and joe stolen , takes another one in the.........HA ha!!!
Posted on 10/05/2021 9:50:46 AM PDT by cotton1706
A federal appeals court on Tuesday rejected efforts by four Democratic-leaning U.S. states to overturn former Republican President Donald Trump's decision to limit federal deductions on state and local taxes.
In a 3-0 decision, the 2nd U.S. Circuit Court of Appeals in Manhattan said the federal government had authority to impose a $10,000 cap on the state and local taxes that households' itemizing deductions could write off their federal returns.
The decision is a defeat for New York, Connecticut, Maryland and New Jersey, which challenged the so-called SALT cap implemented as part of a $1.5 trillion tax overhaul in 2017.
That law also cut taxes for wealthy Americans and slashed the corporate tax rate. Trump signed it following approval on a party-line vote from the Republican-controlled Congress.
The office of New York Attorney General Letitia James, which argued the states' appeal, did not immediately respond to requests for comment.
(Excerpt) Read more at msn.com ...
Rich democrats liked writing off their high state taxes to the Federal government. Now they'll have to feel the weight of them.
I think this hit Lefty states pretty hard.
LOL
Love it!
We are not rich by most people's standards but we do pay nearly $20,000 a year in state and local taxes. It is cute that you do not think that we have been feeling the “weight of them”. This part of the federal tax reform, making us pay out thousands of dollars in income tax on money we have paid out in taxes has hurt us a lot and is forcing us to sell a house and move from the state we were born in.
And we have no control over the millions of people from places like California who moved into the Seattle area and started voting themselves increased government benefits. Thanks for your concern. But don't worry Sleepy Joe has plans to ship a few million "immigrants" to your state who will do the same thing.
Wait!!!
Can’t Biden undo Trump’s decision? After all,Biden has undone most other regulations/decisions/laws passed under Trump, so why would legalities stop Biden now. The border issue is a lot bigger than the itty-bitty tax issue, and Biden had no trouble undoing Trump’s border policies.
...And the Prescient Trump rubs SALT into the wound.
Letitia, Letitia, Letitia.
This was the only part of Trump’s tax law I disagreed with. Now I live in a state with no state income tax (NV) but I used to live in CA and the 10K limit on state tax deductions meant I paid more in Fed. income tax that year but, it was offset by the overall lower tax rate so I think it was a wash.
funny, i don’t hear cry’s for them to Pay Their FAIR SHARE!
They will move to red states taxing all that tax with them.
*taking
Difference is the tax policy is legislative while the border was executive orders
I surprised the Dems haven’t all written undoing this into their “infrastructure bill”.
In a 3-0 decision, the 2nd U.S. Circuit Court of Appeals in Manhattan said the federal government had authority to impose a $10,000 cap on the state and local taxes that households' itemizing deductions could write off their federal returns. The decision is a defeat for New York, Connecticut, Maryland and New Jersey...
wailing and gnashing of teeth
There should be NO deduction for State and Local taxes, period
Income, sales, real estate
NONE
By passing the $3.5 trillion bill, they are circumventing the state tax windfall
“Can’t Biden undo Trump’s decision? After all,Biden has undone most other regulations/decisions/laws passed under Trump, so why would legalities stop Biden now. The border issue is a lot bigger than the itty-bitty tax issue, and Biden had no trouble undoing Trump’s border policies.”
This was legislation, not an executive order.
Ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
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