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I often see this said but you can do some quick math to see it affects more than wealthy people. A median single-family home in CA is now $800k, so the property
by altano 5y ago
I often see this said but you can do some quick math to see it affects more than wealthy people. A median single-family home in CA is now $800k, so the property tax on that would almost be enough to hit the $10k. And that’s before any other state or local taxes like income tax.
I actually don’t support reinstating the SALT tax deduction but the discussion of it seems off.
- refurb 5y agoIf you recently bought an $800,000 home you're quite wealthy compared to the median American.
- sieabahlpark 5y agoInflation certainly isn't going to be a thing then? The point is that it would be a punishment for those living in high cost areas. An 800k "house" in CA is not even remotely close to a 800k house in Nebraska. You can't compare the two reliably without being intellectually dishonest.
- geoduck14 5y ago>If you recently bought an $800,000 home you're quite wealthy compared to the median American. I was in Oakland a couple years back and saw a house for $600k - just looking at it made me want a Tetnis shot. I don't envy Californians for their $800k houses
- b20000 5y agothe median american is not paying california taxes, house prices, schools costs etc
- altano 5y agoIf you're willing to say "this deduction only helps wealthy Californians but I define 'wealthy' as people buying median-priced (and lower) homes" than I'll get on board with that statement. I don't think it's a super ambitious or useful one though.