Originally Posted by NotMrNiceGuy

I think you misunderstand my point. And yes, I’m aware of your previous posts praising the increase in the SALT deduction (which I think is absurd - but that is beside the point).

I was posting regarding the chasm between revenue and expenditures — about $7 trillion between 2018 and 2021. Unless you believe that accounting is meaningless, that money has to be raised and someone must pay. And considering that the total SUM of wealth among the 788 US billionaires is around $6 trillion, confiscation or “eating the rich” isn’t gonna cut it. That means the onus is on the middle class.

Do you know why you’re aware of the SALT deduction? Because it was sold to you to garner your vote. You vote based on your own personal benefits. You want stronger unions. You want that personal deduction. You’re quite proud of voting based on your own interests from your previous posts. But it’s what you don’t know that should scare you.

• This retirement proposal in the present bill that disallows after tax dollars to be converted to Roth will cost someone that fully funds his retirement account upwards of $500,000 over 25 years.
• Old retirement plans passed on to children allowed distributions over the child’s lifetime. That has been updated to be distributed over ten years which will elevate the taxes drastically for your kids.
• President Biden proposed an inheritance tax over $1,000,000 as opposed to $11,000,000.
• Your kids will no longer get a step up in basis on your house when you die and will now pay capital gains of some 40% of the growth since you bought it, not when they inherited it.
• 1031 Real estate exchanges are being targeted which hurts investors and will result in limited supply. This will ultimately elevate prices which will increase property tax.
• Government money has flooded the market. You’ve probably noticed that your home tax assessment has increased the last couple years because the market has been artificially constrained, the Fed hasn’t raised rates, government checks have flowed. That increase in taxes is not a deduction.

I could go on as the list is literally endless and new proposals continue to be brought forth. Whether it’s the hidden tax of inflation or actual laws passed, your money has already been spent. Maybe you don’t have kids, own a house, invest in real estate or do Roth conversions, but for those that do there is no chance increased discretionary income with the present trajectory. The SALT or $4,000/year is a drop in the bucket compared to everything going on behind the scenes.