Democrats Consider Tax Cuts for Many High Earners in New York, New Jersey and California

[JustAnotherGen]

3. There is no low tax rate

For a family of four making $120K a year in NJ.

Modest (1500 sq foot) homes often incur property taxes between 8 to 12K annually.
State Income Taxes - Those school teacher/police officer 'professional' couples are getting hosed.
Vice Versa - paying property taxes twice.

The SALT was not capped for more than 100 years - since the IRS/Fed Income tax as we STILL know it today.

December 2017 - to punish blue states and reward RED states for not helping themselves - Fed Gov slapped a cap on what we could deduct.

Our personal STATE income taxes are above the 10K threshold.
Our property taxes are just UNDER 10K. We believe in those property taxes.

What I don't believe in? Paying my property taxes twice. Once in state - and once to make up for the states that have ZERO Personal Income taxes and who take bread off of my table.

And the WSJ has been for this all along - seriously. They are always FOR the millionaires. The million dollar earners got a HUGE tax break in 2017 because they put it on a family of four in Bergen County NJ making $120K a year.

It's enough.

You get rid of one the basic, most core principles of the creation of the IRS and Modern Fed Income Tax - get rid of the whole thing.


This SALT cap issue, and seeing how it has hurt modest home owners, small families - that counted on not having to pay property taxes twice when they signed up for the 30 year mortgage on a $189K ranch home (cheapest you are gonna get around here) - are HURTING.

Minimum - go back to who had a mortgage in 2017. Look at the length of the mortgage.
Let us get grandfathered into the old way.

Granted, no one will ever buy our homes in the future, but at least we can save for its demolition in 20 years.