Thank goodness Cuomo’s our governor … wait

From Newsday:

Cuomo to meet with Trump to seek end of cap on SALT deductibility

Gov. Andrew M. Cuomo said he is scheduled to meet with President Donald Trump on Tuesday to press his effort to overhaul Trump’s tax plan, which is driving up federal income taxes for high-income, highly taxed New Yorkers.

Trump’s tax cut package, passed in December 2017, provides a long-term corporate tax break, but helps pay for it by capping the deductibility of state and local taxes, or SALT, on federal income taxes. That is increasing many New Yorkers’ federal income tax bills in areas with high local property taxes and income taxes, such as Long Island, Westchester County and Manhattan.

“To me, there is no more vital, long-term issue for this state than SALT,” Cuomo said.

A week ago, Cuomo blamed the SALT provision and Trump for a $2.3 billion hole in state income tax revenue for December alone. Cuomo said the loss in estimated income tax payments by high-income earners indicates that many top earners may be leaving the state, threatening a long-term loss of revenue. Fiscal analysts, however, have also noted that Wall Street bonuses are down and the economy is slowing.

Last week, Trump said he was open to discussing changes in his tax package. He provided no specifics.

Cuomo said that in his midafternoon meeting with Trump he will press for a full repeal of the SALT provision. He said he has no alternative or compromise to offer, but said Trump would simply have to find another way to fund his corporate tax break.

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108 Responses to Thank goodness Cuomo’s our governor … wait

  1. grim says:

    At least someone is looking out for us.

  2. 1987 Condo says:

    My 2 brothers and their wives bring in about $400,000 annually in NY related pensions, NY state and NYC does not tax them on any of that, perhaps that is a future revenue source?

    (I am not really worried, there is NO way that law is getting changed!)

  3. grim says:

    From ROI-NJ:

    Chance 2 at HQ2? N.J. has been courting Amazon for weeks, source tells ROI-NJ

    It is unclear if Amazon truly is considering pulling its HQ2 project out of New York City — as was reported Friday morning by the Washington Post — but this much is clear: Officials from New Jersey have been courting the company for some time, selling Newark as a viable and cost-effective alternative.

    The information comes from a source involved in the discussions, but one who requested anonymity because they are not authorized to speak on the subject, combined with a heightened sensitivity on the matter.

    The state has made calls to Amazon officials to express its continued interest to take over the project — one that promises 25,000 jobs — the source told ROI-NJ on Friday afternoon.

    The source said the state also has been reaching out to New York officials with suggestions of sharing the project, as was previously reported in ROI-NJ.

  4. grim says:

    From Gallup:

    Americans’ Confidence in Their Finances Keeps Growing

    Americans’ optimism about their personal finances has climbed to levels not seen in more than 16 years, with 69% now saying they expect to be financially better off “at this time next year.”

    The 69% saying they expect to be better off is only two percentage points below the all-time high of 71%, recorded in March 1998 at a time when the nation’s economic boom was producing strong economic growth combined with the lowest inflation and unemployment rates in decades.

    Americans are typically less positive about how their finances have changed over the past year than about where they’re headed, and that remains the case. Fifty percent say they are better off today than they were a year ago. That 50% still represents a post-recession milestone — the first time since 2007 that at least half of the public has said they are financially better off than a year ago.

  5. D-FENS says:

    Murphy is too busy suing him or talking crap about him. We’ll see which method is more effective.

  6. Juice Box says:

    Cuomo will walk away empty handed, he showed up WAY too late to kiss the ring.

    In other news, a crook and a cohort write up some legislation that will go nowhere.

    “Sen. Bob Menendez (D-N.J.) and Rep. Bill Pascrell (D-N.J.) on Monday introduced a bill to restore the full state and local tax (SALT) deduction. The bill would also raise the top individual income tax rate from 37 percent to 39.6 percent — which was the top rate before the 2017 tax law was enacted.”

    GOOD LUCK WITH THAT….

  7. Juice Box says:

    NJ’s only Republican left in Congress, the last survivor of the great purge in NJ also signed onto the legislation, co-sponsored by Rep. Chris Smith (R-N.J.)

  8. GdBlsU45 says:

    I saw f’em. Democrats use the tax money at the state and local level to build their machinery and grassroots organizations. When you are subsidizing that activity it becomes a feedback loop. Starts mushrooming.

    Look no further than the Murphy hiring scandals which nj fake news ignores. Basically you have hundreds of people at the state level and thousands at the local level who only exist as operatives with fake titles. Cut them down or pay the full freight and people will start paying attention to what’s happening.

    It’s astounding to read between the lines. What coumo is saying is that the biggest challenge to the state is the inability to raise taxes fast enough.

