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 ...
I live in NYC and I don’t expect the other 49’s taxpayers to pay for my state’s profligacy. The deduction needs to go.
That’s NYS. NOT downstate.
One thing I am sure we will both agree on is that the devil is in the details. And we have no details yet!
Indeed. And if the President is depending on Congress to work out the details instead of telling Congress what the President wants then the end product will likely be very different that what was intended.
The Democrats would not vote for the bill if it ended the tax deduction. Including it is the threat. But they *must* agree to vote for it if it doesn’t include the deduction.
Conversely, the usual RINO suspects probably wouldn’t vote for it in any event, just to snub President Trump. So he can threaten them that they won’t be able to block it, but it would still hurt them badly in the party and at the ballot box.
The higher proposed standard deduction will more than cover your property tax deduction.
Of course. More money chasing the same goods. Price goes up. Econ 1.
I don't think that the President's plan will pass. Senator McQueeq of Arizona will scupper it if others don't.
What if Trump is using this as a chess piece to END the Estate Taxes....That is definately a tax on income already taxed......
California legislature is trying to eliminate Prop 13——without a vote by the residents.
But you don’t pay income taxes.
That is exactly how I feel about the subject.
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