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Kathleen McCook's avatar

SALT, State and local tax deductions limited amount of state and local taxes (SALT) that could be deducted on a federal income tax to $10,000 which seems a very large amount to most people. It prob. encouraged people to buy expensive houses. Real estate people do not like it.

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Brian Katz's avatar

I spent 30 years as a tax professional at the top of my profession. The SALT deduction should not be reinstated, it’s terrible tax policy. It was passed to put pressure on states who’s fiscal house was in ruin, to force fiscal responsibility on those who’s spending was out of control. Too many times this is portrayed as a political matter, blue vs. red. But that’s a false narrative. States who rely on the wealthy to fund their largess have a spending problem, not a revenue problem. Reduced spending, reduce your tax rate, eliminate useless overhead from school boards and get your pension obligations under control. Then perhaps people will want to immigrate to your state and lift up all boats in the water.

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