No, they get a deduction on federal taxes because of their high state taxes. This means the rest of the states are subsiding their state taxes.
No, you're misinterpreting this.
I have property in Texas. Texas has retard high property tax rates. I pay 4400 dollars for just the property taxes. If this gets done I will be able to claim a 4400 dollar deduction on my 1040 and not pay taxes on that 4400. This will save me about 792 in Federal Tax.
Why should I pay taxes on my taxes?
Am I?
You're living in an area where your taxes are high. Why should the rest of the us subsidize your federal tax burden?
This is on the states to fix. Texas needs to fix this shit, the federal government doesn't need to subsidize it.
I'm not married to this, but that is how I'm interpreting it.
We should not pay taxes on our taxes. No one is subsidizing anything. I paid the taxes. The Gov reached into my pocket and removed 4400 dollars. Here in a couple months I get to pay even more taxes but I get to deduct that 4400 from my taxable income. That is all. It's not welfare, it's money the government took from me. I don't get back 4400 dollars, I just don't have to pay tax on that amount.
(post is archived)