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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“The Blue states are paying YOUR freight by subsidizing YOUR state at the Federal level.”
That’s one of the dumbest liberal statements ever said on FR.
“The rich, in this case, is a two earner family making ~$130k per year and living in the suburbs.”
Show us the math on how that that family pays more in taxes.
You assess the fact as dumb.
Only a dummy would do that.
“Thats one of the dumbest liberal statements ever said on FR.”
“Republicans didnt raise anyones taxes.”
Any time you eliminate deductions, you have raised total taxes due.
Most kids learn that early on.
That’s raising taxes. By any and all definitions.
The one in New York, for example, allowed taxpayers to take the amount of state tax in excess of $10,000 and make transfers to funds controlled by state or local governments, or other transferees specified by the state, in exchange for credits against the state or local taxes.
They described these transfers as fully deductible charitable contributions for federal income tax purposes
the only hope for us is when I actually do retire, and our income plumments, we’ll be in the tax free zone as far as income tax....property taxes are a different story....
when the world worries and ceases to satisfy, there is always the garden.....
As I said, I understand the fairness of it from the perspective of people living in low tax states. But the idea that it’s “my problem” that my state is stealing money from me seems sort of odd. We have a “republic” part of the theory of which is to place certain limits on mob (majority) rule that protect the rights of the individual.
Sure, but if the standard deduction is tens of thousands less than what you actually paid in state and local taxes, then it’s not doing it’s job.
Sure, but if the standard deduction is tens of thousands less than what you actually paid in state and local taxes, then its not doing its job.
Sorry, I guess well just have to disagree on this point. The standard deduction is simply to have a way to exclude a certain STANDARD amount of income before federal taxation begins to kick in. And that STANDARD amount is the same regardless of where the taxpayer lives in the country and how high or low their income is. And THAT is a good thing IMHO. The standard deductions job is not to subsidize state & local taxes thank goodness!
“Im getting taxed on money that I never saw.
Thats one of the reasons for the standard deduction. And its equal across the nation.”
If one of the “reasons” for the standard deduction is to avoid taxing people for money that they never possessed, then it seems that it would stand to reason that it shouldn’t be limited to how much that amount actually ends up being.
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