Latest Breaking News

aquamarina

(1,865 posts)

2. This middle of the income individual begs to differ.

Reply to Yo_Mama_Been_Loggin (Original post)

Thu Apr 15, 2021, 07:36 PM

Apr 2021

The SALT deduction hurt many more middle income people than billionaires. It was the primary reason that every republican House of Rep in Orange County, CA lost his job in 2018. Yes, there are a lot of obscenely rich people in Orange County but the vast majority of them are just your average joes and josephines. Home prices are ridiculous and taking away this tax break hurt a lot of people. It was especially hard hitting on people who were recent home buyers - the early years when most of a mortgage payment goes towards interest. Just my $0.02. I like AOC very much but I do not agree with her on this.

Edit history

Please sign in to view edit histories.

33 replies

= new reply since forum marked as read

Highlight:

AOC calls SALT deduction a 'gift to billionaires,' opposes effort to hold up infrastructure bill [View all] Yo_Mama_Been_Loggin Apr 2021 OP

Removing the cap is a gift to billionaires. Maybe raise but definitely do not remove it. LonePirate Apr 2021 #1

I am nowhere close to a billionaire, millionaire or any other aire. I am a middle class homeowner Dream Girl Apr 2021 #16

That's why I said raise the cap but do not remove it. LonePirate Apr 2021 #21

This middle of the income individual begs to differ. aquamarina Apr 2021 #2

I'd agree except they doubled the standard deduction which more then jimfields33 Apr 2021 #3

As a single Homeowner in Connecticut, no, it didn't. NutmegYankee Apr 2021 #4

Bingo! That cap hurt us (also in Connecticut) quite a bit. And forget it if you have even.... George II Apr 2021 #8

Also in California. Gee, one has to wonder if they were targeting blue states who are hurt the most JohnSJ Apr 2021 #17

Not if you are single and your annual mortgage interest is more than 12k a year. aquamarina Apr 2021 #5

No, doubling the standard deduction (actually it only went up 80%, not 100%) affected more than.... George II Apr 2021 #6

Sorry... Wuddles440 Apr 2021 #9

Exactly, and that personal exemption was 8200 for married JohnSJ Apr 2021 #20

Umm from this middle class home owner in NY it didn't help caber09 Apr 2021 #11

With that position, she has no future in the Senate eilen Apr 2021 #24

That didn't do nearly enough to take care of the problem in high tax states. n/t pnwmom Apr 2021 #12

Only until 2025 Deminpenn Apr 2021 #22

Ditto! crimycarny Apr 2021 #10

Agree. I'm certainly not wealthy, but I have high interest payments and high property taxes. Lonestarblue Apr 2021 #13

Oy vey, I'm not a billionaire and eliminating the cap would help quite a bit. George II Apr 2021 #7

Lifting the cap benefits middle class families in higher tax state....like New York RandySF Apr 2021 #14

There are less than 700 billionaires in the USA DFW Apr 2021 #15

They get the word "billionaire" hammered into their heads and think there's a huge group.... George II Apr 2021 #26

Love AOC, she is wrong on this one lostnfound Apr 2021 #18

Another reason she'll never be a NY Senator... brooklynite Apr 2021 #19

Exactly. I don't think Chuck has anything to worry about from her eilen Apr 2021 #25

She's a bit simple minded. She has a lotto learn. Dream Girl Apr 2021 #27

we are not rich. this hurt us. Trump fucked us over to hurt blue state voters ZonkerHarris Apr 2021 #23

Blue state taxpayers are paying taxes on ALREADY TAXED money mainer Apr 2021 #28

I have never understood the SALT deducation ripcord Apr 2021 #29

By that measure, you shouldn't be able to deduct mortgages or property taxes... brooklynite Apr 2021 #30

I think all deductions should be done away with ripcord Apr 2021 #31

So, to meet the revenue needs of the Biden infrastructure plan, you and I should pay the same rate? brooklynite Apr 2021 #32

Did you miss the based on income level part of my post? ripcord Apr 2021 #33