You forget to talk about how this tax only effects millionaires. That lady is the typical millionaire victim. She can't tax the poor people enough WAAAAAAHHHH
If you vote for reps that raise taxes, then pay the taxes. If you don’t like your tax rate you can vote out those reps or move out to a more favorable state.
Hi rate state income tax states are the ones that are effected, “Across The Country” is a overstatement. The feds shouldn’t have to subsidize state income taxes.
Exactly, she is not talking that nobody can afford house price rising and her bill only benefits the wealthy, investors and dies nothing to common United Statians. She lies when she daisy house prices are dropping…. WHERE????
1:40 Yeah... your high home prices were subsidized, by the rest of us shmucks in fly-over county. Welcome to fair value. I'm sure you guys have awesome school districts, don't ya. We are paying for those too.
The entirety of fly-over country is subsidized by the coastal states. Welcome to reality. You are not paying for anyone else's school district, directly or indirectly. Thanks for demonstrating you have no idea how any of this works.
@@NJerseyBoy here's how that works: In a nice enclave/school district in Connecticut, you pay 50K in Property taxes. That finances your public schools, then you turn around and deduct that completely from your federal tax liability. Someone from a crappy poor area, like West Virginia, has no local tax base so they have poorly funded public schools. They have a very small local tax bill and don't get to deduct much of anything from their federal tax liability. (Now if you want to talk about some other federal programs, that give money to poor areas, finance by blue states, that's fine...) But local schools should not be funded from property taxes. This is how rich, geographic areas entrench their generational wealth through unlimited SALT deductions, funding high performing public schools. Do you get it? BTW I'm not a Trump supporter, this is one policy his admin accidentally got right. And really this isn't about wider geographic areas as much as it is about people who have high incomes, and high local schools costs, paid from high local taxes, wanting the federal government to subsidies (through the unlimited deduction) but the feds have now said $10K is the cap. and the rich scream bloody murder "This is revenge on blue states!" Also... rich people know that their fancy home, in a nice area, has the local school district baked into the price of that house. Here is an asset you own, that benefits your children's education based on location. and these rich folk complain that their home prices are suffering because now they can't write off that school district cost from their federal liability.
Because a person has already paid tax on the money earned. You are deducting the tax paid to local & state govts from your total taxes due the Federal govt
@@maryanneclassen9157 But those taxes are completely independent from each other. If you pay taxes to two different entities that does not mean that it is double taxed, just that you owe taxes to two entities separately.
Because I pay almost 12k on my property taxes, I lived in my home for 18 years. When I moved in the property taxes were 5200,now more than double. My taxes are subsidizing other towns and states that are managed poorly. Mostly the public schools who control most of the votes in this state.
You forget to talk about how this tax only effects millionaires. That lady is the typical millionaire victim. She can't tax the poor people enough WAAAAAAHHHH
Not a millionaire, and my federal taxes went up dramatically as a result of this. Try again.
If you vote for reps that raise taxes, then pay the taxes.
If you don’t like your tax rate you can vote out those reps or move out to a more favorable state.
Hi rate state income tax states are the ones that are effected, “Across The Country” is a overstatement. The feds shouldn’t have to subsidize state income taxes.
Thankyfully they don't and never did.
Plot twist - home prices still continued to sky rocket 🚀
Exactly, she is not talking that nobody can afford house price rising and her bill only benefits the wealthy, investors and dies nothing to common United Statians. She lies when she daisy house prices are dropping…. WHERE????
Salt Subsidised the rich
Why should we deduct any, tax less state or feds
1:40 Yeah... your high home prices were subsidized, by the rest of us shmucks in fly-over county. Welcome to fair value.
I'm sure you guys have awesome school districts, don't ya. We are paying for those too.
The entirety of fly-over country is subsidized by the coastal states. Welcome to reality. You are not paying for anyone else's school district, directly or indirectly. Thanks for demonstrating you have no idea how any of this works.
@@NJerseyBoy here's how that works: In a nice enclave/school district in Connecticut, you pay 50K in Property taxes. That finances your public schools, then you turn around and deduct that completely from your federal tax liability. Someone from a crappy poor area, like West Virginia, has no local tax base so they have poorly funded public schools. They have a very small local tax bill and don't get to deduct much of anything from their federal tax liability. (Now if you want to talk about some other federal programs, that give money to poor areas, finance by blue states, that's fine...) But local schools should not be funded from property taxes. This is how rich, geographic areas entrench their generational wealth through unlimited SALT deductions, funding high performing public schools. Do you get it? BTW I'm not a Trump supporter, this is one policy his admin accidentally got right.
And really this isn't about wider geographic areas as much as it is about people who have high incomes, and high local schools costs, paid from high local taxes, wanting the federal government to subsidies (through the unlimited deduction) but the feds have now said $10K is the cap. and the rich scream bloody murder "This is revenge on blue states!" Also... rich people know that their fancy home, in a nice area, has the local school district baked into the price of that house. Here is an asset you own, that benefits your children's education based on location. and these rich folk complain that their home prices are suffering because now they can't write off that school district cost from their federal liability.
Why should you able to deduct your state and local taxes from the federal taxes n the first pace?
Because a person has already paid tax on the money earned. You are deducting the tax paid to local & state govts from your total taxes due the Federal govt
@@maryanneclassen9157 But those taxes are completely independent from each other. If you pay taxes to two different entities that does not mean that it is double taxed, just that you owe taxes to two entities separately.
Because I pay almost 12k on my property taxes, I lived in my home for 18 years. When I moved in the property taxes were 5200,now more than double. My taxes are subsidizing other towns and states that are managed poorly. Mostly the public schools who control most of the votes in this state.
@@alcapony732 then lobby your state government to lower the state property taxes, this has nothing to do with federal taxes.
@@jgyuri the topic is about the salt cap is it not?
SALT is agreed on with Bipartisan support. It's where Dems and Repubs agree where you should be worried the most.