Posted on 10/31/2017 10:51:30 AM PDT by Mariner
To everyone here - we have to have a deduction for state and local taxes off of our Federal taxes. How many states give a deduction off of state income taxes for Federal taxes? Arizona is the only one I can think of (and that was 30 years ago, I don’t know about now).
Bingo!
Depends on whether the increase in the standard deduction is big enough to offset the loss of the SALT deduction. But I don’t advise panicking at the moment, because that’s what the dems and media want you to do .
We’re all gonna die.
I will a big loser from the elimination of the state and local tax deduction since I live in one of the highest taxed States and I sincerely hope they kill it. It’s a big subsidy for California and New York at the expense of everyone in the lower taxed red States. Yes, in order to get lower tax rates and lower corporate tax rates (so we can stop scaring every business in the world out of the USA which currently has the world’s highest corporate income tax rate) we will have to give up our deductions. The deduction that primarily benefits the blue high tax States should be the first one to go.
Can’t cut government spending though....
Bye, bye middle-class for good.
Best to leave these deductions alone.
Do you tell your clients about the elimination of personal and dependent exemptions?
We still have 5 kids at home.
In New Hampshire you must have some form of taxation at the state and/or local levels to fund your government. Aren’t the property taxes ridiculously high up there?
Question is, why is it okay to have the federal government “subsidize” the state and local taxes, and sales taxes?
Why not have tax-payers feel the pain of living in certain high-tax areas? Perhaps then they’ll stop playing the rich vs poor class wars. Those local and state taxes are used to pay for social feel-good programs which tend to enslave and trap a lot of people in government dependence.
“There is no use getting all worked up about this until we know the details.”
I agree.
It’s not the loss of SALT that gives me anxiety - it’s the loss of personal/dependent exemption times 7 family members
THAT would cause true tax reform ... if you had to write a check for $10k each year ... instead of them taking $400+ out of your paycheck every other week ... there would be a tax revolt ... and real reform would be forced.
“Go to a flat rate, national sales tax, something simpler than the ridiculous nightmare we currently have - deductions? Get rid of them all.”
Exactly...I vote for a flat rate-10% for EVERYONE! The current tax code is criminal concocted by dumb criminals.A total disgrace and dishonor to all the fallen souls who gave their lives for this country.And any SOB who comes up with “how are we going to pay for it” or it “has to be revenue neutral” should immediately marched off to “camp” (and not boy scout).
Since only 30% of people itemize and since there is no minimum income limit for the deduction nearly everyone who itemizes will take the state tax deduction. The exception being people who make so little the state and local do not collect income tax from them and who have not kept their sales tax records for the past year. Five percent looks about right.
I find it interesting that they are fighting so hard be able to deduct 25% of their state and local tax when there are other deductions which would be far more lucrative to pursue.
I would guess that these are either people who have no idea how the deduction actually works or people who live in very high tax states and want to make sure those taxes stay up.
WELL SAID!
WELL SAID!
Sounds good to me.
BTTT!!
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