Saw that directly. Everyone talks about the tax cuts, but my taxes went up as a result of the SALT changes. There was a real effect on people, especially those in high cost of living areas, when they could no longer deduct mortgage interest.
I wonder if it will be allowed to expire on schedule and my taxes will go back down. Probably too much to hope for.
My first order ignorant analysis is this feels like something done to make people dislike higher tax or progressive states. It increases the indigestion/frustration with taxes & the state. Makes the payments compound.
But I'm also willing to admit there may be some very solid policy reasons why this is a good idea. I have tried to imagine some, but no luck so far!
What kind of impact did making SALT tax no longer deductable have on the federal government? Did this change the budget noticeably?
> feels like something done to make people dislike higher tax or progressive states
You hit it on the nail. That was even part of the pitch, that it would hit blue states harder than red ones.
Even then, I expect the real goal was just catering to the folks with deep pockets. No attempt was made to hide that -- half the tax 'cuts' expire, but the other half are permanent. Guess which half...
I wonder if it will be allowed to expire on schedule and my taxes will go back down. Probably too much to hope for.