  9. The Great Pumpkin says:

    So if they all leave high blue tax states to avoid this tax, who the hell is going to pay for the corporate tax cut? Bring back the salt, and figure out another way to fund it. This plan is not viable for the long term due to tax flight/avoidance.

    “Trump’s tax cut package, passed in December 2017, provides a long-term corporate tax break, but helps pay for it by capping the deductibility of state and local taxes, or SALT, on federal income taxes.”

  10. Blue Ribbon Teacher says:

    I’m not happy about the SALT situation but I think maybe it becomes a tipping point. Lefties seemed indifferent to the Democrats in this state continuosly jacking up their property taxes. I never saw more bitching outside of the SALT elimination. Perhaps now, they might actually protest any more increases?

    Long term, I’m not sure how this plays out. Nearly every school district is going to have enrollment cut drastically. In some cases, this is up to 50%. People are having kids late and a lot are one and done. Nobody is having more than 2. We are seeing around 2nd/3rd grade, most districts have a fall off in enrollment. That means, in 5 to 10 years, we’ll need a lot less high school/middle school teachers. The staff will likely be elminiated? Do we force our way into lower taxes? Or do we let school districts run wild created even more bloated admin positions?

  11. 3b says:

    Blue I have been saying this for some time now that school enrollment is and will continue to drop. And you are right people are having kids later today well into their 30s 40s and beyond. And many times one and done,two tops. In my opinion it is also why there is no rush to the suburbs like there was in my day and it’s not that long ago. And for many there will be no move to the suburbs.

  12. Bruiser says:

    I thought Democrats liked higher taxes, especially on those with high incomes.

  13. Grim says:

    Many school districts in NJ will need to consider mothballing schools and consolidating.

    If the number of teachers starts to decline in a way that is aligned with the drop in enrollment, teachers pensions in NJ are in serious trouble.

  14. No One says:

    There’s no inalienable right to deduct state and local taxes, just as there’s none to deduct mortgage interest. Taxes are all political wrangling, where some groups try to negotiate less punishment than others. Democrats decided to imagine they were Le Resistance, refusing to taint themselves by negotiating with the President they preferred to view as the SNL caricature, a wholly illegitimate Russian pawn entity that they imagined they could make go away. Now a year later they are talking about changing tax law they refused to participate in? I’ll bet that if they gave Trump $10bn for a wall, they could get SALT deductions. If Dems participate there’s no need for a balanced budget. The Repubs took away the SALT deduction only because Dems wouldn’t vote for a bigger tax cut that would have maintained the SALT deduction. Again, because they were full Resistance.
    When the Dems are in power they will have no problem with expanding the Federal deficit. Only parties out of power or sharing power care about controlling deficits.
    At least Cuomo knows he’s a crooked politician, knows he’s just posturing to make the sheep feel like he’s working for them. (Though it’s amazing it took him until tax time to discover that “the rich” didn’t actually get a net tax break in NY/NJ, and it’s nice that Cuomo is willing to belatedly throw a bone of sympathy for the top 5% who make up most of his political funding base). AOC wouldn’t even give a damn. She’d be putting them on the guillotine while leading the masses and Footstool to recite slogans from her newly published “Little Green Book”.

  15. grim says:

    What’s the motivation for all the presidential candidates on the democratic side to jump on board with AOC?

    If anything, they are amplifying her political clout, not their own. Unless they fear that they be marked a traitor for not backing it?

    Still, would seem risky to associate yourself with it politically at this point.

  16. The Great Pumpkin says:

    Anything inside rt 287 consider it nyc.

    What you state below has already happened to the suburbs in this state. The places you want it to happen to (inside rt 287), it’s just not going to happen….

    “In my opinion it is also why there is no rush to the suburbs like there was in my day and it’s not that long ago. And for many there will be no move to the suburbs.”

  17. Yo! says:

    http://www.advertisernewsnorth.com/article/20170405/NEWS01/170409978/Vernon-to-reconfigure-schools

    Vernon shows the way. Enrollment declined 39% over 10 years. So Vernon studied the situation for years. The decision: keep all 6 schools open with no layoffs. Over that period, spending has increased.

  18. Dan says:

    I never understood why state and local taxes should be deducted off of a federal return anyway just like i don’t get why muni tax bonds and savings bonds have the same type trade offs on those returns too. I’m fine with the $10k cap. Let states and towns figure out how to get money from people.

  19. The Original NJ ExPat says:

    I don’t know why Cuomo doesn’t just make up the shortfall by taxing 3rd (and 4th?) trimester abortion providers with a death tax.

    At least someone is looking out for us.

  20. Yo! says:

    Hoboken public school enrollment +18% in past 10 years.

  21. 3b says:

    Grim Eventually school and or town consolidation or both will have to happen.

  22. grim says:

    Hoboken should pay for their own schools, Jersey City too.

    They might consider going after all the developments they handed out PILOTs to, that exempt them from paying school taxes.

