Avoid the SALT. Another recession indicator. How can the economy be terrible if most of us say we’re financially OK?
Virginia enacts workaround to $10,000 SALT cap (Williams Mullen)
Back in 2017, as part of the last major tax reform bill, Congress passed a law limiting the amount of state and local tax (SALT) that could be deducted on Federal returns. Earlier this year, Virginia passed a law that effectively negates this $10,000 cap. It’s now one of 27 states with a SALT workaround on the books. If you’re a small business owner, check with your tax professional on whether you can benefit from this.
Are we in a recession? (No) (The Big Picture)
Nice chart showing that historically it takes at least 5 states to already be in an economic slowdown before the U.S. goes into recession. Currently, all 50 states are still in growth mode.
Why do Americans think the economy is so terrible? (The Atlantic)
Evidently it’s human nature. People tend to be individually optimistic and socially pessimistic. It’s also why the vast majority of us think we’re better than average drivers and why we complain about Congress but think our own elected representatives and senators are doing a good job.
It is better to fail in a cause that will ultimately succeed than to succeed in a cause that will ultimately fail.Peter Marshall