Skip to comments.The IRS Is About To Limit Those SALT Caps: They're Looking at You, New York!
Posted on 06/13/2019 9:10:24 AM PDT by SeekAndFind
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Change my mind.
You keep your taxable income as low as possible by taking all the deductions to which you are legally entitled.
Pretending that a tax is a charitable deduction is not legal. Dem state governments, like NY, are such cheaters
No less that the best Supreme Court justice we never had, Judge Learned Hand observed that:
"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes.
Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands."
“....The Treasury Department on Tuesday finalized regulations that would bar individuals in high-tax states from creating charitable funds in exchange for state tax credits a maneuver developed as a workaround for changes to the treatment of state and local taxes under the 2017 tax reform
It is STILL NOT ENOUGH!
They need to pay their fair share!!!!!!!!!!!!
“FYI: These states already pay more in FEDERAL taxes than your state, whatever it is.”
“If folks dont like it, they should elect state and local pols who will lower their taxes.”
Or, alternatively, unelect the Republicans that raised their taxes.
The logic is like this: We don’t stand a chance of turning out the commies that run the state. But we CAN unelect the bastard Republican in the swing district that we reside in.
Thus, CA alone lost TEN, TEN Republican seats in the 2018 elections.
Suburban districts all over the country unelected the Republican that voted to RAISE their taxes.
One can argue whether that was a rational response. But when somebody raises your taxes substantially, it seems rational to those who took the hit.
It’s called payback.
“Not expect other states taxpayers to pay their freight.”
The Blue states are paying YOUR freight by subsidizing YOUR state at the Federal level. That’s why you’re able to live in a so-called low tax state.
Of course that’s because average income in the Blue states is so much higher and most Republicans believe “the rich” should pay more. And not just a higher total number, but a higher percentage rate.
And that’s why the Congressional GOP had no trouble selling a tax increase. That, and general ignorance and envy on the part of Republican voters.
16% of the total tax break went to individuals, the overwhelming number of those under $100k. The rest went to business.
The bill was picked up by families over $100k in suburbia...and the deficit. It so happens most of those families reside in Blue states.
I used to see it your way. However, recently, I've come to recognize that the "rich" are not on our side. Name one "rich" dude who doesn't want to screw you, by exporting your jobs, grabbing your guns, and supporting amoral cultural degradation (excluding PDJT). Now, I don't care one bit if these rich get clobbered with increased taxes.
“It is STILL NOT ENOUGH!
They need to pay their fair share!!!!!!!!!!!!”
Says another proud “conservative” Republican. Which could easily be exchanged for a Social Justice Progressive, and nobody would notice.
The rich, in this case, is a two earner family making ~$130k per year and living in the suburbs.
Yep. Most Republicans would destroy the middle class if given the chance.
The politics of envy shall prevail.
Mariner, how much did the SALT cap cost you last year?
Lighten up Francis.
If you choose to live in a high tax state and vote for socialism, you should not expect the rest of America to subsidize it.
“Says another proud conservative Republican. Which could easily be exchanged for a Social Justice Progressive, and nobody would notice.”
[The SALT deduction concerns all forms of state and local taxes, including income taxes. Not JUST income taxes.
In fact there are people in every state in the union who hit the SALT cap last year, many with incomes as low as $120k for the entire household.
Many of them used to be Republicans.
Doctors, lawyers, cops, firefighters, two-earner families etc.]
No kidding. I used to be in a rural area, now 130+ houses are being built on the property across the street. Legally, only 11 could have been built, but a judge threw that out. 40 built so far, 12 more are under construction.
I know someone who claimed several hundred thousand in home renovations as a business expense. Both he and his wife did about 9 months each as a guest of the feds.
“you should not expect the rest of America to subsidize it.”
Then why do you expect blue states to subsidize you?
Never happen but the IRS needs to be abolished and the American tax system started over.
They pay the EXACT same tax rate as everyone alse.
Appropriation of that tax money is dictated by the Congress. A DEMOCRAT controlled congress. Controlled by blue states.
But you already knew that. And why are you complaining?
“Then why do you expect blue states to subsidize you?”
My friends lightman and Mariner,
Good job trying to talk some sense into some of the misguided, envy filled, vindictive, SJW conservatives. I know its exhausting. Its not fun being right all the time in the midst of political tragedy like losing the House. But as Mariner pointed out, we lost 10 seats in CA alone. We also lost 3 (I believe) in NJ alone - all because of the middle class tax cut.
Its crap like this on the forum that I have been taking a posting break. When logic, facts, and reason get you hate posts and the lemmings swarm like hornets, Id rather live life for awhile and enjoy books, movies, gardening, my old MGB, my beagles, and my family for awhile instead of arguing with fools who are proud of their ignorance.
We have some Freepers who want a civil war and brag about how many people they will shoot. Others who go ape when someone points out that none of coup plotters have yet to be arrested, and they are accused of being Never Trumpers and trolls.
I know we also have good folks like you two.
Take care, thanks again, and God bless.
“Or, alternatively, unelect the Republicans that raised their taxes.”
Republicans didn’t raise anyone’s taxes. The taxes were raised by the State and locality they live in, primarily Democrats.
The nation decided that no longer were the rest of us going to fund their high taxes. They were paying their State and locality taxes and deducted it from their federal taxes so the rest of us had to pay more. No longer. They get to pay their fair share of federal taxes.
It’s very liberal of you to make that bold faced lie that high State and local taxes are because of Republicans in federal office.
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