Posted on 09/29/2017 9:59:24 AM PDT by rktman
As President Trump prepares to sell his tax plan to the nation's manufacturing lobby on Friday, his best-laid tax plans have already drawn objections from some fellow Republicans who are fuming over the decision to end deductions for state and local income taxes.
The situation will pit the White House against members of Congress from states that pile high income taxes on top of what the federal government takes from paychecks.
High-income Californians, for instance, pay as much as 13.3 per cent of their income to the state in addition to their federal taxes. New Yorkers can pay up to 8.82 per cent.
Just seven U.S. states have no personal income taxes, including Texas, Florida and Nevada
(Excerpt) Read more at dailymail.co.uk ...
This "double taxation" meme that is brought up whenever a change in taxation is proposed is getting real tiresome.
Why not remove it. Why should the rest of the country subsidize the liberal states that have the highest taxes. They vote in liberals who raise their taxes and there is little outcry because they can take them off their federal taxes — thus making the rest of us subsidize them. I think it is a great idea. The figure of $1.3 trillionover 10 years has been thrown out there that the Feds would recover — that’s $1.3 trillion that others are subsidizing states, especially liberal states.
TX has no income tax and GOP expect them to pick up the slack so NY and NJ taxpayers can deduct their high state income taxes from their tax bills, huh?
What's so fair about that?
There should be NO deductions for ANY taxes . . .income, sales, real estate
Other taxpayers should not have to subsidize high tax states, nor homeowners
Cut the rates for everyone and drop these deductions. Also get rid of the EITC which is laced with fraud
People in high tax states need to take it up with their Governor and state legislatures.
Have McCain and Collins Come out against this yet...
We also have sky high property taxes!
Too many people would be out of work. Everyone pays 10, 15, 18 percent or what ever number the decide on and it’s all done. No nothing. They take it and do whatever. No deductions or special dispensations for anything. One and done.
In Trump's plan, all sorts of deductions are eliminated.
To those of us who live in low-tax states, it certainly seems that deductions for high state income taxes in effect subsidize liberal socialist states like California, New York, etc.
If you think your state's income tax is too high, you work to get it reduced, don't ask me to help you pay it.
As I heard it explained, real estate tax on your first home and charitable taxes would be deductible but second homes, vacation homes, cars, boats, etc. taxes are not now nor will they be if changed.
Here’s hoping - seems like the GOPe/RINOs, who were so quick to cave to so many Dem demands are now going the “all-or-nothing” route to insure as little as possible gets done.
It’s too bad that New York and California will have to deal with their HUGE STATE TAXES on their own now... without dumping most of it on the rest of us like they have for decades.
If you are single, the Standard Deduction if $12K, $24K for Married Filing Joint.
Do you pay more than $12K or $24K in state sales tax? If not, you wouldn't get the itemized deduction anyway, because you would use the Standard Deduction. You wouldn't be itemizing.
I think Cohn said that only 25% of the people would be affected by the SALT deduction.
The 12 Republicans from CA have a dog in this hunt. They don’t want to vote for a tax increase on their voters, do they?
I’m in Texas, and I’m losing my property tax and sales tax deductions.
I’ve been fiddling with this, and I think there’s a 25 percent chance, my taxes are going up under this bill.
Second homes have never qualified for the mortgage deduction. I rent mine so I classify it as income. Most years, I take a slight loss so it actually lowers my taxable income.
No, they are eliminating the State Tax & Property Tax (SALT) deductions. Mortgage Interest would stay.
However they are increasing the Standard Deduction for single to $12lK and MFJ to $24K. So you would have to reach $24K of deductions to exceed the Standard Deduction before you start itemizing.
We had higher taxes but got together and voted those tax and spend liberals out of office, in favor of tax cutters!
If we did it, you can too - just don't claim you're paying your fair share of national taxes when we are paying more because you simply deduct your high state taxes.
They don’t. California is a net payer of federal money, like most of the big blue states.
They pay more in taxes than they receive in federal funding.
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