  23. 3b says:

    Yo so could one make a reasonable assumption that some of that increase is due to people staying a d raising kids there rather than moving to the suburbs?

  24. The Great Pumpkin says:

    Even economics is grounded in politics as opposed to science. When you are young, you are on board with socil!st based policies because your bias at the age tells you it’s fair. As you get older and become wealthier, you align with extremists capitalists views because it’s in your nature to take current bias and apply it to said economic ideology. Why else are the young the crazy lefties and the old the crazy righties?

    No One says:
    February 12, 2019 at 9:32 am
    There’s no inalienable right to deduct state and local taxes, just as there’s none to deduct mortgage interest. Taxes are all political wrangling, where some groups try to negotiate less punishment than others

  25. The Great Pumpkin says:

    Not where you live. Did the population of your town go down? Did any town’s population go down in Bergen County over the last 10 years?

    3b says:
    February 12, 2019 at 9:43 am
    Grim Eventually school and or town consolidation or both will have to happen.

  26. GdBlsU45 says:

    Our township has only seen an 8% enrollment drop since 2010 mostly because they are in filling with high density townhouses. Their appears to be steady demand for them among downsizers and recent immigrants.

    Next door in west Morris enrollment has dropped > 20% since 2010 coinciding
    With the tail of the echo boomers. It’s still falling I believe. They aren’t building high density in the haughty towns.

    The budget projections must be a nightmare but it seems to be a head in the sand strategy and I don’t think they’ve layed. off teachers. I’m sure they are buying them out as quickly as they can though. Will be interesting to se
    Where this goes. Nj has some major structural budget issues.

  27. 3b says:

    Grim they should be. But probably won’t happen.

  28. Trick says:

    Only no flip house in our development listed on 1/29 off the marked on 2/11.

  29. The Great Pumpkin says:

    Past rt 287…just saying

    “Next door in west Morris enrollment has dropped > 20% since 2010 coinciding
    With the tail of the echo boomers. It’s still falling I believe. They aren’t building high density in the haughty towns.”

  30. Yo! says:

    Hoboken knows how to issue residential building permits. The outcome is more homes, more households, and more children in schools. The formula is simple and obvious – like 1+1=2 – but many NJ suburbs have proven incapable of following it.

    Hoboken schools are funded mostly by local taxes. Jersey City is headed in that direction following big cuts in state aid.

  31. Answer2Questionasked says:

    Grim, AOC is rightly following the Tea Party way’s of primaring candidates not ideologically pure enough.

    The Corporate/Third Way / Centrist /ex-Clinton Machine may have the money, but in a primary passions of the motivated ideologue rule.

    Add to this that the youth/younger non-boomers voters are just realizing the scr3wing without lub3 and reach around that they have gotten from boomers, so they are not in a forgiving mood. The situation can best be summed up by Medicare for All or Medicare for None.

    The money will come toward her “ideology” at the right time, and slowly massage those ideology toward those monied interests. Just like it happened to the Tea Party’s Bank Bailout and debt which slowly morphed into Corporate/Billionaire’s tax cuts.

    Finally, do you think someone like George Norcross which rules South Jersey is going to let any of his democrats, including his congressman brother vote for Medicare for All, when his bread and butter is selling (aka pay for play) municipalities health insurance to their employees that are more expensive and crappier than the State Health Benefit Plan that all of them can buy into?

    see https://www.politico.com/story/2018/11/17/ocasio-cortez-throws-support-behind-campaign-to-primary-democrats-1000529

    grim says:
    February 12, 2019 at 9:35 am
    What’s the motivation for all the presidential candidates on the democratic side to jump on board with AOC?

  32. The Original NJ ExPat says:

    I’m glad to see one and done and none and done in Blue states. Two low intellect working morons, who aren’t going to be active parents anyway, leaving only one moron, who probably won’t work at all, in their wake seems like a step in the right direction. Let them work their whole lives to pay property taxes and then take out their disappointment on their single kid. Fine with me. Hopefully the kid hates their lonely childhood on a double yellow so much that they choose to have no kids themselves.

  33. Trick says:

    Listed for the same price they paid 2 years ago, curious to see where the hammer drops

  34. Grim says:

    Bah, flight cancelled.

  35. The Original NJ ExPat says:

    Take the green train.

  36. grim says:

    I’ll hitch a ride with a fairy.

  37. Libturd...look me up in Costa Rica says:

    I feel for you Grim. Bet lots of flights are still getting in and out of TEB.

  38. Fast Eddie says:

    I’ll hitch a ride with a fairy.

    Ottoman?

  39. The Great Pumpkin says:

    Europe in a free fall…sad.

