Halfway there

From MSN:

House Bill Raises SALT Tax Cap; Senate Still To Vote

Among the items passed by the House of Representatives Friday morning in the Build Back Better Act was an increase in the state and local tax (SALT) cap.

The $2 trillion bill, which passed 220-213, increased the cap from $10,000 to $80,000. That would increase the amount that taxpayers can deduct from their tax returns.

The legislation now has to go to the Senate for approval.

The cap was set at $10,000 in 2017 federal Tax Cuts and Jobs Act passed during the Trump administration. Previously, taxpayers could fully deduct state and local taxes.

It was estimated that the reduced cap cost New York homeowners $30 billion, or $2,600 per home.

This entry was posted in National Real Estate, Politics, Property Taxes. Bookmark the permalink.

66 Responses to Halfway there

  1. grim says:

    Sorry 40yr…

    Foreclosed Homes Should Go To Families, Not Flippers: NJ Lawmaker

    A trio of Democratic state lawmakers in New Jersey say they have a plan to even the playing field for families – or their relatives – who want to buy their homes back after a foreclosure.

    On Monday, Assembly members Britnee Timberlake (District 34), Cleopatra Tucker (District 28) and Verlina Reynolds-Jackson (District 15) gave an update on the “Community Wealth Preservation Program” bill, which has been released from the Assembly Community Development and Affairs Committee.

    The legislation now heads to now heads to the Assembly speaker for further consideration.
    “The bill (A-1834) would offer homeowners in foreclosure, or their next of kin, the opportunity to purchase back their home at a foreclosure sale and thereby preserve their family wealth. It would also create an avenue for people who want to live in the community instead of just selling the property by establishing a special regulated program that reduces the required deposit amount from 20% to 3.5% and expands the number of days all the purchase price dollars are due from 30 to 90 days.”

    The bill would require anyone who purchased property with financing to occupy the residence for an 84-month period and subject investors who misuse the program to flip properties to steep fines, the lawmakers said.

    Tucker said that the current process for buying foreclosed houses is stacked in favor of companies that have the money to purchase property at sheriff sales and resell it for a profit.

    “By enacting the changes detailed in this bill, we can give people vested in the community a better chance of securing a home at these sales,” Tucker said.

  2. The Great Pumpkin says:

    I was told that the blue states don’t subsidize other states…. New York alone threw 30 billion to the rest of the country on this salt cap alone. When is Texas or Florida throwing 30 billion each to help other states?

    “It was estimated that the reduced cap cost New York homeowners $30 billion, or $2,600 per home.”

  3. The Great Pumpkin says:

    The fatal beating of a pet corgi by epidemic prevention workers disinfecting a residential building linked to a Covid-19 outbreak in southeastern China has sparked outrage in China, leading some pet owners and animal rights activists to question the extent of China’s stringent pandemic-control measures.

    On Friday, the corgi’s owner shared security footage showing her dog cowering behind a table as two people wearing hazmat suits walk toward it, with one brandishing an iron rod. As the two workers step past the dog’s cow-print bed, one of them hits the dog in the face with the rod as it tries to escape to the other room, after which it runs out of the frame.

    In a video interview with a local media outlet, the dog’s owner, identified only by her surname Fu, said she witnessed the beating through an app on her phone connected to her home security camera and used a speaker embedded in the camera to beg the workers to leave her dog alone, but her pleas were ignored.


  4. 3b says:

    There should be no mortgage deduction on federal taxes period. Government should not be subsidizing housing in any fashion

  5. grim says:

    Us rich people just purchase homes under LLC/Partnerships with family members, and get full tax and interest deductibility anyway.

    Heads the rich win, tails the rich win, any questions?

    Salt cap was partisan punishment towards the Northeast middle class. You know, it wasn’t a problem for the past 100 years. Listening to republicans rail against a middle class tax cut is just precious.

    Average property taxes in NJ are already exceeding $9k, and median is just about $9k now. Spare me the wailing about how it benefits the rich because utilization is directly correlated with income. Of course it f*cking is, because homeownership is.

