Andrew Cuomo upset about losing SALT deductions

[Jhhnn]

LOL you're not a fucking "ordinary family" you dipshit. If you are needing to pay more in taxes due to the SALT cap then you're rich. Period full stop. Poor and middle class folks don't pay five figures worth of state and local taxes. Hell, many of them aren't even assured of even making five figures in a year much less paying that much in state tax. The overwhelming supermajority of Americans don't even pay 10k in federal taxes any given year and the federal rates are multiple times higher than state income tax rates.

People don't have to be rich at all to be affected by the SALT cap. They just have to be relatively affluent in a high tax state. It's not about me at all. In New Jersey, for example, the median property tax is $7600, the median home value is $318K, the median family income is ~$85K and the state income tax is 12.4% for another $1000. People there don't have to be doing much better than the average Jerseyite to be affected. Given the recent tax changes, median & near median New Jersey families may end up paying a higher federal tax rate than those making $60M+. They probably don't want to hear about how they're supposedly Rich, either. At the same time, Jerseyites put a lot more in the federal kitty than they get back, as well.

 

[JSt0rm]

People don't have to be rich at all to be affected by the SALT cap. They just have to be relatively affluent in a high tax state. It's not about me at all. In New Jersey, for example, the median property tax is $7600, the median home value is $318K, the median family income is ~$85K and the state income tax is 12.4% for another $1000. People there don't have to be doing much better than the average Jerseyite to be affected. Given the recent tax changes, median & near median New Jersey families may end up paying a higher federal tax rate than those making $60M+. They probably don't want to hear about how they're supposedly Rich, either. At the same time, Jerseyites put a lot more in the federal kitty than they get back, as well.

they dont care. Lol liberals suck your higher taxes down.


This will not go away. What the gop did to the highest producers in this country will destroy them.

 

[who?]

After WWII we gave money to other countries through the Marshall plan so they could buy stuff from our factories thus helping bring about our unusual prosperity in the great postwar boom years.
The Arkansas dept. of education used to distribute money from rich districts to poor ones but our supreme court said that that was illegal. If Texas is still doing this I wonder if somebody will take them to court.
Arkansas income tax isn't based on anything from federal taxes it's based on your income including ALL of your capital gains (not just the ones that the feds are taxing that year) and the state tax rate.

 

[JSt0rm]

lol so many trumpers burned...

"Voted for you . Family of 2 hard working N.Y. cops. Did taxes for years we would pay more and get a refund at the end of the year to help pay debt . First time in 30 years We had to pay more in Federal Taxes. I’m disgusted" dont know how to embed tweets.

https://twitter.com/x/status/1092606993792225281

 

[Bitek]

After WWII we gave money to other countries through the Marshall plan so they could buy stuff from our factories thus helping bring about our unusual prosperity in the great postwar boom years.
The Arkansas dept. of education used to distribute money from rich districts to poor ones but our supreme court said that that was illegal. If Texas is still doing this I wonder if somebody will take them to court.
Arkansas income tax isn't based on anything from federal taxes it's based on your income including ALL of your capital gains (not just the ones that the feds are taxing that year) and the state tax rate.

AK Republicans are busy cutting taxes for the rich.

The Gov unveiled a massive tax cut plan that's a giveaway to the wealthy. $5 per year to the poorest 20%, $50 to the next 20%, but $8500 to the richest 1%.

But the plan was so bad, it managed to raise taxes on 200,000 middle class folks (out of 1.2m filers) , they had to go back and rework it. To make it better for the poor and middle class?

Haha, no, Republicans don't do that. They just don't want the middle revolting on the tax scam. So they nerf it just enough were the regular folks get some pennies while the rich still get their money.

New plan that just passed the Senate? 70% goes to households making more than $456k/yr. How many is that in AK? Less than 5000.

But those making the median income of $56k will get taxes cut 40 cents per day. Three households could pool their savings and sponsor a starving child in Africa...

www.arktimes.com/ArkansasBlog/archives/2019/01/31/asas-tax-cut-even-worse-than-you-thought-or-better-if-youre-really-rich

@Texashiker and @glenn1 can tell us how great these Republican tax plans are. Something something ending subsidies for fat cats, helping out the dollar store workers and fiscal responsibility.

 

[Jhhnn]

GOP voters just don't learn. They're so easily manipulated by Repub wedge issues that they're always easy pickin's in top down class warfare.

Have they not noticed what happened in Kansas & Louisiana? Are those what they see as good outcomes for the 99%?

