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In reply to the discussion: AOC calls SALT deduction a 'gift to billionaires,' opposes effort to hold up infrastructure bill [View all]Wuddles440
(1,123 posts)9. Sorry...
but the elimination of the Personal Exemptions ($4150 per person in 2018) essentially negated the increasing of the Standard Deduction. This was another sleight-of-hand by the GOPpers and their enablers to make their windfall tax cuts for the billionaires and corporations appear more palatable to the common Joes. The capping of the SALT was purely structured to primarily penalize residents of Blue states (although it resulted in many residents of Red states becoming collateral damage). You may want to check what your actual effective tax rate was both prior to and after the GOPpers' tax scam. Some common folks benefited but most did not. Personally I got crushed. Never, EVER trust the GOPpers with tax policy!
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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
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
That didn't do nearly enough to take care of the problem in high tax states. n/t
pnwmom
Apr 2021
#12
Agree. I'm certainly not wealthy, but I have high interest payments and high property taxes.
Lonestarblue
Apr 2021
#13
Lifting the cap benefits middle class families in higher tax state....like New York
RandySF
Apr 2021
#14
They get the word "billionaire" hammered into their heads and think there's a huge group....
George II
Apr 2021
#26
we are not rich. this hurt us. Trump fucked us over to hurt blue state voters
ZonkerHarris
Apr 2021
#23
By that measure, you shouldn't be able to deduct mortgages or property taxes...
brooklynite
Apr 2021
#30
So, to meet the revenue needs of the Biden infrastructure plan, you and I should pay the same rate?
brooklynite
Apr 2021
#32