    How about you eliminate the deductibility of interest from businesses instead? And let individuals keep it?

    The cap could have very easily been set at a number that didn’t have such widespread impact on the middle class, why not $20-25k? I suspect we wouldn’t even be arguing about it, if it was set there.

  6. 3b says:

    Grim: The Dems talk about the middle class and how this helps them , it doesn’t for most. I have said for years before SALT that there should be no government subsidies for housing , period. I still maintain that position.

  7. Grim says:

    Salt cap is the equivalent of gerrymandering in tax policy.

    Look, you are specifically applying this new restriction to people, and specifically excluding businesses from the equivalent cap, with a specifically chosen number, that directly impacts states governed by the opposing parties.

    Why wasn’t it a universal cap?

    Why wasn’t that cap a percentage of local taxes paid, so that it was applicable across all states in a similar manner?

    Nonsense, repeal the cap, go fish for revenue somewhere else.

  8. Chicago says:

    Left reposting

    Chicago says:
    November 19, 2021 at 11:46 pm
    Left: wasn’t sure what to think of The Big Red, especially after they choked on their own vomit in Cambridge. However, the seemed to have shot up to #10 in the NCAA’s. That said, Quinnapiac appears to be the big boys this year.

  9. Phoenix says:

    the Blue got Murphy in. Go complain to them.
    Right now he is the law.
    Break it if you want, the Blue will put you in cuffs. Don’t think so, try it.
    Watch some videos where they do.

    And remember, don’t resist.

    BRT says:
    November 19, 2021 at 2:13 pm
    Shhhh. Quiet. Don’t let Murphy find out.

    “Austria going back to full lock down, Germany may follow.”

    Nice, let’s continue to follow things that never worked in the first place

  10. Crushednjmillenial says:

    It is good policy for the federal government to SUGGEST to states that they reign in out-of-control spending. The tax cost effects of the $10k SALT cap did that. States like NJ and CA MAY continue taxing and spending their citizens tremendously, but the federal tax policy does not need to condone it.

    A $10k cap is sensible, because it a realistic number that many, many states tax their citizens at and still have functional societies. Sure, maybe $15k or $20k would also be sensible or better.

    Finally, I say it is sensible to set it at $10k, because (and this is a loaded political statement) realistically the money collected beyond $10k or so is realistically being wasted in NJ. Overpaying salaries of public workers, overly-generous pensions, huge spending for the slimmest of minorities on dubious social programs (like anything ever suggested or championed by Bolshevik Brittnee Timberlake), boondoggle public works projects, shady public contracts of all stripes, Abbott schools districts, etc etc.

    The other side of the coin is that yes, states like Louisiana, Arkansas and Oklahoma do perhaps unreasonably let their poorest citizens suffer harm that can be avoided at sneanible cost by low-scale sensible leftist social programs.

  11. Phoenix says:

    So who picks up the tab when someone pays nothing? You did claim certain people pay no tax in this comment, did i read it wrong?

    “Us rich people just purchase homes under LLC/Partnerships with family members, and get full tax and interest deductibility anyway.”

  12. The Great Pumpkin says:

    Last week, after Huntsville City Schools released a year’s worth of HR reports. According to the documents, more than 250 teachers quit in the past year and about 55 retired, leaving more than 300 open positions to fill.

    With roughly 1,800 teachers in the entire school system, this means they lost about 16% of their workforce in only one year.

    “They are not going to have enough employees left, maybe as early as next year, to have school,” said Beverly Sims.

    It’s a desperate plea from the Alabama Education Association, as the District 3 director, Sims, said teachers throughout North Alabama are leaving at an alarming rate.

    “This thing that’s been reported at Huntsville City Schools, the same is going on in Madison County, Madison City,” Sims said.

    Teachers aren’t leaving one school system, either. They’re leaving the entire field.

