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Their supporters are not hitting the cap.
So you're saying AOC/Bernie/their supporters and poor/middle class folks in red states have some interests in common? I'm shook.
I think the cap is good. I'm in a state with very high property costs in certain parts (Maryland) and it's not like the people who used to benefit from it are having trouble making ends meet w/o it. Ideally there can be better revenue offsets to bring it back but it doesn't seem like we're at a point nationally where we can agree on how to do that.
You seem to be entirely missing the point. I haven’t commented on the SALT cap at all, just that a majority of this thread is out of touch of what it means to be middle class.
It’s a data point, and your personal feelings towards it are irrelevant.
Further more, instead of continuing to post about what you personally feel is considered middle class, please do a little research.
Seriously - before responding do yourself a favor and spend 5 minutes reading a couple articles about is considered middle class. Hint: It’s not $200k
Raising the SALT cap is a massive tax cut for the rich. Why would Bernie and AOC support that?
Why not just double the limit for MFJ like everything else is doubled? That would seem like a fair compromise. $10k is too little for dual income earners with a home in any state..even for middle class (unless of course you are in one of the tax haven states).
Chief
This is both reasonable and simple to implement... which is why it will never happen.
I am not rich but the SALT hurts me. If you live anywhere in the NY suburbs your property taxes on a middle class home can easily by $15,000 and then you have state income tax on top of that...all,of which are limited to a $10,000 deduction. Of course if we reduce out of control public spending then property taxes go down but the politicians like to use taxpayer money to buy union votes so we are stuck in a vicious cycle where everyone loses unless you have a sweetheart union contract.....
Currently the average property tax in Nassau County (Long Island) is 1.79%. The median home property assessed value for 2020 was just under 500k. (So not hitting millionaire status yet). That gets you a property tax of just under 9k. The SALT cap is 10k so even if someone made 150k in NY with let’s a 6% income tax rate that’s another 9k of tax. But only limited to 10k so 8k is lost. Middle class should not be looked at solely across the country as a whole. It should be broken down by location. I get the point that people choose where they live, but the idea of middle class should be conceptual the same as it was in its best form when families could afford more
Tax policy should not be set to subsidize profligate liberal states
Raise it, but don’t eliminate it. If it is increased to 15k or even 20k it is still great to have. The federal government should not be subordinate to the state’s taxing authorities. If you eliminate the cap it will mostly benefit the millionaires and billionaires.