    “Neigh­bors like Rus­sia, Tur­key, Is­rael and the Arab states flout the EU’s wishes at will. Eu­ropean in­flu­ence in Wash­ing­ton, al­ready de­clin­ing in the Obama years, has reached a nadir un­der Don­ald Trump. Nei­ther Mos­cow nor Wash­ing­ton showed much re­gard for Eu­rope’s in­ter­ests while sus­pend­ing the In­ter­me­di­ate-range Nu­clear Forces Treaty, which lim­its mis­sile de­ploy­ments in Eu­rope. China takes Japan and In­dia more se­ri­ously than it takes the EU, and nei­ther the U.S. nor China has been par­tic­u­larly con­cerned about what Eu­ro­peans think as they ne­go­ti­ate bi­lat­eral trade arrange­ments that may re­de­fine the world trade sys­tem.”

    https://www.wsj.com/articles/incredible-shrinking-europe-11549928481?emailToken=809804ee0ede4b060c67c35ba2299cd5g9zuBR0TELiY0vEzzJzznY4Ru+qdZK2AO3wxEslkRZD5TWR4KNl+KvxwEAO5Fn/hTPuG8Or6Gyk+CFG+lUC/hg%3D%3D&reflink=article_copyURL_share

  40. Stevelix says:

    unethost無限空間虛擬主機 技術分享部落格 http://blog.unethost.com/

  41. chicagofinance says:

    Latina and charismatic……out of central casting….. death march to cross her….

    grim says:
    February 12, 2019 at 9:35 am
    What’s the motivation for all the presidential candidates on the democratic side to jump on board with AOC?

  42. The Original NJ ExPat says:

    NASDAQ EXITS CORRECTION

    If you watch CNBC with the sound turned down it becomes so obvious what they are. I think you would do well to only turn up the volume up for Santelli and El-Erian.

  43. Bruiser says:

    Murphy blows his snow budget by over $28 Million…and we haven’t even seen a big snowstorm to date! Of course, good luck seeing this reported by The Paper Of Record in NJ.

    https://savejersey.com/2019/02/murphy-snow-budget-salt-brine-new-jersey/

  44. grim says:

    Amount of salt and brine being used is now having a measurable impact on NJ’s water.

    We pay pretty close attention to water quality at the distillery. In the past few weeks the TDS of the water had jumped by more than 100 points (salt).

    Dumping prodigious amounts of salt and brine are polluting our environment.

    If a private company had such a large impact on the water supply, we’d be calling for their heads.

  45. Trick says:

    and the impact on our cars,

  46. Fast Eddie says:

    Dumping prodigious amounts of salt and brine are polluting our environment.

    Where’s the outcry from the bleeding heart environmental crowd?

    Geezus, is there a more f.ucked up, misaligned and warped bunch of misfit outcasts than what is know as the democrats? Is this is not yet an example of another business owner getting screwed by another government f.uckup?

  47. Bagholder says:

    At least someone is looking out for us.

    The Repubs took away the SALT deduction only because Dems wouldn’t vote for a bigger tax cut that would have maintained the SALT deduction.

    I admire where the buck stops. Basically, with everyone that didn’t want the change, not the people who made it.

  48. 1987 Condo says:

    We lost the SALT deduction but we are gaining tons of ROAD salt!

    So our SALT quota balances out!

  49. Blue Ribbon Teacher says:

    grim, your figure should be sent out to the media. Murphy literally said he doesn’t care and it doesn’t matter.

  50. chicagofinance says:

    left: You ever go to Lake Placid for the tournament? My son is 12 and into it….. might be the right time/interest level etc. before everything else crowds it out….

  51. chicagofinance says:

    Cuomo is a complete garbage….. this is a real quote…
    “People are mobile,” Mr. Cuomo said this week. “And they will go to a better tax environment. That is not a hypothesis. That is a fact.

  52. chicagofinance says:

    Legal Prosecution (clot Edition):
    Prosecutors detailed in opening statements how Guzman’s organization had trafficked in more than 328 million lines of cocaine — enough to provide more than a line for every person in the U.S.

  53. 3b says:

    People are going to miss Christie by the time Murphy is done!

  54. Libturd...look me up in Costa Rica says:

    We need to go back to sand.

  55. grim says:

    Get snow tires if you want to drive in the snow.

  56. grim says:

    Trump has a higher approval rating than Murphy.

  57. Libturd...look me up in Costa Rica says:

    I have the snow tires. My problem is everyone else who thinks 4WD makes sense (when it doesn’t).

  58. leftwing says:

    “If a private company had such a large impact on the water supply, we’d be calling for their heads.”

    Or taxing them…..oops, too late lol

  59. D-FENS says:

    http://www.moremonmouthmusings.net/2019/02/12/1monmouth-poll-new-jersey-has-mixed-feeling-for-phil-murphy/

    Governor Phil Murphy’s net approval rating has declined 17% after his first year in office and he is less popular than Governors Christie and Corzine were at this stage of their terms, according to a new Monmouth University Poll released this morning.