    “I have been hearing from teachers the past few weeks. Some of them don’t even care if they have somewhere else to go,” Sims said. “They are ready to walk out, and they’re ready to get out of education.”

    Teacher resignations are one problem, but when combined with one-third of teachers statewide up for retirement, there aren’t enough people to fill those positions.

  13. The Great Pumpkin says:

    What’s the matter, the sh!t pay seems to be working. The field is f’ed. This is all due to disrespectful pay for a professional position.

  14. The Great Pumpkin says:

    Jeez, lost in the woods. Nj pension is one of the least generous in the country. Let that sink in, yes, your position is full of sh!t. Also, I ask again, nj can’t get enough teachers…if they are overpaying wtf is the problem? No one wants to do this anymore…wake up.

    “Finally, I say it is sensible to set it at $10k, because (and this is a loaded political statement) realistically the money collected beyond $10k or so is realistically being wasted in NJ. Overpaying salaries of public workers, overly-generous pensions, huge spending for the slimmest of minorities on dubious social programs (like anything ever suggested or championed by Bolshevik Brittnee Timberlake), boondoggle public works projects, shady public contracts of all stripes, Abbott schools districts, etc etc.”

  15. The Great Pumpkin says:

    That’s the story being preached by bs think tanks run by the KOCH bros. If this is the case (what you wrote below), why in the world are you using these so called overtaxed states to subsidize the rest of the states tax cut through the salt cap. New York sent $2,600 per household or 30 billion dollars.

    Nice try, buddy.

    Crushednjmillenial says:
    November 20, 2021 at 10:44 am
    It is good policy for the federal government to SUGGEST to states that they reign in out-of-control spending. The tax cost effects of the $10k SALT cap did that. States like NJ and CA MAY continue taxing and spending their citizens tremendously, but the federal tax policy does not need to condone it.

  16. The Great Pumpkin says:

    So you are saying that we need to punish high taxed states with even more taxes to teach them a lesson, while giving everyone else a tax break off it? Lmao

  17. Phoenix says:

    You think Murphy is “Tone Deaf” to this?

    I don’t agree. I stand by my opinion that he is doubling down, and that it’s planned this way.

    “Us rich people just purchase homes under LLC/Partnerships with family members, and get full tax and interest deductibility anyway.

    And all dictators need a band of enforcers to do their dirty work.

    Heads the rich win, tails the rich win, any questions?”

  18. Phoenix says:

    No pumps.
    Put your house into an LLC.

    You and your rich wife should buy more, and put them all in an LLC.

    You might one day be the King of Wayne!


  19. Phoenix says:


    Let those teachers leave. Let them leave the field today. They can always come work in the lucrative field of nursing where they can get paid 5-6k per week traveling.

  20. Old realtor says:

    Regarding the proposed legislation on sheriff sales, it is not without flaws. The bill should be amended that it only applies to vacant properties (other than former owner or next of kin situations). It is not possible that a “citizen buyer” with 3.5% down will get a mortgage without having possession of the property.

    It is good social justice legislation. Just going to make my life more difficult. Good that I old. Let my young competitors worry about this.

    3b, take away the mortgage tax deduction and government backing of FHLMC/FNMA and the entire value of SFR real estate changes substantially. Crypto/DEFI is already financing real estate via coin sales on the block chain. Take away government guarantees and there will be a huge market for these mortgage backed coins.

  21. Hold my beer says:

    What lender is going to give a mortgage to someone who just got foreclosed on and is only putting 3.5% down?

  22. Phoenix says:

    Why should Boomer care if we take away the mortgage tax deduction? Boomer’s house is paid of anyway.

  23. BRT says:

    What lender is going to give a mortgage to someone who just got foreclosed on and is only putting 3.5% down?

    In 2009, there were already articles of people who got foreclosed on in 2008 that were giving it another shot through FHA. So, they financially ruin themselves but manage to scrounge up $6k for a second go round. I remember being very annoyed as we were waiting for prices to come down some more but the government was fast tracking demand forward. They’ll do the same thing again. It was even more annoying as I had to put $140k down to secure my mortgage in 2011.

