Posted on 10/06/2021 12:15:00 AM PDT by blueplum
A federal appeals court Tuesday unanimously rejected a suit filed by ex-Gov. Andrew Cuomo to overturn a tax overhaul law approved by former President Donald Trump in 2017 that limited federal deductions on state and local taxes.
The $1.5 trillion law imposed a $10,000 cap on itemized SALT deductions that taxpayers could write-off on their federal returns, which provided Trump and the then-Republican-led Congress more revenues to pay for other federal tax cuts.
The SALT cap largely affects the wealthiest taxpayers in high tax Democratic states in the Northeast — New York and New Jersey, and Connecticut, as well as California....
...New York claimed in court papers that the SALT cap could cause home equity values in the state to plummet by over $60 billion, in-state spending to decrease by $1.26 to $3.15 billion, and the economy to lose between 12,500 and 31,300 jobs.
Cuomo also estimated New York taxpayers would pay $121 billion of extra federal taxes from 2018 to 2025 because of the cap on SALT deductions.
But the judges, upholding a district court decision in 2019, dismissed the alarmism....
(Excerpt) Read more at nypost.com ...
Bttt
So what was their claim why this was illegal? I’m pretty sure “because we’d end up with less money” isn’t an actual legal argument.
‘trumps law’ - guess the house and senate that wrote and voted on the bill are unnecessary these days - presidents simply declare laws?
Those who vote for Democrats believe Republicans give breaks to the wealthy and Democrats will extract the “fair share” from the wealthy.
As this illustrates, it is a lie with Democrats trying to protect wealthy donors.
Repeal of this limit was in the infrastructure bill and Biden’s tax increases, which are all a sham.
Democrats raise income tax rates, but provide more deductions for those who do not have income, like Warren Buffett.
Democrats trying to protect wealthy donors.
Good point. Those who point at everyone else and demand that they pay their fair share get all outraged when THEY have to pay their fair share.
We can already see the Democrats ignoring their own voters with the vaccine mandates, CRT, etc.
The Dems no longer care if you are a supporter...only their dictates matter and must be obeyed.
Truth.
But...but...but dumblecrats WANT to tax the rich!
Why are they fighting this so hard?
/s
I would love to see the look on pelosi’s face when that shoe dropped...she fought that particular part of tbe tax bill like mad, because it meant SHE would actually have to pay some of ber own taxes, instead of writing off thousands for everyone else to pay. Remember, her financial statement 5 years ago placed her assets at 120 to 150 million. That’s a good chunk of state income tax she now cannot write off.
Not to mention deblasio, both cuomos, bloomberg etc.
All now have to pay at least a portion of their actual tax bill, and I’m sure it really burns their buns that Donald J Trump did it...
I love it...
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