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Republican call to strip property tax deduction spurs outcry from blue states
FOX News ^
| 9/28/2017
| Brooke Singman
Posted on 09/28/2017 12:54:19 PM PDT by alancarp
Homeowners in tax-happy blue states could find a bitter pill inside the new Republican tax plan, which would kill their ability to write off the property taxes that can cost even middle class families more than $10,000 per year.
The plan rolled out Tuesday would keep in place deductions for mortgage interest and charitable donations. But, in a move to help offset other major cuts in the plan, many other itemized deductions would be scrapped. ... New York Democratic Gov. Andrew Cuomo slammed the proposal, saying the loss of the deduction could cost New Yorkers more than $17 billion.
It would penalize this state, said New York Gov. Andrew Cuomo, who said the death blow could cost residents of his state a collective $17 billion. It is the height of hypocrisy. You have an administration saying, 'I want to cut taxes,' and now literally they want to tax you on the taxes that you pay.
(Excerpt) Read more at foxnews.com ...
TOPICS: Extended News; Government
KEYWORDS: government; politics; propertytax; taxreform; trumptaxplan
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To: alancarp
All taxes are a tax on tax. Money is taxed all the time in various ways...each time taking a bite. Income tax then sales tax fir example. How about lowering taxes in blue states instead?
To: ObozoMustGo2012
Ok I can understand where Your Coming from but depending on your income the doubling of your standard deduction should take care of it or the elimination of AMT if your are in a High Income bracket
22
posted on
09/28/2017 1:20:20 PM PDT
by
scooby321
(o even lower)
To: Flick Lives
California at least has prop 13... the politicians here dont like it, but they havent been able to overturn it yet...though they sure have found other ways to screw us.
To: ObozoMustGo2012
“Im in Blue Jersey, and if I cant deduct my property tax, Im not going to be happy!!”
Here’s the answer to your New Jersey tax dilemma:
https://www.uhaul.com/
24
posted on
09/28/2017 1:31:46 PM PDT
by
MeganC
(Democrat by birth, Republican by default, conservative by principle.)
To: ObozoMustGo2012
The idea is that low tax states have been subsidizing high tax states with this type of deduction.
Removing this deduction would require the local states to be more efficient in their activities. Perhaps there are a great deal of cuts in state and local expenditures that can be made to lower local taxes.
25
posted on
09/28/2017 1:32:24 PM PDT
by
Jim from C-Town
(The government is rarely benevolent, often malevolent and never benign!)
To: SoFloFreeper
No...your solution is to tell your state to LOWER YOUR TAXES!!!!
26
posted on
09/28/2017 1:32:32 PM PDT
by
MeganC
(Democrat by birth, Republican by default, conservative by principle.)
To: alancarp
Just get rid of that evil that’s called property tax and you’ve got it solved.
27
posted on
09/28/2017 1:33:30 PM PDT
by
WKUHilltopper
(WKU 2016 Boca Raton Bowl Champions)
To: alancarp
Flat tax of 15% on all income above $25,000. No deductions.
28
posted on
09/28/2017 1:36:21 PM PDT
by
FatherofFive
(Islam is EVIL and needs to be eradicated)
To: SoFloFreeper
Dont know about you guys but we are in a high property tax state (Florida). Would like to see this remain as a deduction...
I live in a low property tax state. Are you saying that I should pay more in federal taxes to subsidize your high property taxes?
29
posted on
09/28/2017 1:51:39 PM PDT
by
JoSixChip
(Repeal and replace the gopE.)
To: ObozoMustGo2012
i’m in blue state NY- if i told you what i paid in property/real estate taxes you would choke..i’m in new castle- same municipality as the clintons...while i would not be happy i would encourage this as it would force towns/school districts to live well within their means...
30
posted on
09/28/2017 1:54:56 PM PDT
by
God luvs America
(63.5 million pay no income tax and vote for DemoKrats...)
To: FatherofFive
Flat tax of 15% on all income above $25,000. No deductions.
You have my vote.
31
posted on
09/28/2017 1:57:41 PM PDT
by
JoSixChip
(Repeal and replace the gopE.)
To: ObozoMustGo2012
Not goin to be happy?
Good. the problem is New Jersey, not those of us subsidising you by allowing a state tax deduction.
32
posted on
09/28/2017 2:07:08 PM PDT
by
bert
(K.E.; N.P.; GOPc;WASP .... The Fourth Estate is the Fifth Column)
To: alancarp
This is a two edged sword. Hopefully any pain will turn the blue states into red states, when the electorate gets peeved.
33
posted on
09/28/2017 2:07:27 PM PDT
by
Rockitz
(This is NOT rocket science - Follow the money and you'll find the truth.)
To: TexasGunLover
My property taxes, which are very high in Texas ($14k a year for us) are my ONLY deduction Im allowed. Since Texas is one of the no State Income Tax states, you should be able to take your sales tax deduction (6.25-8.25%) as well, right? The CURRENT rule is compute both and take whichever is highest. There is an IRS 'safe harbor' default value based upon income if you, like most people, do not keep exact records.
I am only writing this in case you are forgetting that deduction.
34
posted on
09/28/2017 2:09:05 PM PDT
by
SES1066
(Happiness is a depressed Washington, DC housing market!)
To: alancarp
Seen anything on Alternative Minimum Tax (AMT)? My wife and I get killed on this every year.
35
posted on
09/28/2017 2:09:21 PM PDT
by
Rockitz
(This is NOT rocket science - Follow the money and you'll find the truth.)
To: FatherofFive
Including dividends and interest?
36
posted on
09/28/2017 2:09:52 PM PDT
by
Wolfie
To: Rockitz
Afraid not - but we’re a long way off from anything... if anything actually happens (re: ACA).
37
posted on
09/28/2017 2:13:08 PM PDT
by
alancarp
(George Orwell was an optimist.)
To: Rockitz
Hopefully any pain will turn the blue states into red states, when the electorate gets peeved. Unlikely when the number of non-taxpayers; welfare, low-income EITC filers is so close to 50% of potential filers.
38
posted on
09/28/2017 2:13:50 PM PDT
by
SES1066
(Happiness is a depressed Washington, DC housing market!)
To: Wolfie
Including dividends and interest?Earned income only. Money invested has already been taxed.
39
posted on
09/28/2017 2:15:43 PM PDT
by
FatherofFive
(Islam is EVIL and needs to be eradicated)
To: ObozoMustGo2012
Consider moving to a red state... or better yet a swing state.
40
posted on
09/28/2017 2:17:06 PM PDT
by
proudpapa
(This is not the tagline you are looking for.)
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