  24. Phoenix says:

    “It was even more annoying as I had to put $140k down to secure my mortgage in 2011.”

    Why does it bother you?

  25. BRT says:

    Because I competed against people that put down less money than you should on a car. The government fast tracking demand essentially still forced people to pay higher prices than they should.

  26. 3b says:

    Phoenix: Because government involvement distorts housing prices on the upside, and encourages people who should be buying a house to buy. And then when the poo hits the fan government comes in and supports the market and puts all tax payers on the hook.

  27. Phoenix says:


    Kyle Rittenhouse, who was found not guilty on all charges Friday in a controversial trial that has divided the nation, may possibly have a defamation case against President Joe Biden over reference to ‘white supremacists’ in a video, experts said. The video was posted in a September 2020 tweet, which could now possibly cause Biden legal trouble, according to lawyer Todd McMurtry,

  28. RentL0rd says:

    Tesla owners have a new excuse to be late to Thanksgiving dinner – 500 Server error!


  29. BRT says:

    This is what I wrote in December of last year on the Rittenhouse case. Pretty much played out exactly as I predicted. If you were watching media takes, you were expecting something different. Sorry, but they lied to you all along the way. The only way to objectively analyze a situation is to watch raw uncut video these days. Moreover, the one question I laid out was answered with the released drone footage.

    Rittenhouse is not going to be found guilty of murder. Realistically, a 17 year old kid has no businesses traveling and taking up arms in the middle of a riot. You even see in one of those clips, one of the older friends of his telling him “I told you three times, to stay back and get over there”. These militia are not police and have no ability to ward off a crowd with non-lethal means…so they let the people there continually push the limit, as they do with police until police tear gas and pepper spray them back. That’s not an option.

    At some point, it appears Rittenhouse put out a fire and that pissed off the pedophile with the shaved head. A chase ensued and you can see Rittenhouse retreat continually. During the retreat, someone else fires a gun. Once the guy catches up to him behind the car, he shoots him. Then immediately calls someone, then as the crowd begins to descend on him, he flees. The crowd immediately chases him.

    The medic with a gun, Gaige Grosskreutz is live feeding the chase and actually makes it up to Rittenhouse and Rittenhouse tells him he’s getting the cops. So, Rittenhouse is fleeing to the police. The crowd catches up, one guy gets in his flying karate kick after knocking him down.

    The next dude, the skateboarder charges with the skateboard in full swing. Rittenhouse fires. He dies.

    Immediately after, Gaige the livestreaming medic with a gun puts his hands up, then immediately goes for the quick draw on him and is too slow. Rittenhouse shoots him in the arm.

    In every case, Rittenhouse was fleeing. The question is how the interaction off camera went with the first shooting. On the second one, you clearly have defense against a guy that smacked him with the skateboard. On the third one, you got a guy drawing on you.

    Listen, the kid may be a goon and shouldn’t have been there (neither should the rest of the militia or rioters) he also probably said a lot of stupid things online, but he’s not going to be found guilty of murder with that evidence.

    At the end of the day, this is the type of crap that happens when there is a riot and the police are not allowed to put it down quickly. And when they make arrests, they don’t lead to charges because they are continually dropped. I wish the prosecutors were so generous when I got a parking ticket for picking up my grandmother in a wheelchair in a no parking zone.

  30. Grim says:

    Front page of cnn makes me laugh.

  31. The Great Pumpkin says:

    Boeing Built an Unsafe Plane, and Blamed the Pilots When It Crashed
    Cost-cutting, corporate arrogance, and a new plane that was supposed to be easy to fly. An exclusive excerpt from Flying Blind: The 737 Max Tragedy and the Fall of Boeing.


  32. The Great Pumpkin says:

    Some remote workers are secretly juggling several jobs. One gave his third job to his sister; another more than doubled his pay, per The Guardian.