    “Murphy started his term with greater public goodwill than his recent predecessors, but he has now fallen behind them. The most troubling result may be the large number of his fellow Democrats who continue to take a wait-and-see attitude. It seems he has yet to score a defining win with his base despite spending a significant amount of energy pushing a progressive agenda,” said Patrick Murray, director of the independent Monmouth University Polling Institute.

    43% of NJ adults approve of Murphy’s performance, down from 44% in April of 2018. 40% disapprove compared to only 28% who disapproved last April. 17% have no opinion of the governor, down from 28%.

    Independents have soured on the governor. 39% approve and 43% disapprove rating with this group compared to a net positive 41% approve and 33% disapprove rating in April 2018.

    As expected, Republicans disapprove of Murphy 11% approve and 85% disapprove now, compared with 17% – 59% last year.

    Only 66% of Democrats approve of Murphy, while only 9% disapprove. 25% have no opinion, compared to 28% who said they had no opinion last year.

    Two-in-three New Jerseyans (66%) approve of the move which will increase the minimum wage for most workers to $15 an hour by 2024. Just 29% oppose it.

  60. D-FENS says:

    62% of respondents polled feel that Murphy can eat an apple through a chain link fence.

  61. The Great Pumpkin says:

    Bingo.

    grim says:
    February 12, 2019 at 1:20 pm
    Get snow tires if you want to drive in the snow.

  62. Fast Eddie says:

    Murphy gave us gambling and soon, pot. Next up is prost1tution, Why not? Give the plebs their circus. You need a bloated and sedated society incapable of thought.

  63. D-FENS says:

    I think we just need a different Governor

    Libturd…look me up in Costa Rica says:
    February 12, 2019 at 1:03 pm
    We need to go back to sand.

  64. D-FENS says:

    Sports betting was really Christie…

    The courts just finally decided when Murphy was Governor.

    Fast Eddie says:
    February 12, 2019 at 1:52 pm
    Murphy gave us gambling

  65. D-FENS says:

    DOL report says NJ public sector union membership down by 30,000 since the Janus supreme court decision.

  66. leftwing says:

    Chi, yeah, a trip to LP is worth it. Games in the 1980 Miracle rink. Plus all the other activities which I would strongly recommend. You’ll have a great time with your boy.

    Plan around game times, so much to do….Whiteface as an Olympic mountain has a lot of longer winding trails, easier on the knees…Tobaggon onto the lake from the ‘chute’ in the park (kids 7-67 love it) http://www.lakeplacid.com/do/activities/lake-placid-toboggan-chute. Skate the frozen lake. Same, Olympic oval. Dog sled if you want. Plus the bobsled run.

    There’s so many activities…if he doesn’t skate now bring him to one or two open skates somewhere. You guys can throw skates on at your hotel and skate it over to the Cottage. https://www.mirrorlakeinn.com/dining/cottage/ They throw nets out on the lake, you hang on the deck (heat lamps) and have some good bourbon and a cuban while watching kids knock a puck around. Skate back to hotel.

    I’ve found it best doing it with two kids the same age….they keep going together when i run out of gas lol.

    Hotels, stay in town. Crowne Plaza for best amenities and a workout…directly on Main St for accessibility. There’s a Best Western (I know, sounds like a weird recommendation) but it is on the Lake and the tobaggon run is literally out the back door and the rinks across the street. Makes it really easy for a couple 12 year olds to be mobile themselves without wandering too far from home base. Or a bunch of other hotels with better amenities between the rinks and where Main St turns up the hill and into Saranac Ave.

    Good luck. Have lots of good memories from there.

  67. Libturd...look me up in Costa Rica says:

    We’ve done LP twice or three times now. It’s a magical place. Definitely take a tour up the ski jumps too. Though it’s old, we liked the Golden Arrow a lot and it’s on the lake. The BBQ place in town is serviceable. The diner for breakfast or the Farmhouse isn’t bad either. Nearly everything else is overpriced and underwhelming food wise. Lot’s of Sportsbar type fare.

    There is a little cottage that serves really good homey/healthy meals in a nothing town about halfway down the road between the Northway and the mountain. I completely forgot the name, but it’s really a nice little place. You can’t miss it as it’s the only place around for like 15 miles. It’s at the bottom of one of those major elevation declines that you only find on those types of mountain roads. It’s on the left side going North. It’s a little cabin, seats maybe about 5 tables.

  68. ExEssex says:

    1:52 .. because meth and opiates (legal) were sooooooo effective.

  69. abeiz says:

    I concur, Lake Placid is a fantastic time! Because it’s an actual self-sustaining town, as opposed to just being a ski town, there’s plenty to do for days.

