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Senate passes bill making State Sales taxes Federally deductible.
Sen Nelson-540 WFLA ^ | 10/11/04 | Self

Posted on 10/11/2004 12:36:11 PM PDT by ijcr

Senator Nelson D-Fl stated that State Sales in the six States that do not have State income taxes will be deductible in 2004 and 2005.

This is hugh.


TOPICS: Breaking News; Business/Economy; Government; US: Florida; US: Texas; US: Washington
KEYWORDS: napalminthemorning; salestaxes; tax; taxes
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To: Pastnowfuturealpha

Heck, folks, go back only a bit further and there was no Federal income tax! Want to shock a current high school senior? Let them know that fact (that they should know if they are getting their diploma, but likely will not know if they are in a typical public school).


61 posted on 10/11/2004 1:00:02 PM PDT by Gondring (They can have my Bill of Rights when they pry it from my cold, dead hands!)
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To: meyer

Ha Ha not only have we defeated the state income tax, but we will get the sales tax deduction. Jimmy Nafiah eat this.


62 posted on 10/11/2004 1:00:59 PM PDT by Coldwater Creek
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To: So Cal Rocket
A while back, it was stated that the government makes 7 times as much for a gallon of gas as those who explore for it, drill for it, pump it, refine it, transport it, and dispense it. I don't know what the current figures are, and of course it varies by locale.

One of the HUGE costs for Californians and fuel is not just the tax, but the way the environmental laws have required these special blends for different areas of the state, killing the economy of scale.

63 posted on 10/11/2004 1:03:06 PM PDT by Gondring (They can have my Bill of Rights when they pry it from my cold, dead hands!)
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To: mc5cents
I live in NY State, I beg to differ. In fact I don't just beg to differ, I differ!!

So what's your sales tax rate in NY? Mine's 9.25% in TN!!!!

64 posted on 10/11/2004 1:05:07 PM PDT by OrangeDaisy
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To: ijcr
Oh, yippee. Even more time and money spent on compliance! We all need simplification, not additional complication. This "Republican" Congress either doesn't get it or, for some reason, doesn't want it.
65 posted on 10/11/2004 1:07:03 PM PDT by newgeezer (Just my opinion, of course. Your mileage may vary. You have the right to be wrong.)
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To: ClintonBeGone

For all of you not old enough to remember. You can take the deduction in one of three ways. We got this deduction years ago.
1. Keep track of all your purchases.
2. Use the chart which gives you an average.
3. Use the chart and add auto and other large purchases.


66 posted on 10/11/2004 1:07:16 PM PDT by fritzz
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To: Dubh_Ghlase

you will either keep all receipts and itemize, or take a deduction pre-determined by your income, etc., much like how the standard deduction works now


67 posted on 10/11/2004 1:07:27 PM PDT by mrplind (The greatest threat to the United States is not "terrorism" as we know it, it's liberalism!)
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To: OrangeDaisy
So what's your sales tax rate in NY? Mine's 9.25% in TN!!!!

NY is 4.25% + local taxes. I'm in Texas - 8.25% plus some of the highest property taxes in the country. I pay something like 2.85% in property taxes - as a result, I am essentially renting my house from the government.

68 posted on 10/11/2004 1:07:34 PM PDT by BearCub
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To: BearCub

Well you Texans like everything big! LOL. Are you kidding though? That is ridiculous. Way didn't W repeal some of that crap when he was Gov? Holly Molly. I guess things could be worse here in NY eh? Naaaaa! Do you have a Senator named Clinton? I think NOT!


69 posted on 10/11/2004 1:08:33 PM PDT by mc5cents ("We will have to take things away from you on behalf of the common good." Hillary Clinton)
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To: OrangeDaisy
[...]the 9.25% sales tax we pay in TN[...]

Isn't TN at 7%, and the other 2.25% county/local?

70 posted on 10/11/2004 1:08:49 PM PDT by Gondring (They can have my Bill of Rights when they pry it from my cold, dead hands!)
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To: OrangeDaisy

I guess it depends where you live in Tenn. In my town we pay 9.75%. That extra 1/2% adds up if you have a large family.


71 posted on 10/11/2004 1:10:54 PM PDT by Coldwater Creek
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To: Dubh_Ghlase
Years ago, when we used to have this deduction, a bunch of tables were printed in the 1040 booklet, based on income level. Back then, if you saved all your receipts, and that figure was higher than the figure in the table, you could deduct actual tax paid, rather than the table tax.

