Posted on 04/27/2017 2:34:22 PM PDT by shove_it
The Trump administration has been looking for ways to cover the cost of its "massive" proposed tax cut. On Wednesday, it appeared to offer at least a partial solution: Make blue states pay...
~snip~
So just how dramatic is it? According to 2014 figures compiled by the Tax Foundation, taxpayers in just four deep blue states -- California, New York, New Jersey, and Illinois -- reaped nearly 44% of total benefit from the deduction. That means those four states pick up the lion's share of the tab if the deduction were eliminated.
In all, the 18 states that went blue on November 8 would wind up covering about two-thirds of the revenue increase, while the 31 that turned red would pay the remaining third of it.Taxpayers in Maine, which split its vote, would see only a small increase in their bill.
(Excerpt) Read more at time.com ...
It’s like matching young men with cougar women-no one complains.
They don’t HAVE an income tax in Florida, so it “leves” NOTHING!
The people that live in high tax states are victimized by the socialist in the big cities, just like flyover country are victims of the costal big city states.
“Floridians don’t get a deduction for sales tax, or state property taxes.”
You do get to deduct sales tax, if you itemize. I do just that in Texas.
So people don't have a choice about where they live, due to work, family obligations, and the like; yet they are being sneered at, by some posters here, who, if the shoe was on the other foot ( i.e. those who complain about the VERY RARE posts putting down the South and Southerners ), squeal like stuck pigs.
Renters don't get ANY deductions for property taxes, but they DO pay them via their rent, people who own their homes outright don't get one either, yet take away the mortgage interest deduction, and I bet that the posters gloating about those living in high tax states being screwed, would howl like coyotes/wolves baying at the moon.
Sounds good to me.
state and local taxes. Help me out folks I’m a little sleepy. Does this mean property taxes?
And exactly what was your point? Socialism is a disease of success and The Coastal states were the seats of commerce because of water transportation. The same applies to most larger cities that were located on river ways.
Wealth attracts people both great and small and sooner or later the small out number the great and they vote. Acknowledging that fact does not make me a socialist as you assert.
I don't know a single person that had any choice where they were born or whether their parents were rich or poor. I am also aware enough to note that there is no equality of intelligence.
I didn’t call you a “socialist”, nor did I even vaguely imply nor infer it. You must be feeling guilty. ;^)
Trump is eliminating taxes. If your state disagrees then take it up with them.
Your STATE taxes is not Americas problem.
And if THIS isn't "AMERICA'S PROBLEM", then neither are towns that suffer from weather disasters, arson ( i.e. forest fires ), etc.!
Getting rid of farm subsidies, would have been a better deletion.
I’ve read your bitch.
If you lived in a state lower of tax you have no argument.
Trump is Federal.
Unfortunately you live in a high tax state.
Tell me this. Do you pay more tomorrow than you did yesterday with Trumps tax plan or are you just upset that your state rips you off?
Really did not know that...
Totally impractical for most folks to track, but good to know.
I live in a high tax state and you apparently are having trouble with reading comprehension and logic, I actually DO have a legit complaint, as it is my ox that is proposed to be gored.
It really doesn't matter, since this is NOT going to be in the final Bill anyway, as there is no way that it'll pass reconciliation, let alone wind up being passed by both Houses, if it somehow remains in.
I’ll pay more.
Works for me.
I would tax as income some of the exorbitant extras some people get....free football games, airline miles, golf club memberships, etc....
regarding the frequent flyer miles....people amass thousands and thousands and thousands of dollars in free travel and its not income?...baloney....its income...
Actually it’s not bad...the IRS, believe it or not, has an easy way to do it. You give their site some basic info - such as income, number of kids, zip code (to factor in local taxes) and they give you their estimate of what you paid in sales tax...which can be up to several thousand dollars. On top of that, if you have a ‘big ticket’ item, like a car, you get to tack that on to the above, possibly doubling the deduction.
You do still have the option of collecting receipts and adding them up, if you think you may exceed the IRS number (maybe by furnishing a house with high-end stuff, for example).
...and the best part - this deduction only works in red states, that is states without an income tax...as you can only take one deduction or the other (either sales or income tax, but not both), and income tax just about always wins in blue states - so they never get to use the deduction.
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