Posted on 11/16/2017 1:36:24 PM PST by Sean_Anthony
Elimination of the State and Local Tax deduction will harm the people of high-tax California, high-tax New York, high-tax New Jersey, and high-tax Illinois
Many California Republicans are excited about the federal GOP tax reform bill and anxious for tax relief, but others are warning about the negative impacts on individual taxpayers in high tax states like California and New York.
I spoke with California’s Congressman Tom McClintock this week to drill down into the corporate and personal aspects of the tax reform bill, to understand the nitty-gritty.
Eliminating the Federal subsidy of high-tax states will cause their voters to demand lower state taxes.
Kill the deduction!!!
Elimination of the personal exemptions (which have not been well indexed to inflation over the years) while increasing the standard deductions is a shell game where 0bama ate the pea.
If Interest “Income” is still to be taxed, all Interest paid should be deductible up front on its own line for everybody.
Long held assets should have their basis increased for the inflation caused by the gov’t for each year they have been held.
Lois Lerner should be in put in Gaol.
PRyno and Ditch are total failures.
When are they going to address the deficit?
Institute Common Sense, Comprehensive Spending Control?
It is apparent you take the standard deduction and do not itemize.
If you pay any income tax at all.
I’m surely the last to realize this, but
California, New York, New Jersey, and Illinois are
each and every one a blue state, voted for Hillary in 2016,
Bwahahahah [sniff] bwahahs.
Megan. This deduction envy is most unbecoming. All tax cuts are a good thing.
If Interest “Income” is still to be taxed, all Interest paid should be deductible up front on its own line for everybody.
Hey, they are doubling the EITC and she has six kids.
Apparently she’s not worried about losing the dependent exemption x 6.
And if Trump loses California, NY & NJ again? As far as losing them again it won’t matter. What will matter more is maybe many other things in the final House-Senate compromise bill.
Please tell me how that works when a couple counties control an entire state? Republicans are dividing the party, do you really want a situation where voters of each state vote only for what benefits them personally?
I’ll be sure to tell that to a widow I know who lives in New York who lost her husband in Afghanistan. People like you on FR disgust me.
So just in broad strokes :
Kill the personal exemption (~$4k/family member) but double the standard deduction.
I’m screwed.
I already file schedule A so the 2x std deduction does me nothing, it’s a wash.
But eliminating the person exemption for my family of 4 means my taxable income just went up $16K.
Republicans want my vote? Suuure
Maybe I’m missing something, help me out.
I read Forbes and so should you. The State And Local Tax (SALT) deduction DIRECTLY contributes to Democrat political power.
“More than the numbers is the SALT’s effect on the size of government. When a New Jersey or a California is getting ready to raise taxes, they know that their citizens will get back 30 or 40 percent of the tax hike on their federal income tax returns thanks to this deduction. The SALT makes it easier for blue states to stay blue and get even bluer.”
Or encourage people to relocate to lower-tax states.
Those places could lower their taxes, you know.
Same thing if you think about it.
The globalists at Forbes are a bunch of Free Traitors and ride the Cheap Labor Express.
It’s easier to whine.
Fine.
The fact remains that the SALT subsidizes the illegal alien social programs in the Democrat states.
So if you hate the “Cheap Labor Express” so much then why do you want to pay for it?
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