Posted on 02/05/2018 5:14:16 PM PST by Pontiac
Gov. Dannel Malloy on Monday proposed legislation to help Connecticut residents make up for $10 billion in lost federal tax deductions under the recent tax overhaul.
His plan aims to assist Connecticut homeowners who face higher federal tax bills because the new law caps state and local tax deductions at $10,000 a year. To get around that cap, Mr. Malloy’s proposal would give towns authority to form charitable organizations that residents can contribute to in exchange for property tax credits.
Charitable contributions kept their full deductibility under the tax overhaul.
The governors of New York, New Jersey and Connecticut also said in January they would sue the federal government to overturn the new tax law, saying it intentionally discriminates against Democratic-leaning states.
Instead of funding municipal services through property taxes, cities and towns would tap a mix of property taxes and money raised from the charitable organizations, under Mr. Malloy’s proposal. Details of the plan haven’t been fully established.
Some towns have expressed interest in exploring whether using charities is a viable option, said Elizabeth Gara, executive director of the Connecticut Council of Small Towns.
(Excerpt) Read more at wsj.com ...
Are they going to have charities replace government workers?
Are they somehow going to get the charities to give the government the money that home owners give to them?
This just sounds weird.
Read the whole article with out the pay wall
http://www.4-traders.com/news/Gov-Dannel-Malloy-Offers-Plan-To-Ease-Connecticut-Tax-Burden—25935532/
Mandatory Charitable Contributions ,give or go to Jail ?
How about cutting your spending and lowering your taxes?
Does this sound like a money laundering scheme by the state to anyone?
California has already put this in place ( and no, you just don't understand how this is supposedly supposed to work ) and when the talk about this first hit the fan, it was laughed at by the IRS.
“Instead of funding municipal services through property taxes, cities and towns would tap a mix of property taxes and money raised from the charitable organizations, under Mr. Malloy’s proposal. Details of the plan haven’t been fully established.”
Lol, a complete loser trying to bail a sunk ship.
They were too busy laughing.
Psshhhh! Reduce taxes!? Cut Spending!? Hogwash man!
That legal fiction won’t work. It is a tax, not a charitable donation. Mallow is a complete a$$hole and his plan is stupid.
As my father would say...........
That dog don’t hunt
Why does not this idiot RAT just reduce spending? Sorry, not a proper question for a RAT.
Duh!
Golly, well just look at that. Those dag gum libs are just sooooo much smarter than anyone else. /s
Let me guess, it does not involve cutting state and local taxes. Sad
Cool. If I were paying property tax,I’d just elect not to donate to the charity, and not to pay the like amount of offset to the property taxes.
Nope, it won't!
You still owe the full tax bill ... With no deductions.
No, mandatory Charitable Contributions AND go to jail.
What he is proposing would be defrauding the IRS.
I don’t think you get the problem the governor is trying to resolve.
Connecticut’s property taxes are high because it was possible to right off those taxes on your Fed Income Tax.
But the Trump tax cut plan now limits that right off to $10K so the rich in CN are now feeling the bite of their high property taxes.
However, the Trump plan left right offs on Charity unlimited. Thus, the Governor’s idea to find a way to change charity contributions in to state and local tax income.
But to me it sounds like a local and state government plan to defraud the Federal government.
But somehow the governor is going to have to find Federal approved charities willing to cooperate in the fraud. Who would be that stupid? I don’t know.
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