Posted on 10/11/2019 7:07:59 PM PDT by Libloather
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 local charitable contributions and State and Local Taxes (SALT) under the Trump tax bill,” Schumer, a Democrat from New York, said in a press release.
(Excerpt) Read more at foxbusiness.com ...
Chuckles must be getting phone calls...
Ping!
Hot d@mn...now just repeal the William “Bedsheets” Byrd “Revenue Neutrality” amendment which gave us this zhit in the firstplace.
Screw Schumer and the Blue Slip carpet he flew in on. Hell, why have only a cap on SALT deductions, let’s eliminate SALT deductions ENTIRELY.
And I say that as a resident of Maryland.
No, no and no
But don’t they want the rich to pay their fair share?
Shouldn’t Chuck & Co. be cheering SALT as a way to get more revenue into Federal coffers?
Or is AFSCME cutting back on its donations to the dems?
+1
The ruling is that the contribution deduction is decreased by the amount of benefit received. This has been the case since the beginning and not a new rule. It is why buying girl scout cookies is not deductible.
Big city liberals can sit and spin on their high property taxes!
“controversial”
Biased reporting 101
How about we just repeal the 16th Amendment? Other than the 1001 good reasons to repeal it, what’s the point for all of us to file and paying taxes if they are just going to spend indiscriminately anyway? As I recall they instituted the SALT cap in part because they wanted a ‘neutral’ change to the tax code. But they are basically just printing the money anyway. I know, they are creating debt for future taxpayers but that’s a debt that will never be paid. 25%+ of the budget is paid by debt, and only 25% or so of the budget is paid by wage taxes. So it’s become such a small piece what’s the point in continuing it? Other than as an exercise in power, or a pretense at responsible governance?
While we’re at it, let’s repeal the 17th Amendment so we can finally be rid of these fools in the Senate.
Why would they want to repeal it? SALT is just a trick to keep the wealthy from paying their fair share.
I’m for that. The SALT changes raised federal taxes on middle class Republicans who happen to be stuck in Calif and other Blue states. All because the GOP would cut spending to pay for lower corporate tax rates.
If Schumer wants to cut my taxes - or rather, end the tax increase that Paul Ryan and Mitch McConnell foisted on me and other upper middle class Republicans in cal, ny, and Illinois - more power to him
make that, “ All because the GOP would NOT cut spending to pay for lower corporate tax rates.”
Why should they repeal the IRS rules? They have to power to repeal the cap itself, if they wish to do so.
“ SALT is a way to get more revenue into Federal coffers“
That’s exactly what it is - a GOP-sponsored tax increase. It’s ironic that Schumer opposes it - and that many “conservative” “low tax” posters on freerepublic, support it
The third rule of taxes is, “The only fair tax is the tax that taxes you and not me.” It’s why elections are so important, to charge the other guy what you think is his fair share.
soooo confused...
I thought liberals WANTED to pay more in taxes?
Good or bad the SALT caps were necessary to bring us the terrific economy that DJT has wrought. Only by giving a corporations a big tax cut and his constant hammering on the Fed are we seeing these great increases in income for everyone, especially in red states.
If you are a conservative living in a blue state with high taxes you should just pull up those bootstraps and move to a low tax jurisdiction where entrepreneurship is rewarded. you Staying in a blue state and continuing to fund blue state liberal manias is tantamount to treason against this great republic.
Just change it to 1/2 (income + property + sales) and be done with it. It’s a much softer cap. Even New Yawkers and Murlanders deserve a break.
(There was already a cap of sorts on SALT before 2018: you could either deduct your income tax or your total sales tax paid, but not both.)
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