    A 23-year-old joined the ‘overemployment’ trend and even secretly gave one of his 3 jobs to his out-of-work sister, a report says. He now goes to meetings just to show his face.


  33. Grim says:

    Rt up to 1.2

  34. The Great Pumpkin says:

    3b, here is why they can afford current pricing…they don’t get one income, but multiple jobs. These remote jobs are so tough that they can take on multiple jobs.

    “The overemployment trend has gained steam with the rise of remote work, which has often meant less employer supervision of workers. This means that juggling multiple jobs in secret is usually more feasible for wealthy, white-collar workers since their work can frequently be done remotely, which isn’t often the case for blue-collar workers.

    A 25-year-old software engineer in the UK told The Guardian that he was often playing video games in his spare time and thought he should use that time to make more money instead. The man, identified in the article as Jamie, said he took on a second full-time job, this one in software development, and now brings home twice as much money as he did before.”

  35. The Great Pumpkin says:

    No wonder the pro WFH group is so vocal. Yup…

    “A digital community for workers with multiple full-time jobs has taken shape on Reddit, Discord, and Overemployed.com. The website’s founder, a 37-year-old tech employee in the US named Isaac, told The Guardian that he started job-searching after hearing about layoffs at work and was ultimately able to more than double his salary, going from making $160,000 to $340,000.

    “Doing two remote jobs at once was already happening; it was the biggest open secret out there in tech,” he told the newspaper. “The pandemic just accelerated the trend and made the environment more friendly to not just tech.””

  36. The Great Pumpkin says:

    And I love the supervision. Dude is handing off the work to his sister that couldn’t find a job in this market. What could go wrong for a business owner with WFH?! Lmao

  37. The Great Pumpkin says:

    Want to make 180k…get 3 remote jobs with almost no responsibilities for 60k each a year.

    WFH is comical.

  38. The Great Pumpkin says:

    Can’t wait to see the sitcoms that come out mocking WFH in the not too distant future.

  39. Ex says:

    It’s that time of the year for Consumer Reports to release its auto reliability brand study, and things are not looking good for BMW. The annual rankings show a worrying drop of four places to 17, with Cadillac overtaking the German luxury brand after an impressive jump of six positions. The rankings are a lot better for MINI as the British marque has made it to the top 10 after gaining no fewer than 13 places. In fact, the Oxford-based company had the biggest jump among all 28 automakers listed by Consumer Reports.

  40. Ex says:

    Curious to know who was number one this year? The answer would have to be Lexus, followed by Mazda and Toyota. Yes, these three Japanese car manufacturers are once again the most reliable, with Nissan’s luxury brand Infiniti – also originating from The Land of the Rising Sun – claiming fourth place after climbing six positions. BMW is positioned between its two archrivals, with Audi holding tightly to the 15th spot while Mercedes is much lower since it only managed to occupy the 23rd place after falling two positions.

  41. The Great Pumpkin says:

    Perhaps the most surprising Texas statistic that landed with the latest census: those of Hispanic or Latino origin, Asians, and members of other racial and ethnic minority groups made up about 95 percent of the population growth from 2010 to 2020. (95 percent!) That’s 3.8 million new non-Anglos in Texas, compared with about 200,000 non-Hispanic whites. Rogelio Saenz, a demographer at the University of Texas at San Antonio and a native of the Rio Grande Valley, has a memorable way of driving that statistic home. “Essentially, that means we added the equivalent of the cities of Houston and San Antonio in [non-Anglos],” he told me. “And we added the city of Brownsville in [non-Hispanic whites].”

    The census revealed just how close Hispanic Texans are to becoming a plurality. When it was published, they constituted 39.3 percent of the population, whereas non-Hispanic whites constituted 39.8 percent. That threshold will be crossed any day now, and by 2050, less than 30 percent of Texans will be non-Hispanic white.

  42. Phoenix says:

    Funny thing about Tesla drivers, they seem to be averse to front license plates. I’d say roughly 50% of Tesla’s registered in NJ don’t have front license plates.