 

[glenn1]

People don't have to be rich at all to be affected by the SALT cap. They just have to be relatively affluent in a high tax state. It's not about me at all. In New Jersey, for example, the median property tax is $7600, the median home value is $318K, the median family income is ~$85K and the state income tax is 12.4% for another $1000. People there don't have to be doing much better than the average Jerseyite to be affected. Given the recent tax changes, median & near median New Jersey families may end up paying a higher federal tax rate than those making $60M+. They probably don't want to hear about how they're supposedly Rich, either. At the same time, Jerseyites put a lot more in the federal kitty than they get back, as well.

LOL you don’t have to be rich just affluent. So even though they are synonyms. But when I use that adjective meaning the same thing as rich it’s use excludes me when I said “tax the rich.”

 

[Jhhnn]

LOL you don’t have to be rich just affluent. So even though they are synonyms. But when I use that adjective meaning the same thing as rich it’s use excludes me when I said “tax the rich.”

Yeh, living comfortably on $100-$150K/yr is exactly the same as making many $M's/yr. So let's raise taxes on the bottom end of that & cut them at the top, because reasons. And borrow the money to do it from the people who get the tax cuts. Makes perfect sense.

Your whole "Admit you're the Rich!" routine is ridiculous. I suppose I am after a lifetime of honest work, if in a modest way. We own our home outright. We drive old but low mileage cars. We paid for our sons' education. We don't spend a lot of money. Only one of our best earning years was more than $85K. It was actually a more common thing years ago. More people should be so fortunate, something that obviously won't happen if the financial elite gets to hoard it all.

 

[Bitek]

You know who didn't lose their deductions? Private jet owners. Infact, they got the rules changed to give them extra write-offs.

Hey @Texashiker and @glenn1, how do you feel about red staters and Iowa dollar store workers subsidizing billionaire's private jets huh? Buy a jet, pay no taxes? Maga right?

Or do you just reserve your outage for NY teachers, firefighters, cops, and nurses "gaming" the system?

"Private jet buyers can now write off the full amount of their new plane's cost on their tax return, which applies to both new and pre-owned aircraft. That's due to a policy change within the Trump Administration's 2017 Tax Cuts and Jobs Act that updated the US tax code to allow 100% bonus depreciation for items such as aircraft.

For the mega-wealthy of the world, this deduction accounts for much, if not all, of their millions in tax liability — meaning buying a new private jet could practically wipe out their tax bill in the year they buy it."

https://twitter.com/x/status/1093130860570787840

 

[Texashiker]

I love it when democrats who promote tax and spend finally have to pay more in taxes.

 

[Texashiker]

Hey @Texashiker and @glenn1, how do you feel about red staters and Iowa dollar store workers subsidizing billionaire's private jets huh? Buy a jet, pay no taxes? Maga right?

I think it is terrible.

That loophole needs to be plugged.

 

[Jhhnn]

I think it is terrible.

That loophole needs to be plugged.

Vote GOP. I'm sure they'll fix it.

 

[Jhhnn]

I love it when democrats who promote tax and spend finally have to pay more in taxes.

Libruhl tears are priceless, huh? The ultra wealthy right wingers getting fat tax cuts just love the way you look at the world.

 

[glenn1]

You know who didn't lose their deductions? Private jet owners. Infact, they got the rules changed to give them extra write-offs.

Hey @Texashiker and @glenn1, how do you feel about red staters and Iowa dollar store workers subsidizing billionaire's private jets huh? Buy a jet, pay no taxes? Maga right?

Or do you just reserve your outage for NY teachers, firefighters, cops, and nurses "gaming" the system?

"Private jet buyers can now write off the full amount of their new plane's cost on their tax return, which applies to both new and pre-owned aircraft. That's due to a policy change within the Trump Administration's 2017 Tax Cuts and Jobs Act that updated the US tax code to allow 100% bonus depreciation for items such as aircraft.

For the mega-wealthy of the world, this deduction accounts for much, if not all, of their millions in tax liability — meaning buying a new private jet could practically wipe out their tax bill in the year they buy it."

https://twitter.com/x/status/1093130860570787840

I've said repeatedly that I would close almost all subsidies out there and this one would be a very high priority. Some subsidies are impossible to remove since they represent core government functions (e.g. if you're going to have a military the bases to hold them have to go somewhere and that's going to subsidize that locale due to the infrastructure needed for the base, etc). But all these one-off subsidies like SALT, private jets, ethanol mandates for corn farmers, etc. need to go.

