so does this mean up to $10,000 for mortgage interest AND up to $10,000 for state tax/personal property tax? or just total of $10,000 and that’s it?
Are charitable deductions gone?
Farms are important but factories aren’t. I don’t get it.
Thanks for posting this!
from the article:
“...They said the agreement also would allow deduction of state and local taxes, including income and property taxes, up to $10,000, a concession to lawmakers in high-tax states that could also benefit farmers. ...”
Ping to deductions for state and local tax being in the tax bill.
http://www.freerepublic.com/focus/f-news/3613434/posts?page=1#1
If I get a tax break -- which I expect to, because almost everyone will receive one, even those living the extremely high tax states, that's a good thing.
If I get less of a tax break because the People's Republic can't ever get its fiscal house in order and spends more money than 47 other states, the problem is with the politicians spending money in Trenton, not with the lack of Federal Income Tax subsidies paid for by citizens in less-taxed states.
If taxpayers in high-tax states have their taxes cut but are reminded that they are taxed too much by their states every April, that's a good thing, not a bad thing. Will it make any difference to the high tax states? Non-taxpayers tend to accumulate in the high tax states to enjoy the lush benefits. However, it will make a lot of difference to the low tax states.
People -- people with income and assets to protect -- have been voting with their wallets and with their feet. (I'll use New York as the example because it's Number One and because the trends have been in place for decades now.) A taxpayer can live very well in New York City -- but it costs much more money than living well in Texas or in Florida.
New York State has lost an amazing 18 seats in Congress (and electoral votes) since 1950. It had 45 congressional districts in 1950. It has 27 districts today. It last had that few in 1813-1823.
By linear extrapolation, by about 2110 New York should be down to a single congressional district. (Also by linear extrapolation, by 2110 New York's combined state and city income tax rates should be about 10,000%.)
I'm happy with any tax cut that I get. I'm not unhappy that someone in a low tax state will receive a bigger tax cut.
If the Hillary bumper stickered Subaru driving snowflakes who hired the Bolsheviks that run Trenton are reminded that they are paying far more in state and local taxes than almost everywhere else in the country, that's good. I already know I'm paying way too much in taxes (And always vote "No" and "Republican".)
Could cause other Senators to stick in their own giveaways, and could doom any chance of passage.