    There’s a movie theater for off days too, all that hockey/olympic history, tubing on the ski jump.

    It may be tempting to just outside of town, but being able to pop in and out and stroll around town is well worth it. That BestWestern left mentioned is in a nice location and does have all that lakefront property and is central to main. The Crown Plaza has a very nice lodge with a cozy fireplace and is nice too.

    Oh, and a pro tip, the lake you’ll see while strolling down main street is NOT Lake Placid but Mirror Lake.

    The drive up through the park is also very serene. Today the Park is the largest publicly protected area in the contiguous United States, greater in size than Yellowstone, Everglades, Glacier, and Grand Canyon National Park combined.

    All of this reminiscing makes me want to go up this year.

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  71. rebear says:

    https://www.bloomberg.com/news/articles/2019-02-12/n-j-officials-press-enquirer-s-hedge-fund-owner-over-bezos-feud

    The state is seeking assurances that the fund, Chatham Asset Management, is investing in businesses that “follow all applicable laws.”

  72. Comrade Nom Deplume, Highly Amused says:

    Otto (from yesterday)

    “Ottoman says:
    February 11, 2019 at 3:10 pm
    Slaves often engage in revenge fantasies against their masters. Makes their pitiful lives of drudgery more palatable.

    Nice to see you continue to think about me even when we don’t interact for months. Bet you came a little when you wrote this.”

    Thanks for the chuckle. No, you flatter yourself when you think I am fixated on you. I just pick on you because you seem to be the most outrageous and delusional sock of anyone on this board. And that is saying something. Even the unbelievable ego of Gluteus pales in comparison to yours. You’re a foil.

    I really think you need something for your condition. Your doctor may suggest lithium but I am thinking of a different metal. Something more effective.

  73. Comrade Nom Deplume, who knows more about tax than you says:

    What amuses the Fcuk out of me is that the Dems are screaming about the loss of the SALT and MID deductions for their wealthy. Liberal tax wonks have been calling for what Trump and the GOP passed and have been doing so for many years now. The only reason it never gained traction until now was because the middle class loved it and no one wanted the optic of killing it. But one had to think that, for democrats, having it hit only the “wealthy” was a win-win. Apparently not.

    It’s a classic case of be careful what you wish for.

  74. Comrade Nom Deplume, who knows more about tax than you says:

    Even Mercatus said it wasn’t good tax policy to keep it. And when Mercatus agrees with the Left, then you should take notice.

    https://www.mercatus.org/system/files/mercatus-tax-policy-primer-v1a.pdf

  75. Libturd...look me up in Costa Rica says:

    Did it include the huge tax break on the wealthy to Nom?

  76. Libturd...look me up in Costa Rica says:

    too?

  77. Comrade Nom Deplume, the one-eyed man in the land of the blind says:

    And this . . .

    https://www.theatlantic.com/business/archive/2017/05/shame-mortgage-interest-deduction/526635/

    I can see governors in NY, NJ and CA complaining, but when their senators also complain, are they doing it because its bad policy or just because they oppose Trump?

  78. Comrade Nom Deplume, Tax Demi-Wonk says:

    Libturd…look me up in Costa Rica says:
    February 13, 2019 at 12:28 pm
    Did it include the huge tax break on the wealthy to Nom?

    Off topic. I didn’t read for that but you can.

  79. chicagofinance says:

    Listening to Bloomberg Radio this morning….. literally RIGHT NOW people are filing their tax returns and seeing the impact of the new tax regime. Many organized and forward thinking taxpayers in NY/NJ spent 2018 up until current, thinking about the changes and the impact on their financial lives. However, the typical momo who lives around here, and is making the incremental purchase of real estate, now has ACTUAL information that will drive their behavior.

    This comment is not some call to arms or dinner bell, but rather a suggestions to review February behavior as it is observed and analyzed. At best we will hear about things in early March, but more of it will bleed into April/May/June.

    Just observe and be objective…… I will be watching this activity with great interest.

  80. chicagofinance says:

    Thx to all for LP info

  81. ExEssex says:

    Trump approval up with Rasmussen / oh yeah you Repugs don’t trust polls.

  82. Libturd...look me up in Costa Rica says:

    Chi,

    Found the name of that great place between the Northway and LP. I am obviously not alone in my opinion of it. It’s called 46, which very well may be the population of the town it’s located in.

    https://www.yelp.com/biz/forty-six-keene-2?osq=Restaurants

  83. joyce says:

    I think it’s just more evidence of the “two” parties being one and the same.

    Comrade Nom Deplume, who knows more about tax than you says:
    February 13, 2019 at 12:25 pm
    What amuses the Fcuk out of me is that the Dems are screaming about the loss of the SALT and MID deductions for their wealthy. Liberal tax wonks have been calling for what Trump and the GOP passed and have been doing so for many years now. The only reason it never gained traction until now was because the middle class loved it and no one wanted the optic of killing it. But one had to think that, for democrats, having it hit only the “wealthy” was a win-win. Apparently not.

