[headstamp 2]

Had a neighbor ask me if his wife could use my apartment as a “head of household” dodge for tax purposes. (NYS)

He said his accountant said it was OK to do.

I told him he needed to find another accountant.

[Sacajaweau]

The rich are always saying they want to pay more.

[DoughtyOne]

Thanks so much for your support to this point... I personally apprecaite it...
FReepers, it's far beyond time to wrap up this FReep-a-thon.  Lets do it today.  Please chip in.

President Donald J. Trump and the Free Republic of the United States of America
President Donald J. Trump's address to the United Nations on 09/19/2017.

Ramirez political cartoon:  Google LARGE VERSION 06/12/2019: LINK  LINK to regular sized versions of his political cartoons (archive).
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FReepers, 97.514% of the Second Quarter FReep-a-thon goal has been met.  Click above and pencil in your donation now.  Please folks, lets end this FReepathon.  Thank you!
...this is a general all-purpose message, and should not be seen as targeting any individual I am responding to...

Just $428.00 dollars to 98.00%

[2banana]

Funny how they don’t want their blue state rich folks to pay their fair share!

[wny]

it also varies within the state...I live in Ontario county, east of Rochester. my local taxes are about $4,700. relatives of mine in Nassau county on Long Island with a comparable house, maybe 300 sq ft larger but 1/4 the property, in a comparable neighborhood, pay $25,000.

[Behind the Blue Wall]

I see the logic of the cap on the SALT deduction in that it acts as a massive subsidy from low tax states to high tax ones, but from the taxpayer’s point of view, I’m getting taxed on money that I never saw.

[immadashell]

TurboTax never mentioned this.

[poinq]

In Illinois the SALT provisions have changed home prices dramatically. It hits the $600 thousand to $5 million dollar homes the most. Over $5 million seems to be “I don’t care” money. Where people have so much that price is not important. And under $600 thousand does not seem to have a large affect on taxes. A home around a million dollars is a much harder sell than it was before. And $3 million dollar homes are just not selling here unless they are highly discounted.

But this is not just because of SALT. The annual property taxes are about 2% now on million dollar homes. So that alone is problematic. Then the SALT is just salt on the wound.

[Hemingway's Ghost]

We took it up the pipe this year in Massachusetts on account of this, too.

[lightman]

We knew this one was coming.

[I want the USA back]

Calling a tax payment a donation is a lie. Longstanding IRS practice. The legislators in NY and NJ should be in federal prison for aiding tax evasion.

[RegulatorCountry]

It’s certainly accelerated the exodus from NY and NJ to NC and upstate SC.

[null and void]

They quickly got to work seeking to thwart the rules by allowing taxpayers to “donate” the extra amount to a “charity” set up specifically for the purpose of evading the law.

What's the difference between tax avoidance and tax evasion?

[Myrddin]

My Idaho state income tax exceeds the $10k cap by itself. My property taxes are completely on my nickel. The increased standard deduction made the net about even. When I finally retire, the property taxes will be in play again. I'll likely move from a top 5% payer to a bottom 49% non-payer of federal income taxes.

[Sooth2222]

It seemed obvious to me and to any thinking person here in the PRNJ (that would exclude Bruce Springsteen and our governor) that this ploy was eventually going to end up in a double-****ing. The deduction was going to be disallowed by the IRS and result in a fine/penalties, and that the state "charity" wasn't going to refund the money.

(The problem is that the high tax states spend too much money. My solution to the problem was to stop looking for a bigger house here, and to look for one in Florida.)

[HamiltonJay]

Beyond time the blue states started having to pay the load for their “government generosity”....

[Mariner]

“As we’ve discussed here before, a $10,000 cap on state taxes is pretty generous. That works out to someone making nearly $150K per year. And even then, you’d only lose the deduction for the taxes you paid on income above and beyond the $150K mark. If you earned a quarter million last year, that means you would miss out on a deduction of about six thousand. Is that really such a burden for people in the top five percent of earners?”

That’s a damn lie. Several in fact.

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.

[babble-on]

Don’t tax thee and don’t tax me, tax that man behind the tree.

[unixfox]

You asked for higher taxes and you are surprised you got them?

Couldn’t happen to a more deserving bunch!

[Robert357]

I LOVE IT! GO TRUMP!

“....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…....”