    Do they not like the way they look? Are they closet bad boys that want to do something slightly illegal so they can be a bit rebellious?

  43. Phoenix says:

    Rt up to 1.2

    Climb, baby, climb.

    Anyone guess the movie?

  44. Libturd says:

    Capricorn One?

  45. BRT says:

    If you recall last Christmas season, we shut down nearly all the schools out of “precaution” other than mine, and let everyone flood the stores en masse.

  46. 3b says:

    Can’t wait until they have a sit com showing how little so many teachers do. Recycle past years teaching plans, recycle the same multiple choice tests. Hanging out in the teachers longe talking about how they could have been somebody, and then planning their December and Feb break trips, while bitchin about how underpaid they are and dreaming of their summers off.

  47. 3b says:

    Pumps: Yeah that’s you Pumps, you read one article about WFH multiple jobs by one person and you extrapolate that across of corporate America. That’s why I and others here question your critical thinking abilities, and the fact you are a teacher. It’s scary.

  48. The Great Pumpkin says:

    Lol…did a teacher pick on you when you were young? Christie syndrome.

    And sorry, truth hurts. Is it fake news?

  49. 3b says:

    Pumps: No they did not, just making broad generalizations on a subject I know little about, like you do. As for the truth hurting that’s in your world of emotional insecurities, and delusions. Probably explains why you became a teacher, to limit adult interactions. By the way Allstate is going WFH permanently. Have a magical day!

  50. Phoenix says:

    If you have a couple of minutes give me a ring today. Thx.

  51. Phoenix says:

    Don’t forget about their sexcapades.

  52. BRT says:

    I had more than a few teachers pick on me in elementary school and middle school. In fact, the district where I went from grade 6 to 12 (Wall Township) is now a complete sh1t show as a bunch of people, including a former classmates went to the last BOE meeting and talked about numerous things that happened over the past decades. Several of them, sexual assaults, including the child of a staff member.

  53. BidenIsTheGOAT says:

    NJEA issues a statement backing arsonists and child rapists over jury verdicts. A pedophile out starting fires amidst chaos and riots is their new poster boy for equity.

  54. BidenIsTheGOAT says:

    I would be okay eliminating the salt cap of they also did so at the state level. Right now it flies completely against the whole equity agenda. We know that’s all bullshlt anyway but there is no way to defend the salt cap elimination in terms of fairness.

  55. Phoenix says:

    Hope they can keep this all secure. Well, why bother, it’s not like you can sue them anyway if your personal info is lost.

    Capital One Financial Corp. has said it will designate Mondays and Fridays as firm-wide remote-working days even after it reopens offices sometime next year. Synchrony Financial has told employees they can work from home forever if they’d like.

  56. Phoenix says:

    You do realize we are in America. This is not a place that started out or was ever designed to be “fair.”

    but there is no way to defend the salt cap elimination in terms of fairness.

  57. Phoenix says:

    3rd world status inches closer day by day.

    Eighty looters ransacked a Nordstrom store in California’s Bay Area on Saturday night, injuring at least three employees in a raid that lasted less than a minute.

    The large group,wearing ski masks and carrying crowbars, rushed the Walnut Creek store, stole an undetermined amount of merchandise and fled in their vehicles.

  58. Phoenix says:

    In other news,
    Nordstrom just hired Rittenhouse Security Services to protect their valuable trinkets.

  59. Phoenix says:

    Vote for Bernie- Sanders or Goetz.

    “Straphanger is stabbed to death by a stranger in subway car at Penn Station in second slashing in 24 hours as violent crime surges in New York City”

  60. Phoenix says:

    Now this place could use some of that 1.2 Trillion infrastructure money. The streets and houses look neglected.


  61. RentL0rd says:

    Phoenix, Charlie needs to get the UUSV Rhino


  62. Phoenix says:

    Haha. I loved the switch with the nails on it.

    Someone will buy it.

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