    It’s a classic case of be careful what you wish for.

  84. The Great Pumpkin says:

    Ironic, don’t you think?

    A perfect example of how they play the masses. Don’t you love politics? It’s nothing more than a game of trying to con the masses to gain power over them. Tell this group to do this and think like that, and then tell the other group to do this and think like that. Then have them fight over it while you slip the plan you always wanted through. It’s really amazing how successful they have become at controlling the masses to gain the power that comes with it.

    With the advent of social media, their job is getting much easier. So much easier to control the thought processes of specific groups through social media…

    Comrade Nom Deplume, who knows more about tax than you says:
    February 13, 2019 at 12:25 pm
    What amuses the Fcuk out of me is that the Dems are screaming about the loss of the SALT and MID deductions for their wealthy. Liberal tax wonks have been calling for what Trump and the GOP passed and have been doing so for many years now. The only reason it never gained traction until now was because the middle class loved it and no one wanted the optic of killing it. But one had to think that, for democrats, having it hit only the “wealthy” was a win-win. Apparently not.

    It’s a classic case of be careful what you wish for.

  85. Libturd...look me up in Costa Rica says:

    I am going to start my taxes today. Will be interesting to see how much Trump fukced me. I’m not hopeful, but we’ll see none-the-less (or more).

  86. Juice Box says:

    re: Husky.

    Chi – are we being trolled? That is a neck-beard and Florida-Man combined with a Furry?

  87. Juice Box says:

    The mouth breathers who have never had to file a schedule A are complaining? Figures the politicians are trying to take advantage too. Harris posted some tweet about getting a smaller refund is a middle class tax increase, at least the mouth breathers attention span is too short to remember when it counts.

  88. leftwing says:

    “Did it include the huge tax break on the wealthy to Nom?….Off topic. I didn’t read for that but you can.”

    It’s amazing how the perception of this tax law became all twisted to be a tax cut for the wealthy…no less than CBS the other morning showed the data, as part of the story on the ‘diminishing’ refunds:

    80% of taxpayers nationally got a break
    15% of taxpayers nationally are a push
    5% of taxpayers nationally are paying more.

    Yes, the vast majority of that small minority paying more are in NY, NJ, CT, and CA…

    But, that is a function of the ridiculously high state taxes and housing prices in those areas. That’s substantially the problem of the mismanagement of their respective states, not the problem of the other 95% whose states and households live better within their means…..

    Comes back to what I’ve said for over a decade on this blog….NJ is a very funny area for someone seeing it with outsiders’ eyes….people working their tails off to earn what would the top 1% of income in vast areas of the US, yet their take home pay for all that effort is barely, if even, getting them a middle class lifestyle here. Quite bizarre.

  89. The Great Pumpkin says:

    Yes, NJ is dying and the rich are leaving in droves…..next person that says this is getting a punch to the face for spreading bs.

    Nj had the most increases in the nation and has now passed up NY for the no 2 spot. How can this be? Stop spreading nonsense.

    https://www.bloomberg.com/news/articles/2019-02-13/silicon-valley-suburb-snags-richest-spot-in-u-s-for-third-year

  90. The Great Pumpkin says:

    Yes, NJ is dying and the rich are leaving in droves…..next person that says this is getting a punch to the face for spreading bs.

    Nj had the most increases in the nation and has now passed up NY for the no 2 spot. How can this be? Stop spreading nonsense.

    https://www.bloomberg.com/news/articles/2019-02-13/silicon-valley-suburb-snags-richest-spot-in-u-s-for-third-year

  91. No One says:

    I wonder how many rich liberals just read the NY Times and social media headlines and assumed that they were getting a tax break for tax year 2018 without actually calculating it out? I know I had to push my accountant to confirm all of the implications of the new tax law for me, which meant a small but meaningful net tax increase (and for just about any high earner who had been deducting high state income taxes from federal taxes). Anyone in that situation who is just now getting surprised by this is either lazy or ignorant. Maybe they should ask for a refund from all the lazy lefty headline writers who declared the Trump tax plan a “tax cut for the rich”. Maybe a tax cut for the rich in Florida, Texas, and Wyoming, but surely not generally in the tri-state area, or California.

