If the market goes up another 25%am I going to get that money?
Posted on 11/20/2017 4:42:05 PM PST by SkyPilot
The percentage of federal individual income tax filers claiming a deduction for state and local taxes paid in 2015, ranked by state:
1. Maryland: 45.7 percent
2. Connecticut: 41.3 percent
3. New Jersey: 41.2 percent
4. Virginia: 37.3 percent
5. Massachusetts: 36.9 percent
6. Oregon: 36.0 percent
7. Utah: 35.3 percent
8. Minnesota: 34.7 percent
9. New York: 34.5 percent
10. California: 34.4 percent
11. Georgia: 32.8 percent
12. Rhode Island: 32.8 percent
13. Colorado: 32.5 percent
14. Delaware: 31.6 percent
15. Illinois: 31.3 percent
16. Wisconsin: 31.0 percent
17. New Hampshire: 30.9 percent
18. Washington: 29.9 percent
19. Iowa: 29.5 percent
20. Hawaii: 29.1 percent
21. North Carolina: 29.0 percent
22. Pennsylvania: 28.6 percent
23. Arizona: 28.4 percent
24. Montana: 28.2 percent
25. Idaho: 28.0 percent
26. Maine: 27.6 percent
27. Nebraska: 27.6 percent
28. South Carolina: 27.3 percent
29. Vermont: 27.3 percent
30. Michigan: 26.5 percent
31. Missouri: 26.1 percent
32. Ohio: 26.1 percent
33. Kentucky: 26.0 percent
34. Alabama: 25.8 percent
35. Kansas: 25.5 percent
36. Nevada: 24.6 percent
37. Oklahoma: 24.0 percent
38. Mississippi: 23.3 percent
39. Louisiana: 23.0 percent
40. Texas: 22.8 percent
41. Indiana: 22.8 percent
42. Florida: 22.5 percent
43. New Mexico: 22.5 percent
44. Arkansas: 22.3 percent
45. Wyoming: 21.6 percent
46. Alaska: 21.4 percent
47. Tennessee: 19.3 percent
48. North Dakota: 18.5 percent
49. West Virginia: 17.0 percent
50. South Dakota: 16.9 percent
District of Columbia: 39.8 percent
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Every American in every state is currently allowed to take property, state, and local tax deductions. So I don’t know where you’re getting that. This thread even rank states by percentage of those taking the deduction and the average dollar amounts.
But not for long. Those deductions are going to be taken away for individuals, but corporations get to retain them. Isn’t that nice?
If the market goes up another 25%There is discussion if the deduction will be taken away or capped at like 10k. Why should any governmental agency have the right to tax personal property? Im amazed at people who don’t mind paying huge state property taxes.
You’ll get your share if you participate in the market. It’s all about choices
When "conservatives" start sounding like Chuck Schumer and Nancy Pelosi, I know this country is lost. I would argue the states receiving more from the government than they pay are the ones not "paying their fair share."
States don’t pay fed income tax. People and corporations do.
I truly am amazed at this “fair share” business being tossed around here.
And now we are faced with republicans proposing plans that will hurt larger families and families with college students.
Up is down - down is up.
2018 & 2020 is lost.
Quit belly aching after you consider your $2,500.00 saving with ObamaCare it is only $200.00. </s>
Why don’t these citizens simply do a constitutional referendum to prohibit a state income tax?
I remember when they imposed the first two cents :) Old age assistance was the excuse.
Lol!!
New York just voted against a state constitutional convention.
Liberals voted against it to protect Union interests.
Conservatives voted against it because Albany is so corrupt, everyone figured Cuomo & his minions would screw it up worse than it already is.
Yup. And supposed Conservatives around here acting like outraged little victims, claiming that other people who legally take tax deductions that have been in the Federal Tax Code since 1913 (to rightly prevent double taxation) are being “subsidized” by them. Moreover, if we even dare to object to the Republicans raising taxes on the middle class when they promised a tax cut, we are “Communists”, told “Just Move!”, or ordered to prevent state and local legislatures from taxing us. Sure. I’ll drain the oceans while I am at it. I guess the terms “Conservative” and “Liberal” are now meaningless.
“And supposed Conservatives around here acting like outraged little victims, claiming that other people who legally take tax deductions that have been in the Federal Tax Code since 1913 (to rightly prevent double taxation) are being “subsidized” by them.”
A couple of days ago I posted a generic article on the tax bill with the commentary that we should eliminate deductions and favorable treatment for married couples and children.
I did so as a “devils advocate” as I believe the more individual deductions, the better. I used a trigger word “breeders” to describe those married with children.
I was astounded at the effect it had on people. None saw, read or understood anything written after that word.
Overnight last night I came to the realization that is exactly how this tax bill is being promulgated throughout the Conservative media, commentariat and Congress. They are using a trigger phrase...
In the olden days conservatives and Republicans used to use the phrase: “Keeping your own money” whenever tax breaks of any kind were considered or offered.
The new phrase: “Subsidizing Blue State Largess”.
And it’s working beyond the wildest dreams of the K Street marketers.
I will give them credit. This is the best, most effective marketing scheme I’ve ever seen come from the Republican Party and their masters on K Street.
A simple turn of phrase has turned millions of otherwise conservative people into Social Justice Warriors. And they should be ashamed and disgusted with themselves for being so easily manipulated.
Lets promote the phrase, “FLAT TAX..10 percent...no deductions...all pay.”
I’m old enough to remember when FReepers defended Trumps low tax liability since he wisely used every legal tax deduction allowed.
“I’m old enough to remember when FReepers defended Trumps low tax liability since he wisely used every legal tax deduction allowed.”
Now they’re tired of subsidizing him lol
. Amen. And yes, they should be ashamed. But now we know who the weak minded and easily manipulated Freepers are.
That’s why I want much lower rates: 12% for FICA-covered income and 25% for the rest. $12,000 standard deduction, $24,000 for couples, $18,000 for head of household, with a willingness to negotiate it upwards. With the current rate schedule (evidence that “tax reform” is actually a covert spending resolution), we would need to keep part of SALT, if not all of it, and the whole MID as well. With the three rates Trump proposes and their brackets, we would need to keep part of SALT and MID.
As an aside, I would also like to re-introduce the personal exemptions, for self, spouse and child and non-child dependents alike. I would also want to allow a complete deduction of all adoption-related expenses (in place of the adoption credit), with an allowance to carry the remainder over into the next tax year, in case only part of the expenses causes a person’s tax to go to zero. That way, we will put our money where our mouth is in the pro-life cause.
(And, of course, if Congress decides to lower the rates even below what I propose, so much the better! Cut spending! Even military spending has some waste! :-) )
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