I wonder if they are returning to that method.

72 posted on 10/11/2004 1:12:12 PM PDT by savedbygrace
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To: So Cal Rocket

It all depends on whether or not their sales taxes are that much higher than the states that do have state income taxes.


73 posted on 10/11/2004 1:13:25 PM PDT by Bikers4Bush (Flood waters rising, heading for more conservative ground. Vote for true conservatives!)
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To: savedbygrace
Years ago, when we used to have this deduction, a bunch of tables were printed in the 1040 booklet, based on income level. Back then, if you saved all your receipts, and that figure was higher than the figure in the table, you could deduct actual tax paid, rather than the table tax.

Were you always entitles to at least the table tax - even if your sales tax paid was actually lower? That is, would someone who saved alot of their income benefit by using the table instead of itemizing the sales taxes paid?

74 posted on 10/11/2004 1:14:04 PM PDT by BearCub
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To: BearCub

But you don't pay sales tax on food. Everytime we go home we buy as many groceries as possible and we save a lot of money. In Tenn.we pay 9.75% on everything.


75 posted on 10/11/2004 1:14:45 PM PDT by Coldwater Creek
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To: BearCub
NY is 4.25% + local taxes. I'm in Texas - 8.25% plus some of the highest property taxes in the country.

New York's STATE tax is 4.25%, but the county and local taxes make the state average combined sales tax = 8.4% Texas average combined sales tax is 7.9% so you must be in an area of high local/county taxes.

According to Sales Tax Clearinghouse, Inc., only Tennessee (9.4%) and Louisiana (8.55%) have higher average combined Sales Tax rates. Of course, there are many ways to play with those averages, but the point is, NY has a huge tax burden, despite the 4.25% State Sales Tax rate.

76 posted on 10/11/2004 1:15:03 PM PDT by Gondring (They can have my Bill of Rights when they pry it from my cold, dead hands!)
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To: Gondring
Isn't TN at 7%, and the other 2.25% county/local?
You are correct, and locals can impose up to 2.75%. I've never been anywhere that I paid less than 9% in state/local sales taxes, but I think there are a few tiny little burgs that charge only 1.5 or 1.75%. I am assuming we can deduct local sales tax too, since those that pay local income tax can deduct it, but I haven't read the bill yet.
77 posted on 10/11/2004 1:15:17 PM PDT by OrangeDaisy
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To: mariabush
In Tenn.we pay 9.75% on everything.

Well technically we pay 7% state sales tax on everything but food and 6% on non-prepared food (defined in some state table somewhere) and then a local sales tax option up to 2.75%.

78 posted on 10/11/2004 1:18:32 PM PDT by OrangeDaisy
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To: Gondring
According to Sales Tax Clearinghouse, Inc., only Tennessee (9.4%) and Louisiana (8.55%) have higher average combined Sales Tax rates. Of course, there are many ways to play with those averages, but the point is, NY has a huge tax burden, despite the 4.25% State Sales Tax rate.

Of that there is no doubt - you guys have a ridiculous tax burden - particularly in NYC. I stated that the effective residential property tax rate in NYC is $0.83 - that is true. But the nominal rate is $10+ - it's just that only about 7% of residential property is effectively taxed at the full rate (after exemptions). So you could find yourself paying $10 per $100 while your neighbor pays nothing. Of course, that's a local issue that needs to be dealt with.

79 posted on 10/11/2004 1:18:49 PM PDT by BearCub
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To: mc5cents
BTW I got this from the Retirement Living Center web site:

The top five states where the tax burden as a percent of income is the highest are: New York (12.9%), Maine (12.3%), Ohio (11.3%). Hawaii (11.3%), Rhode Island (11.1%). The United States average is 10.0%. The District of Columbia is 12.9%.

The five states with the lowest tax burden as a percent of income are: Alaska (6.3%) 50th, New Hampshire (7.5%) 49th, Delaware (8.2%) 48th, Tennessee (8.5%) 47th, and Texas (8.7%) 46th.

See who is in the top five? Yea NY. See the bottom five? Texas. Next question.

80 posted on 10/11/2004 1:20:36 PM PDT by mc5cents ("We will have to take things away from you on behalf of the common good." Hillary Clinton)
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