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MichMan

(12,610 posts)

4. I dont understand how you are paying property taxes "twice"

Reply to JustAnotherGen (Reply #3)

Fri Oct 29, 2021, 02:46 PM

Oct 2021

Last edited Sat Oct 30, 2021, 01:03 AM - Edit history (1)

You are paying federal income tax on that SALT amount above $10k.

For your example of 120k income, that would be 22% tax rate on that $10k. That is about $42 per week or $6 per day.

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11 replies

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Highlight:

Democrats Consider Tax Cuts for Many High Earners in New York, New Jersey and California [View all] Celerity Oct 2021 OP

Removing the cap would cost the treasury about $85 billion/year. PoliticAverse Oct 2021 #1

THIS !!!! ☝🏾☝🏾☝🏾 uponit7771 Oct 2021 #10

IIRC BootinUp Oct 2021 #2

There is no low tax rate JustAnotherGen Oct 2021 #3

I dont understand how you are paying property taxes "twice" MichMan Oct 2021 #4

The SALT deduction primarily benefits the 1%. PoliticAverse Oct 2021 #5

Tell middle class worker in Texas or mo that uponit7771 Oct 2021 #9

Will be a huge benefit to the 1% MichMan Oct 2021 #6

Trickle down works! Kid Berwyn Oct 2021 #7

Bullshit article, Putin's whores SALT cap hurt MANY middle class workers nation wide. It's a Trump . uponit7771 Oct 2021 #8

Removing the cap makes no sense, it would primarily benefit the uber-wealthy. tritsofme Oct 2021 #11