Y’all recall when I told you that the SALT limitation imposed by the GOP would not stand for long. And, no, I didn’t say that meant that the limitation would be repealed.
Tag Archives: state and local taxes
Did someone drop the ball?
With the tax season mostly done now, I noticed a problem that needed an IRS fix.
You all know by now that SALT (state, local, and property taxes) have been limited under the Tax Cut and Jobs Act to a maximum deductibility of $ 10K. The GOP wanted to penalize those states under Democratic Party management, where SALT is usually higher, because better services are provided their citizenry.
Point/Counterpoint
I told you that the Tax Cut and Jobs Act (sic) was partly created (or maneuvered) as political retribution by the GOP against those states that don’t vote their way. (Here’s but one example.) Which was the driving force behind the plot to outlaw State and Local Tax (SALT) deductions of $ 10,001 or more. Which would allow the U.S. Treasury collect some $ 650 billion more over the 8 years that this restriction is in effect. (The personal tax rate changes under this Act expire in 2026.)
HR-1: From beginning to the end. (Hopefully not OUR end, though)
Here’s the preamble to the series…
https://www.adjuvancy.com/wordpress/tax-cuts-jobs-act-lie/
Continue reading HR-1: From beginning to the end. (Hopefully not OUR end, though)