  92. No One says:

    I don’t think I’d enjoy living in Short Hills with only the stated average household income of $367,000. I know some people who try, and they are basically living in crapshacks with views and sounds of 24, 78 and/or a train rattling through their backyard. At a million per year it works a lot better, because houses selling for over $2m are decent if not necessarily spectacular. But it doesn’t make much sense unless you are commuting into NYC, and if so, there are still all of those traffic/train headaches. I guess if you’re making multimillions and have a company limo, those issues go away. But if you are making that much money, you don’t need to send your kid to public school, and if your kid is going to private school, why do you need one town over another? It’s not as if the actual living environment is superior in Short Hills. You basically have to drive over to Summit for a real downtown anyway, where the food/shops aren’t really that special. And the Short Hills mall eventually gets boring. How much luxury brand stuff can your wife/gf really use? Plenty of places offer better weather. I guess it’s the investment bankers who are making a lot of money but not that much, who have to ride the train and send their kids to public school, still have a mortgage to pay, they may be the average Short Hills household.

  93. The Great Pumpkin says:

    You don’t get it. When you make that much money, there is more to life than worrying about saving money. You are completely missing the social factor because you only focus on the money aspect.

    You don’t need to buy any luxury product, drive a Toyota Corolla, and live in a small cheap low taxed home…..but if you choose this route for your life, why even work? Money is meaningless to you because you do nothing satisfying with it except make more which you don’t even need.

    So let’s not question people for making money and spending it. If you don’t spend any of it, what is the purpose of being a millionaire? There is nothing to be proud of if you make a ton of money, bank the majority of it, and live like the avg joe. It’s insane based on the idea that at the end of the day, why are you wasting your life making money you don’t need or want.

    “But if you are making that much money, you don’t need to send your kid to public school, and if your kid is going to private school, why do you need one town over another? It’s not as if the actual living environment is superior in Short Hills. You basically have to drive over to Summit for a real downtown anyway, where the food/shops aren’t really that special. And the Short Hills mall eventually gets boring. How much luxury brand stuff can your wife/gf really use? Plenty of places offer better weather. I guess it’s the investment bankers who are making a lot of money but not that much, who have to ride the train and send their kids to public school, still have a mortgage to pay, they may be the average Short Hills household.”

  94. The Great Pumpkin says:

    Dude, how much more do you think they are paying in taxes in nj as compared to other states? You make it seem like someone can save 50% of their tax cost by moving to a cheap low tax state after living in nj.

    The ability to make more money outweighs the cost of taxes any day of the week, hence why every major corporation makes its home in higher taxed locations. Also why the legions of millionaires make their home in places like nj, ny, and Cali. Are you calling these corporation and individuals ignorant? I assure that they are not and are doing what’s best for themselves.

    “Comes back to what I’ve said for over a decade on this blog….NJ is a very funny area for someone seeing it with outsiders’ eyes….people working their tails off to earn what would the top 1% of income in vast areas of the US, yet their take home pay for all that effort is barely, if even, getting them a middle class lifestyle here. Quite bizarre.”

  95. No One says:

    Pumpkin,
    You’re the one who doesn’t get it. Because you are the one implying that the existence of Short Hills in somehow makes you and NJ special. I’m just saying Short Hills is still mostly a rat race at another level.

  96. chicagofinance says:

    yes…. it is efficient and relaxing to have people self-identify themselves to me…. I usually need to dig deeper to figure it out…..

    No One says:
    February 13, 2019 at 4:44 pm
    Anyone in that situation who is just now getting surprised by this is either lazy or ignorant.

  97. The Great Pumpkin says:

    No one,

    Rat race or not, nj is indeed an optimum/special location to make money. People have claimed otherwise on this blog, and I’m just doing my best to set the story straight.

  98. The Original NJ ExPat says:

    Wayne is a mouse race.

  99. Not NoOneNot says:

    No One, Agree. Rat race for the nouveau upper middle class professionals and small business owners, which generally is 1-2 generations off immigrants.

    Otherwise, unless you are multigenerational wealth from owning someone and from Somerset/Morris landed gentry, you could not care about NJ.

    Well off, stick to Manhattan apartments in north, Philly prime areas in South, have a nice weekend country place 2-3 hours drive away, and pied-a-terre somewhere warm in winter, preferably State Income Tax free and full homestead exemption asset protection (only FL & TX meet requirements)

  100. The Great Pumpkin says:

    Upper middle class? Wtf, I can’t agree with this nonsense. Some of the wealthiest people on the planet. 2 million dollar home is not middle class anywhere. Stop with this..

    Not NoOneNot says:
    February 13, 2019 at 6:12 pm
    No One, Agree. Rat race for the nouveau upper middle class professionals and small business owners, which generally is 1-2 generations off immigrants.

  101. The Great Pumpkin says:

    What middle class professional can afford a 2 million dollar home?

  102. The Great Pumpkin says:

    You have to have 10 million dollar homes to be considered rich now?

  103. The Great Pumpkin says:

    I live in a 2 million dollar home, but I’m only upper middle class. Try saying this in a real middle class town.

  104. ExEssex says:

    Lot’s of folks living some good lives in NNJ . You just get lots of shitty weather. Yo .

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