4 ms·

Sometimes I wonder why the heck I should live in NYC and pay so much in state and city taxes.. and then I can’t even deduct them starting in 2018... But then i

Sometimes I wonder why the heck I should live in NYC and pay so much in state and city taxes.. and then I can’t even deduct them starting in 2018... But then i get depressed so I try not to think of it too much.

ajmurmann 9y ago
I'm sure getting more negative about living in NYC was exactly one of the things that the authors of the tax bill aimed for.
- bmelton 9y ago
  Meanwhile, progressive-leaning organizations have been pushing for the elimination of SALT deductions for years, on the logic that it primarily benefits the wealthy residents in high tax states. The Center for American Progress was urging the Obama administration to eliminate those tax deductions[1]. Politifact fact-checked a Pelosi claim, and came to the same conclusion, that the SALT deudction "is a tax deduction that disproportionately benefits higher-income taxpayers[2]". Only 10% of filers earning under $50k a year even bother claiming the deduction[3][4]. [1] - https://www.americanprogress.org/issues/general/news/2011/02/02/9070/tax-expenditure-of-the-week-state-and-local-tax-deduction/ https://www.americanprogress.org/issues/general/news/2011/02... [2] - http://www.politifact.com/truth-o-meter/statements/2017/oct/20/nancy-pelosi/do-moderate-income-families-benefit-more-state-and/ http://www.politifact.com/truth-o-meter/statements/2017/oct/... [3] - https://www.urban.org/research/publication/repeal-state-and-local-tax-deduction https://www.urban.org/research/publication/repeal-state-and-... [4] - https://www.brookings.edu/blog/fixgov/2017/12/20/the-only-good-thing-about-the-tax-bill/ https://www.brookings.edu/blog/fixgov/2017/12/20/the-only-go...
  - ajmurmann 9y ago
    "wealthy residents in high tax states" This to me is one of the biggest problems talking about taxation and wealth in the US. $50k is nothing you can really live off in most (by population) parts of California. $100k would make you well-off elsewhere but makes you poor in the Bay Area. While I'm generally for some degree of wealth redistribution, I'm afraid this will hit many people who aren't actually wealthy, but just scraping by.
    - bmelton 9y ago
      It may or may not. I'm admittedly not an economist, and even if I were, I'm not remotely informed on California tax policy. That said, it's confounding to me that eliminating the mortgage deduction, and eliminating SALT deductions were considered progressive ideals, right up until the Republicans implemented it. I don't know if it's people preferring policy ideals that sound good on paper, or if they're being applied to some richer population than the one whomever happens to be in, or if this is just the result of tribal echoing, but what we're left with isn't pretty.
    - berbec 9y ago
      I live in NYC on $55k/year. I live paycheck to paycheck constantly. My rent takes over 50% of my monthly income.
      - cm2012 9y ago
        50k is the median family income in nyc.
    - imbur 9y ago
      There is a large difference in the cost of living between areas like SF and NYC and the average, but it is not nearly that high. The living wage for a family of two adults, and two children, with one working, for San Francisco is $72k according to http://livingwage.mit.edu/counties/06075 http://livingwage.mit.edu/counties/06075 Chattanooga TN has the lowest of a major city at $47k in income for the same size family. Over 50% of households in the bay area make less than $75k a year. It is a hyperbole to say that $100k is poor even in the bay area
      - closeparen 9y ago
        Try and find just 2 real estate listings you think this family of 4 could live in within an hour of SF. Maybe if they got a rent controlled place 15 years ago.
    - viridian 9y ago
      Living in the Bay Area is a choice. If someone is scraping by but could effectively make more relative to cost of living elsewhere, they should consider moving.

ajmurmann 9y ago

I'm sure getting more negative about living in NYC was exactly one of the things that the authors of the tax bill aimed for.

bmelton 9y ago
Meanwhile, progressive-leaning organizations have been pushing for the elimination of SALT deductions for years, on the logic that it primarily benefits the wealthy residents in high tax states. The Center for American Progress was urging the Obama administration to eliminate those tax deductions[1]. Politifact fact-checked a Pelosi claim, and came to the same conclusion, that the SALT deudction "is a tax deduction that disproportionately benefits higher-income taxpayers[2]". Only 10% of filers earning under $50k a year even bother claiming the deduction[3][4]. [1] - https://www.americanprogress.org/issues/general/news/2011/02/02/9070/tax-expenditure-of-the-week-state-and-local-tax-deduction/ https://www.americanprogress.org/issues/general/news/2011/02... [2] - http://www.politifact.com/truth-o-meter/statements/2017/oct/20/nancy-pelosi/do-moderate-income-families-benefit-more-state-and/ http://www.politifact.com/truth-o-meter/statements/2017/oct/... [3] - https://www.urban.org/research/publication/repeal-state-and-local-tax-deduction https://www.urban.org/research/publication/repeal-state-and-... [4] - https://www.brookings.edu/blog/fixgov/2017/12/20/the-only-good-thing-about-the-tax-bill/ https://www.brookings.edu/blog/fixgov/2017/12/20/the-only-go...
- ajmurmann 9y ago
  "wealthy residents in high tax states" This to me is one of the biggest problems talking about taxation and wealth in the US. $50k is nothing you can really live off in most (by population) parts of California. $100k would make you well-off elsewhere but makes you poor in the Bay Area. While I'm generally for some degree of wealth redistribution, I'm afraid this will hit many people who aren't actually wealthy, but just scraping by.
  - bmelton 9y ago
    It may or may not. I'm admittedly not an economist, and even if I were, I'm not remotely informed on California tax policy. That said, it's confounding to me that eliminating the mortgage deduction, and eliminating SALT deductions were considered progressive ideals, right up until the Republicans implemented it. I don't know if it's people preferring policy ideals that sound good on paper, or if they're being applied to some richer population than the one whomever happens to be in, or if this is just the result of tribal echoing, but what we're left with isn't pretty.
  - berbec 9y ago
    I live in NYC on $55k/year. I live paycheck to paycheck constantly. My rent takes over 50% of my monthly income.
    - cm2012 9y ago
      50k is the median family income in nyc.
  - imbur 9y ago
    There is a large difference in the cost of living between areas like SF and NYC and the average, but it is not nearly that high. The living wage for a family of two adults, and two children, with one working, for San Francisco is $72k according to http://livingwage.mit.edu/counties/06075 http://livingwage.mit.edu/counties/06075 Chattanooga TN has the lowest of a major city at $47k in income for the same size family. Over 50% of households in the bay area make less than $75k a year. It is a hyperbole to say that $100k is poor even in the bay area
    - closeparen 9y ago
      Try and find just 2 real estate listings you think this family of 4 could live in within an hour of SF. Maybe if they got a rent controlled place 15 years ago.
  - viridian 9y ago
    Living in the Bay Area is a choice. If someone is scraping by but could effectively make more relative to cost of living elsewhere, they should consider moving.