I wasn't happy about losing most of my Cali state tax deduction, but I recognized that Trump was taking a shot at the high-tax blue states, so I hoped it might put some pressure on these one-party creeping(?) socialists to reassess their greedy, power-mad quest for wealth confiscation. That hope was in vain, of course, so I wouldn't mind…
I wasn't happy about losing most of my Cali state tax deduction, but I recognized that Trump was taking a shot at the high-tax blue states, so I hoped it might put some pressure on these one-party creeping(?) socialists to reassess their greedy, power-mad quest for wealth confiscation. That hope was in vain, of course, so I wouldn't mind getting that money back. However, I've adjusted to the new reality, so I'm not sweating bullets.
I know both parties play games with the tax code, but the Democrats in particular are extremely adept at using tax law and regulation to power a money-laundering operation in which campaign money flows back from the rich. Unions are another great source of Democrat revenue, which is why unreal pension benefits have been granted in red states and the federal government.
I feel the same way. I live in OC, own a modest 3 bedroom home and am in the top 10% in national income. My property taxes alone consume about 85% of the $10K cap leaving me hardly any room to further deduct my state income tax like I was once able. But I can live with it knowing that the truly elite brackets (who have supported Democrat one-party rule) with their $10M homes in Bel Air can't deduct their property taxes in the way they were able to before the SALT cap was enacted
I think I acknowledged that, but here in California, it's a one-party show. And aside from those whose calling puts them in mortal danger, i.e. first responders, the public union pensions are out of control. When teachers (who deserve a lot) can retire at 50 with 90% of their pay and medical coverage for them and their spouses for the rest of the lives, it's excessive, especially when our blue masters didn't bother to come up with a way to cover it. Today, 25% of the LAUSD budget, which is $7.3 billion, goes to cover unfunded pension liabilities. In other words, a quarter of the budget is used to pay teachers NOT to teach. As my friend Willie Brown said, "We may have given our union friends too much." Ya think?? It's an unholy loop, where million$ are kicked back in campaign donations.
You're completely right. I should have read your post more closely.
A friend lived in California for 20 years and was a Republican, moved to a State dominated by Republicans and became a Democrat. Power corrupts absolutely and if I lived in California I would feel the same way you do. As far as I can tell, there are about 5-6 States left that are not under one party rule.
California has it especially tough with state unions. Places like Stockton have declare bankruptcy because union retirement liabilities are more expensive than the actual workers.
The good news is I suspect the feds will ultimately bail states like California and Illinois out (look at the recent 2.1 trillion dollar pandemic law).
The bad news is that the Feds, meaning the people will be left holding the bag when we can't pay the debt.
This was done to reward them (for their services AND election backing) without increasing pay, which visibly comes out of year-to-year budgets. A fine example of next-level "kicking the can down the road".
Already bankrupted my hometown, Vallejo. More to come.
I wasn't happy about losing most of my Cali state tax deduction, but I recognized that Trump was taking a shot at the high-tax blue states, so I hoped it might put some pressure on these one-party creeping(?) socialists to reassess their greedy, power-mad quest for wealth confiscation. That hope was in vain, of course, so I wouldn't mind getting that money back. However, I've adjusted to the new reality, so I'm not sweating bullets.
I know both parties play games with the tax code, but the Democrats in particular are extremely adept at using tax law and regulation to power a money-laundering operation in which campaign money flows back from the rich. Unions are another great source of Democrat revenue, which is why unreal pension benefits have been granted in red states and the federal government.
I feel the same way. I live in OC, own a modest 3 bedroom home and am in the top 10% in national income. My property taxes alone consume about 85% of the $10K cap leaving me hardly any room to further deduct my state income tax like I was once able. But I can live with it knowing that the truly elite brackets (who have supported Democrat one-party rule) with their $10M homes in Bel Air can't deduct their property taxes in the way they were able to before the SALT cap was enacted
That's the likely genesis of this effort.
Democratic tax breaks like the "Death Tax?"
Unions, like the police unions?
Both parties are masters at this. It's why they are there.
I think I acknowledged that, but here in California, it's a one-party show. And aside from those whose calling puts them in mortal danger, i.e. first responders, the public union pensions are out of control. When teachers (who deserve a lot) can retire at 50 with 90% of their pay and medical coverage for them and their spouses for the rest of the lives, it's excessive, especially when our blue masters didn't bother to come up with a way to cover it. Today, 25% of the LAUSD budget, which is $7.3 billion, goes to cover unfunded pension liabilities. In other words, a quarter of the budget is used to pay teachers NOT to teach. As my friend Willie Brown said, "We may have given our union friends too much." Ya think?? It's an unholy loop, where million$ are kicked back in campaign donations.
You're completely right. I should have read your post more closely.
A friend lived in California for 20 years and was a Republican, moved to a State dominated by Republicans and became a Democrat. Power corrupts absolutely and if I lived in California I would feel the same way you do. As far as I can tell, there are about 5-6 States left that are not under one party rule.
California has it especially tough with state unions. Places like Stockton have declare bankruptcy because union retirement liabilities are more expensive than the actual workers.
The good news is I suspect the feds will ultimately bail states like California and Illinois out (look at the recent 2.1 trillion dollar pandemic law).
The bad news is that the Feds, meaning the people will be left holding the bag when we can't pay the debt.
This was done to reward them (for their services AND election backing) without increasing pay, which visibly comes out of year-to-year budgets. A fine example of next-level "kicking the can down the road".
Already bankrupted my hometown, Vallejo. More to come.