Posted on 12/30/2017 5:41:33 PM PST by Kaslin
“Most of the bill is about stimulating the economy. But this part strikes at the heart of the Blue State Racket. It could further accelerate trends already in motion—much like the President’s remarks on NFL protests turned a mere trickle into a flood.”
nicely written ;)
Gee, thats too bad.
With 50% of the remaining money going to their agent, manager, and publicist.
i’m trying xiidra for that. it’s a pretty painful condition.
but i agree ;)
so making one deductible from the other makes no sense.
The same concept is historical for federal taxes but it has been so long that it has been forgotten.
“Liberals, we have more taxes for you! Be happy!”
Exactly! Liberals LOVE taxes! They constantly try to raise them. I guess they just hate poor people because they don’t want to pay taxes.
but your example Dealt with two state taxes. Not the state and federal, which both have different uses.
I always wondered how one filed if they lived in one state and worked in another. so you pay the 2nd state’s income tax, filing as a nonresident- but when filing for your home state you deduct what you’ve already paid? What if your home state tax rate is lower or higher?
I’m trying to wrap my mind about this. So you’re saying your deducting state taxes from federal somehow deals with avoiding double taxation?
I received the union’s retiree newsletter, touting all kinds of dire consequences of the “Republican” tax bill. It was a real doomsday tirade. Having already checked with my own accountant, who said any effects on me would be negligible either way, I tossed the retiree newsletter where it belonged-—the trash.
Those numbers make no sense at all. NY State's top income tax rate is 8.82%. NYC's top income tax rate is 3.876%. Add those together and you get 12.696%. If that entirely deductible for someone at 2017's top income tax rate of 39.6% you would have a net marginal state and city rate of 7.67%. So you would pay an total marginal rate of 7.67%+39.6%=47.27%. Compare that to 2018 with 37% federal + 12.696% state & city= 49.696%.
No, you aren't going up 20%. Maybe 2.4%, but not 20%. And you would need an income of more than a million dollars to hit those rates.
It might be higher if you have a huge mortgage on a very expensive property and are hitting the mortgage deduction and real estate tax deduction for the huge amounts.
Thanks for this informative post.
Anyone have a clue?
Leni
Dear people moving from Liberal States to Florida: Please don’t bring your liberal ideas to Florida. If you want to, stay there since you crapped the state there and don’t crap my state. Thank you.
Principles be damned, it’s all about YOUR money, right?
No matter that your state and mine is passing off the costs of their Marxist irresponsible tax schemes to the states that have acted responsibly with their tax monies.
Ahem. That pic of the statue is NJ.
One of my principles is that you don't kick to the curb the very people who helped you to get where you.
The GOP-E has kicked us to the curb...collateral damage for their precious corporate tax cuts.
Two words for the GOP-E: Foxtrot Uniform.
MATH!
The only subject more revealing of ignorance in (most) Americans than geography.
if they pay no income tax already, then no change. Otherwise the increase in standard deduction plus lower bracket rates means their tax burden will go down. If they withhold at a flat percentage, such as from their SS check, they will get a bigger refund.
I didn’t even know that Social Security would withhold a tax amount.
.
I trust that when the 2020 census is taken, New York and California lose electoral votes to red states. I read Rhode Island is about to lose a Congressman and go down to one.
JoMa
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