panders at a lower end of the socio-economic scale (i.e. tip earners and OT wage workers) rather than to upper middle class homeowners in blue states - who were the main group hurt by SALT.  However, if he wins only 1 or 2% more votes in the metro Philly, Atlanta, Phoenix, Milwaukee, Detroit, or Las Vegas areas he'll probably win.  Therefore, "just win baby" seems to be the theme of this election season.

I agree.   

[mspart]

The OP seems to think SALT is a problem.   I don't understand why it would be a problem.  Looking for some education. 

mspart

[Saylors_Tiny_Willie]

4 minutes ago, mspart said:

The OP seems to think SALT is a problem.   I don't understand why it would be a problem.  Looking for some education. 

mspart

The OP appears to be saying that Trump is thrashing.

[ionel]

9 minutes ago, mspart said:

The OP seems to think SALT is a problem.   I don't understand why it would be a problem.  Looking for some education. 

mspart

The OP doesn't like Trump and is going after him for flipping.  But to the SALT problem.  Basically it is asking fed tax payers in other states to help subsidize folks in high income and property tax states and or those with expensive 2nd/3rd homes paying higher property tax.  Why not also make state sales/property/use tax on automobiles, airplanes, boats etc deductible off your fed tax?  

Just because you want to build a $3M tree house in the NW woods and the state of Washington want to tax you out the wazu for it doesn't mean I should have to help you with your state property tax problem.  Now if you are also gonna put in a hot tub and new smoker and invite all your best forum buddies out then ... 

[Saylors_Tiny_Willie]

6 minutes ago, ionel said:

The OP doesn't like Trump and is going after him for flipping.  But to the SALT problem.  Basically it is asking fed tax payers in other states to help subsidize folks in high income and property tax states and or those with expensive 2nd/3rd homes paying higher property tax.  Why not also make state sales/property/use tax on automobiles, airplanes, boats etc deductible off your fed tax?  

Just because you want to build a $3M tree house in the NW woods and the state of Washington want to tax you out the wazu for it doesn't mean I should have to help you with your state property tax problem.  Now if you are also gonna put in a hot tub and new smoker and invite all your best forum buddies out then ... 

Those houses were all purchased with the old SALT rules in place.

Changing the rules 10 years after the mortgage is taken out is what hurts.

[ionel]

3 minutes ago, Saylors_Tiny_Willie said:

Those houses were all purchased with the old SALT rules in place.

Changing the rules 10 years after the mortgage is taken out is what hurts.

What's it have to do with the mortgage and how do you know when they were all purchased? 

Edited September 18 by ionel

[Saylors_Tiny_Willie]

12 minutes ago, ionel said:

What's it have to do with the mortgage and how do you know when they were all purchased? 

I was referencing the TCJA which capped mortgage interest deductions.
https://taxfoundation.org/blog/mortgage-interest-deduction-tcja/

Edited September 18 by Saylors_Tiny_Willie

[ionel]

7 minutes ago, Saylors_Tiny_Willie said:

I was referencing the TCJA which capped mortgage interest deductions.
https://taxfoundation.org/blog/mortgage-interest-deduction-tcja/

Sure but what does that have to do with a mortgage decision made 10 years ago.  Tax law is always changing and one can refinance. 

[Saylors_Tiny_Willie]

23 minutes ago, ionel said:

Sure but what does that have to do with a mortgage decision made 10 years ago.  Tax law is always changing and one can refinance. 

OK, sure.