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>homeowner in NY or CA >deserves to be screwed to benefit rich folks Hate to break it to you but if you own a home in NY or CA your probably one of the rich f
by Veelox 9y ago
>homeowner in NY or CA
>deserves to be screwed to benefit rich folks
Hate to break it to you but if you own a home in NY or CA your probably one of the rich folks.
- IntronExon 9y agoNY is a big state with a significant portion being rural. Likewise Cali is a huge state, and it’s not all SF and LA.
- Veelox 9y agoI agree but if you live in a rural area in one of those than the change to SALT matters much less to you.
- wan23 9y ago> if you live in a rural area in one of those than the change to SALT matters much less to you Why? State income taxes apply to you no matter where in the state you live.
- Veelox 9y agoYes but you can deduct up to 10k, you probably won't be above that if you are in a truely rural area. Unless you are a business owner but then we are back to being rich.
- mhuffman 9y agoPeople inherit houses. Do you mean "rich on paper'?
- sol_remmy 9y agoInherited wealth should count, don't you think
- nugget 9y agoShould there be a difference between someone who inherits a debt free, million dollar house in a liquid real estate market versus someone who inherits a million dollars worth of index funds in a Fidelity account? In California, the heir to the house is arguably better off because they would likely inherit the proposition 13 tax basis and pay very little in property taxes.