Posted on 01/05/2018 6:55:15 AM PST by MNDude
A California Senate leader introduced legislation Thursday aimed at circumventing a central plank in the new Republican tax law, introducing a model that — if successful — could be replicated across the country.
California Senate President Pro Tempore Kevin de León (D) introduced a bill that would allow taxpayers to make a charitable donation to the California Excellence Fund instead of paying certain state taxes. They could then deduct that contribution from their federal taxable income.
(Excerpt) Read more at washingtonpost.com ...
Sounds appropriately Mexican.
The person responsible for this article needs to stop drinking the bong water.
A coerced donation is not a donation. It won’t fly.
Play stupid games. Win stupid prizes. That won’t be hard to obliterate in a tax code revision.
Um ... They can donate to charity TODAY, and deduct that from Fed returns.
Can these people not look beyond their prejudices?
The California Excellence Fund. ROTFL! That’s some funny liberal bullsh*t right there.
I read an article on this earlier today. While it’s true that some charitable deductions can be made to states, the key difference between those and California’s law is that charitable deductions are voluntary. If you fail to make the “contribution” according to the California law, they will come and take it from you. This removes any element of charity.
California governance is more like political burlesque than governance. I can just see California lawmakers heavily made up, wearing high heels and sporting feather boas as they sign their names on bills to the sound of a bass drum and rim-shots.
I wonder if this dope realizes that most hedge fund managers live in New York, New Jersey, Connecticut, Massachusetts, California and other high-tax states.
Think of all those socialist idiots who try it, and lose their houses to the IRS, because the Kali government was stupid! Brown and his whole pot soaked criminal cartel will dangle, there will be bodies in the streets of LA, SF, Oakland, Sacramento.
It will be a marvel to behold...
Years ago, some conservatives suggested the plan that a state implemented a 100% state income tax, and then return the money as welfare, allowing the residents to avoid paying any Fed income tax. This is the flip side of the same concept. I don’t think a reasonable court will let it fly.
If you received a benefit from a contribution, it is not deductible. Well established tax law...............
Perfectly Marxist. You will now be forced to DONATE to government.
A “charitable donation” to the California Excellence Fund would be by definition voluntary... would it not? Seems IRS rule makers could disallow this as a “charitable” deduction since to not give it would increase one’s tax liability... and only ONE entity, the #RustyIrony named “excellence fund” is eligible to qualify. Why not another “worthy cause”?
Could be fun to watch.
1) Too complicated for most people to do.
2) The tax-free status of the organization will be (successfully) challenged in Tax Court.
What is the maximum allowed deductible amount for charitable contributions? It seems like this idea would not be helpful.
Therefore, the way forward is clear:
(1) Make sure the California fund is a valid Federal 501(c)(3) tax-exempt organization, and therefore receives no federal or state tax monies, right?
(2) Make sure that California’s actual TAXES are indeed voluntary, and that failure to pay any or all of a California state resident’s full tax bill is entire voluntary and has no penalties.
(3) Then, if any California state resident WANTS to pay (er, donate) any or all of his or her or its former tax bill to the voluntary state tax-exempt organization, he/she/it may do so and may deduct those donations from their ITEMIZED federal and state taxes for 2018.
These jackasses really need to be placed into a de-programming camp and gone through the steps they take to de-program brainwashed people.
Does anyone doubt how the Nazis managed to do what they did in Germany prior to WW2? This is how the new national socialists democrat party of the USA is working to destroy this nation. They are following the example of the old National socialist from Germany.
California would likely have a problem getting a 501c3 charitable tax exemption certificate from the IRS.
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