 

[JSt0rm]

I love it when democrats who promote tax and spend finally have to pay more in taxes.

we know thats the reason this tax law was passed. Its also the reason you lost 7 congress seats in orange county.

 

[Hayabusa Rider]

Did my taxes yesterday. I got capped or lost deductions so that I had to take the standard deduction even though under last years rules I'd have gotten a huge refund, several times more than what I had this year. I was expecting to get screwed and I did. Well someone gets a bigger yacht I suppose after people like me pay more so Trump and others benefit.

 

[brycejones]

I think it is terrible.

That loophole needs to be plugged.

That isn't a loophole, its by design.

 

[Texashiker]

GOP voters just don't learn. They're so easily manipulated by Repub wedge issues that they're always easy pickin's in top down class warfare.

Have they not noticed what happened in Kansas & Louisiana? Are those what they see as good outcomes for the 99%?

Could you be any more vague?

I worked in Lake Charles for around 7 years building parts for refineries. The 1% build factories and create jobs. When was the last time you had a payroll of $100,000 a week? That is how much one company I worked for paid out in wages along every week.

One individual was a foreign born Asian Indian, came to teh United States legally, got a bachelors degree in engineering - this was in the early 1980s.

Now he owns two factories and employees several hundred people.

If he had been taxed at 70% - 90% he would not have had the money to reinvest. Those new jobs would not have been created as the money would have been in the hands of the government.

I may start a new thread on this very topic.

 

[Jhhnn]

Could you be any more vague?

I worked in Lake Charles for around 7 years building parts for refineries. The 1% build factories and create jobs. When was the last time you had a payroll of $100,000 a week? That is how much one company I worked for paid out in wages along every week.

One individual was a foreign born Asian Indian, came to teh United States legally, got a bachelors degree in engineering - this was in the early 1980s.

Now he owns two factories and employees several hundred people.

If he had been taxed at 70% - 90% he would not have had the money to reinvest. Those new jobs would not have been created as the money would have been in the hands of the government.

I may start a new thread on this very topic.

They'll take their Capital & move on any time they like. Working capital isn't taxed, anyway. Money that stays in the company works for the company.

 

[Texashiker]

They'll take their Capital & move on any time they like. Working capital isn't taxed, anyway. Money that stays in the company works for the company.

Rather than derailing this thread with that topic, I started a new thread.

 

[JSt0rm]

Could you be any more vague?

I worked in Lake Charles for around 7 years building parts for refineries. The 1% build factories and create jobs. When was the last time you had a payroll of $100,000 a week? That is how much one company I worked for paid out in wages along every week.

One individual was a foreign born Asian Indian, came to teh United States legally, got a bachelors degree in engineering - this was in the early 1980s.

Now he owns two factories and employees several hundred people.

If he had been taxed at 70% - 90% he would not have had the money to reinvest. Those new jobs would not have been created as the money would have been in the hands of the government.

I may start a new thread on this very topic.

holy shit you are dumb. You dont pay taxes on money you invest in you biz. That is a write off. You literally have no idea how business works.

 

[Viper1j]

That isn't a loophole, its by design.

Of course it is.

 

[Jhhnn]

I love it when democrats who promote tax and spend finally have to pay more in taxes.

They already paid more before the GOP tax boondoggle.

 

[Bitek]

I think it is terrible.

That loophole needs to be plugged.

Ain't no loophole. It was written on purpose.

Where's your ranty thread on it?

You started this thread to lulz @ librul tears about unfair treatment in the tax code, yet nothing at all on the giveaways to the wealthy, lack of results, and massive explosion of debt?

IDK, maybe Cuomo had a point?

WTF, we had a multi-trillion$ "tax cut" to create jobs, yet millions of regular folks will get tax increases while the nation goes broke and the rich make out like bandits?

People should be pissed. Question is why aren't you?

 

[Jhhnn]

Ain't no loophole. It was written on purpose.

Where's your ranty thread on it?

You started this thread to lulz @ librul tears about unfair treatment in the tax code, yet nothing at all on the giveaways to the wealthy, lack of results, and massive explosion of debt?

IDK, maybe Cuomo had a point?

WTF, we had a multi-trillion$ "tax cut" to create jobs, yet millions of regular folks will get tax increases while the nation goes broke and the rich make out like bandits?

People should be pissed. Question is why aren't you?

Because right wing disinformation & agitprop have scrambled his thinking since forever. Hail Trump!