SALT
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My property taxes are creeping up to 40k, only 10k is deductible. If they let me deduct it all that’s a nice 10k boost on the margin.
"You never know what worse luck your bad luck has saved you from."
-Cormac McCarthy -
My property taxes are creeping up to 40k, only 10k is deductible. If they let me deduct it all that’s a nice 10k boost on the margin.
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We’ll the property tax alone exceeds the standard deduction. But I didn’t take that into account.
But I’d suddenly be able to deduct charitable contributions again, or rather it would make sense to. So my deductions would be ~50k ish rather than 24k ish. Net savings in the neighborhood of 10k still.
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We’ll the property tax alone exceeds the standard deduction. But I didn’t take that into account.
But I’d suddenly be able to deduct charitable contributions again, or rather it would make sense to. So my deductions would be ~50k ish rather than 24k ish. Net savings in the neighborhood of 10k still.
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Not really, it’s just that my only deduction I get is the 10k limit of my property tax. So unless I donate >14k in a year the it makes sense to take the standard deduction. I donate just under that typically. So when they were about to change the law in 2018 I made a (tax deductible) multi-year equivalent deduction to a donor-advised fund which I now use for donations. If they change the law I could start donating out of personal funds again and take the full deduction, since my property tax alone gets me above standard deduction territory.
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My property taxes are creeping up to 40k, only 10k is deductible. If they let me deduct it all that’s a nice 10k boost on the margin.
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Was the SALT part of the infrastructure package? Or is it part of the 1.75 Trillion Dollar Sweepstakes?
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So it still has to get past the Senate.
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My property taxes are creeping up to 40k, only 10k is deductible. If they let me deduct it all that’s a nice 10k boost on the margin.
My property taxes are creeping up to 40k
I wouldn't be surprised if there are people in your area who live in a trailer park but drive a Porsche. I wonder what kinds of incentives are caused by such massive property taxes, as opposed to collecting the same money via income tax or VAT.
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But I do believe the GOP will be campaigning all over this one.
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But I do believe the GOP will be campaigning all over this one.
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https://www.axios.com/2024/09/18/trump-salt-tax-cuts-senate
Trump's surprise post on SALT deductions Tuesday has forced Senate Republicans into a pickle: contradict their party's leader or their old positions.
Why it matters: For Republican leaders, it's a taste of what's to come if Trump wins back the White House.
They'll have to harmonize their own positions — in real time — with a president who is constantly changing his.
Trump posted he would "get SALT back."That's a strong indication he wants to let those in high-tax states deduct more than $10,000 from their federal taxes — a limit he championed in his 2017 Tax Cuts and Jobs Act
and
The bottom line: Removing the $10,000 SALT cap would cost an estimated $1.2 trillion over a decade, according to the Committee for a Responsible Federal Government.
An estimated 92% of the benefit would go to the top 10% of earners, according to CRFB.
