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> Additionally, SALT isn’t exclusive to CA, any state with income taxes benefits from it (and most states do have income taxes) Many states have income tax, bu
by bitshiftfaced 4y ago
> Additionally, SALT isn’t exclusive to CA, any state with income taxes benefits from it (and most states do have income taxes)
Many states have income tax, but prioritize low taxes and spending. Those states don't see as much benefit from the SALT deduction. And make no mistake, when it comes to SALT, the real winners are the wealthy, not the poor.
- tolmasky 4y ago> when it comes to SALT, the real winners are the wealthy, not the poor. Right, which is why it happened parallel to the wealthy tax cuts. This "protected" that constituency from the effects of removing SALT (plenty of high earners in CA still ended up ahead if I recall correctly), went largely to offset other tax cuts (meaning no meaningful "programs benefits"), and thus ironically enough arguably negatively affected the middle class beneficiaries the most -- the kind of people that would have most benefited during specific rare events, for example when selling their home.