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Keyword: salt

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  • Schumer, Senate Democrats will force vote to repeal IRS ruling on SALT cap

    10/11/2019 7:07:59 PM PDT · by Libloather · 57 replies
    Fox Business ^ | 10/10/19 | Brittany De Lea
    Senate Democrats plan to force a vote to repeal a recent ruling regarding the controversial $10,000 cap on state and local tax deductions, imposed under the Tax Cuts and Jobs Act. Senate Minority Leader Chuck Schumer and Sen. Ben Cardin announced on Thursday that they would use a disapproval resolution under the Congressional Review Act to “force a majority-threshold vote” on a measure to repeal IRS rules that block a SALT cap workaround. Specifically, the vote will be on “a resolution to repeal the IRS rule that prohibits states and local governments from protecting residents from ‘double taxation’ of their...
  • 5 Myths About the State and Local Tax Deduction’s Cap

    06/25/2019 2:21:35 PM PDT · by Tolerance Sucks Rocks · 16 replies
    Ever since the Tax Cuts and Jobs Act passed in late 2017, Democrats and a few Republicans have decried how the law’s $10,000 cap of the state and local tax deduction harms schools, local communities, home values, first responders, and middle-class families. Fast forward almost two years later and these false claims are not going away. House Democrats recently announced a hearing scheduled for Tuesday where many of the common myths are likely to be repeated. Here are a few of the most common misconceptions. Myth #1: The Cap Hurts Middle-Class Taxpayers Before the 2017 tax cut capped the state...
  • The IRS Is About To Limit Those SALT Caps: They're Looking at You, New York!

    06/13/2019 9:10:24 AM PDT · by SeekAndFind · 75 replies
    Hotair ^ | 06/13/2019 | Jazz Shaw
    When the tax cuts were passed in 2017, one major sticking point was the limit on how much of your state and local taxes (SALT) could be listed as a deduction on your federal return. The amount was capped at $10,000 and this brought howls of protest from Democrats, particularly those from higher-income states like New York and California. 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. That’s about to come to a halt, as a...
  • Here's the value of $1 in each state, according to new data

    05/27/2019 11:18:10 AM PDT · by Boomer · 58 replies
    Fox Business ^ | 5/27/2019 | Jennifer Earl
    In the U.S., apparently not every dollar is equal. The value of $1 varies depending on where you go. According to new data compiled by 24/7 Wall Street from the Bureau of Economic Analysis (BEA), a dollar goes the furthest in America's "poorest states," such as Mississippi and Alabama. Overall, purchasing power is nearly 35 percent greater in The Magnolia State compared to New York, Forbes reported last year, citing 2016 findings from the BEA. In New York, $100 is worth only about $86.51, while $100 in Mississippi is valued at $115.74, the publication stated.
  • New York, California get 'aggressive' when residents try to flee high taxes

    05/16/2019 1:08:03 PM PDT · by Beave Meister · 68 replies
    Fox Business News ^ | 5/15/2019 | Brittany De Lea
    As an increasing number of residents are looking to leave high-tax Opens a New Window. states, such as California and New York, some of these state and local governments Opens a New Window. are not making the process easy. The Tax Cuts and Jobs Act introduced a number of reforms, including a $10,000 cap on state and local tax deductions, which have caused Americans to look into establishing legal primary residences in states where they can limit their liabilities. But some states give taxpayers a hard time when they are trying to change their domicile – thereby establishing their permanent...
  • States That Struggled to Forecast SALT Changes See an April Tax Boon

    05/13/2019 8:50:45 AM PDT · by Olog-hai · 7 replies
    Bloomberg | May 10, 2019, 10:28 AM EDT | Elizabeth Campbell and Elise Young
    Link: https://www.bloomberg.com/news/articles/2019-05-10/an-april-tax-boon-for-salt-hit-states-that-struggled-to-forecast
  • Sherrill, Stefanik, King, and Cisneros Introduce Bipartisan SALT Bill to Increase Cap

    05/12/2019 11:33:56 AM PDT · by Tolerance Sucks Rocks · 38 replies
    Inside New Jersey ^ | May 10, 2019 | Representative Mikie Sherrill et al.
    Sherrill, Stefanik, King, and Cisneros Introduce Bipartisan SALT Bill to Increase CapWashington, DC – Today, Representative Mikie Sherrill (D-NJ) announced the introduction of bipartisan legislation with Representatives Elise Stefanik (R-NY), Peter King (R-NY), and Representative Gil Cisneros (D-CA) to raise the State and Local Tax (SALT) deduction cap. The 2017 Tax Cuts and Jobs Act limited the SALT deduction to $10,000, and married couples filing jointly are harmed by having the same limit to $10,000 cap as individuals. The SALT Relief and Marriage Penalty Elimination Act would make the SALT deduction equal to the standard deduction taken by taxpayers, encouraging...
  • She went to the hospital for an infection. Doctors found four bees living in her eye (tr)

