Posted on 01/08/2018 8:46:43 AM PST by SeekAndFind
anybody who’s ever paid federal income taxes, and certainly any lawyer or CPA or enrolled agent knows that the benefits received in return for any contributions are subtracted from the amount of the deduction and it is just the remaining balance, if any, that is actually deductible under federal tax law. the actual NET deduction, NOT the gross deduction
in short, the Californication political hacks that are proposing this shuck-and-jive realize it will not work, it is already (for a very long time) illegal
these political hacks are obviously just posturing for the hoipolloi
Say I live in New York but my employer is in New Jersey.
How does Cuomo propose to collect his tax from an employer who physically isn’t there?
This part needs a rebuttal. "State and local taxes" explicitly includes property taxes, which are roughly 1.2% yearly of what you paid for your house. A $500K house would be $6000 in property taxes by itself. That lowers this $140K income benchmark way down.
I'm not arguing against the new limit, just correcting this unforgivably narrow view of what a "typical" CA SALT deduction is and how many would generate it.
“Doesn’t Tax law looks at the reality of transactions. Not the window dressing?”
I thought that the IRS pretty much had a lock on deciding what constituted a charity for purposes of deductibility of contributions. If the supposed charity is not registered as a charity with the IRS then no deduction.
That was what the whole Lois Lerner debacle was about.
Democrats could take lawyers to school on working loopholes and bypassing rules and laws.
Yah, Niner, insults to ALL Californians from someone
who flies the flag of the true ‘Deep State’ state is
priceless. And, when you suggest that by retrieving their
own human contributions they can help California return
to its conservative heritage you are drilling it precisely.
The IRS will not be amused.
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