    04/10/2019 8:58:35 PM PDT · by EdnaMode · 36 replies
    Washington Post ^ | April 10, 2019 | Timothy Bella
    The 29-year-old woman had no idea why her eye was swollen shut. She was in unbearable pain and could not stop tearing up. The Taiwanese woman said she was confused about why an issue she thought was an infection kept getting worse, CTS News reported. But when the woman, identified by her surname He, received treatment at Fooyin University Hospital in Taiwan, doctors didn’t find a bacterial infection. While looking at He’s eyes through a microscope, Hung Chi-ting, the hospital’s head of ophthalmology, witnessed something he hadn’t seen before. Insect legs were wiggling from one of her eye sockets. He...
  • World’s longest salt cave discovered in Israel (near pillar named “Lot’s wife”)

    03/28/2019 6:45:44 PM PDT · by Libloather · 32 replies
    NY Post ^ | 3/28/19
    MOUNT SODOM, ISRAEL — Israeli researchers said Thursday they have surveyed what they now believe to be the world’s longest salt cave, a network of twisting passageways at the southern tip of the Dead Sea. A recently completed survey of the Malham Cave determined the labyrinthine cavern stretches more than 6 miles in length. That puts it well ahead of Iran’s Namakdan Cave, previously thought to be the longest salt cave. **SNIP** The Malham Cave’s main outlet yawns not far from a salt pillar named “Lot’s wife,” after the biblical character who was petrified for looking back at the destruction...
  • N.Y. Gov. Andrew Cuomo airs 'SALT' concerns with Trump

    02/12/2019 3:34:03 PM PST · by tcrlaf · 51 replies
    WashTimes ^ | 2-12-2018 | Tom Howell
    President Trump listened to New York Gov. Andrew Cuomo complain Tuesday about a provision in the GOP tax overhaul that’s walloping higher earners in the Empire State, the White House said, but the president feels the Democratic governor should consider slashing state taxes as a path to relief. Blue states like Mr. Cuomo’s still aren’t happy with a $10,000 limit — known as the SALT cap — the Republican tax bill imposed on the amount of state and local taxes filers can deduct from their federal tax bill. The federal deduction tends to be more relevant to higher-tax states like...
  • Blue-state lawmakers launch effort to repeal SALT cap

    02/11/2019 6:13:18 PM PST · by Libloather · 44 replies
    Politico ^ | 2/11/19 | RYAN HUTCHINS
    SADDLE BROOK, N.J. — New Jersey Sen. Bob Menendez and other members of the state’s congressional delegation announced legislation Monday that would repeal the cap on state and local income tax deductions enacted as part of the Tax Cuts and Jobs Act, H.R. 1 (115). Menendez (D-N.J.) and Rep. Bill Pascrell (D-N.J.), the primary sponsors, say their bill would pay for the cost of removing the $10,000 cap by restoring the top income tax bracket to 39.6 percent. While that’s likely a nonstarter with many in the GOP, Rep. Chris Smith (R-N.J.) — New Jersey’s only Republican congressman — is...
  • Cosmic Airburst May Have Wiped Out Part of the Middle East 3,700 Years Ago

    11/29/2018 3:27:03 AM PST · by BenLurkin · 28 replies
    The airburst "in an instant, devastated approximately 500 km2 [about 200 square miles] immediately north of the Dead Sea, not only wiping out 100 percent of the [cities] and towns, but also stripping agricultural soils from once-fertile fields and covering the eastern Middle Ghor with a super-heated brine of Dead Sea anhydride salts pushed over the landscape by the event's frontal shock waves," the researchers wrote in the abstract for a paper that was presented at the American Schools of Oriental Research annual meeting held in Denver Nov. 14 to 17. Anhydride salts are a mix of salt and sulfates....
  • Salt of the Alps: ancient Austrian mine holds Bronze Age secrets

    08/24/2018 3:21:31 PM PDT · by SunkenCiv · 20 replies
    Phys dot org ^ | Friday, August 24, 2018 | Philippe Schwab
    All mines need regular reinforcement against collapse, and Hallstatt, the world's oldest salt mine perched in the Austrian Alps, is no exception. But Hallstatt isn't like other mines. Exploited for 7,000 years, the mine has yielded not only a steady supply of salt but also archaeological discoveries attesting to the existence of a rich civilisation dating back to the early part of the first millennium BC. So far less than two percent of the prehistoric tunnel network is thought to have been explored, with the new round of reinforcement work, which began this month, protecting the dig's achievements, according to...
  • What Does Jesus Mean When He Says We Must Be Salted with Fire?

    05/29/2018 8:33:30 AM PDT · by Salvation · 13 replies
    Archdiocese of Washington ^ | 05-28-18 | Msgr. Charles Pope
    What Does Jesus Mean When He Says We Must Be Salted with Fire? Msgr. Charles Pope • May 28, 2018 • The Gospel from last Thursday’s daily Mass featured one of Jesus’ lesser-known teachings:Everyone will be salted with fire. Salt is good, but if salt becomes insipid, with what will you restore its flavor? Keep salt in yourselves and you will have peace with one another (Mark 9:49-50).Let’s begin with a few observations about salt in those times. Salt was valuable. Some people were even paid with salt (which is where we get the word “salary”).Salt was connected with...
  • Trump tax cut leaves blue states bluer, but they do have a way out (SALT sends NY, CA scrambling)

    05/04/2018 7:18:27 AM PDT · by SeekAndFind · 26 replies
    The American Spectator ^ | 05/04/2018 | HUNT LAWRENCE AND DANIEL J. FLYNN
    High-tax states face a choice: reduce taxes or lose taxpayers. Stephen Moore and Art Laffer forecast in the Wall Street Journal the loss of 800,000 California and New York residents over the next three years. The exodus, the economics experts say, comes because of the tax bill, which limits the state and local tax (SALT) deduction to $10,000, passed in December. Previously, the feds forced no monetary limit on filers. California taxes individuals earning $1 million or more at a rate of 13.3 percent. New York levies an 8.8 percent rate upon individuals making a similar amount of money annually....
  • State and Local Income, Sales and Property Taxes All Hit Records in 2017

    03/22/2018 10:52:47 AM PDT · by Red Badger · 14 replies
    CNS ^ | 3-22-2018 | By Terence P. Jeffrey
    (CNSNews.com) - Real state and local income, sales and property taxes all hit records in 2017, according to data released this week by the Census Bureau. State and local governments collected a record $404,509,000,000 in individual income taxes in 2017, according to the Census Bureau. Before 2017, the greatest level of individual income tax revenues collected by state and local governments occurred in 2015, when those governments collected $399,933,270,000 in individual income taxes (in constant 2017 dollars converted using the Bureau of Labor Statistics inflation calculator). State and local governments also collected a record $386,153,000,000 in general sales and gross...
  • Maryland will sue Trump administration over state tax-deduction cap

    02/09/2018 5:09:35 AM PST · by Tolerance Sucks Rocks · 44 replies
    The Washington Times ^ | February 3, 2018 | Andrew Blake
    Maryland will sue the Trump administration for capping state and local tax (SALT) deductions in its new federal tax law, the state’s attorney general said Thursday. The Tax Cuts and Jobs Act signed by President Trump last year contains a provision capping SALT deductions at $10,000, and Maryland Attorney General Brian Frosh said residents across the heavily-taxed state stand to take a hit as a result. “By eliminating the SALT deductions, Trump’s tax bill will jack up taxes for more than half a million Marylanders,” Mr. Frosh, a Democrat, said in a statement announcing his intent to sue the Trump...
  • Claims that capping SALT deductions violate Constitution are meritless

    01/30/2018 7:18:20 PM PST · by Tolerance Sucks Rocks · 14 replies
    The Hill ^ | January 30, 2018 | Rob Natelson
    Some leading proponents of centralized federal power have caught that ole-time states’-rights religion.New York Governor Andrew Cuomo, for example, has been a fervid defender of ObamaCare and other congressional programs invading traditional areas of state control. But, he says, Congress violated the rules of federalism when its new tax law capped income tax deductions for state and local taxes paid (SALT deductions).Are Cuomo and his allies correct? Does the Constitution require Congress to include SALT deductions in its income tax laws? ADVERTISEMENT The Constitution’s actual language does not say so. Some cite a 1985 speech by the late Senator Daniel...
  • Cuomo announces East Coast states will sue feds in new bid to thwart tax law

    01/26/2018 12:39:44 PM PST · by markomalley · 75 replies
    Fox News ^ | 1/26/18 | Adam Shaw
    New York Democratic Gov. Andrew Cuomo announced Friday that a coalition of East Coast states will sue the federal government over the Trump-signed tax overhaul, in the latest bid to undermine the law that Republicans have cheered. The states -- New York, New Jersey and Connecticut -- appear to be taking aim at a provision that limits residents' state and local tax deduction (SALT) to $10,000. While the law contains sweeping tax rate cuts for businesses and individuals, taxpayers in high-tax states like those in the Northeast are expected to take a hit from the SALT change. Cuomo called it...
  • Explainer: More U.S. states eye donations to evade Trump tax changes

    01/24/2018 3:29:31 PM PST · by C19fan · 35 replies
    Reuters ^ | January 24, 2018 | Karen Pierog
    Legislation that first surfaced in California to give taxpayers a way to avoid the new cap on state and local tax (SALT) deductions by making charitable donations has popped up in four more states so far, with others reviewing alternative methods. Changes to the U.S. tax system signed into law by President Donald Trump in December have sparked a furious search in states with high income and property taxes for loopholes to help residents replicate the benefits taken away by the $10,000 cap on federal SALT deductions.