Posted on 03/03/2019 8:27:30 PM PST by GuavaCheesePuff
Nearly 11 million Americans nationwide would have been capped from deducting more than $323 billion in state and local taxes in 2017 because of changes enacted in the GOP's tax reform legislation, according to an audit released Tuesday by the Treasury Inspector General for Tax Administration and expect similar results for the 2018 tax year.
The 28-page report offers a new window into the full scope of the $10,000 cap on SALT deductions, which is supported by the White House and top congressional Republicans but has been heavily criticized by the leaders of many high-tax Democratic states, including New York, and by elected officials on Long Island. The cap went into effect in the 2018 tax year.
The audit, which relies on federal tax returns, estimates that if the SALT limits had been in place in 2017, 10.8 million tax filers would have lost a combined $323 billion in deductions. Auditors estimate similar results in tax year 2018, where more than 10 million taxpayers will be unable to fully deduct their state and local taxes, the report said.
(Excerpt) Read more at newsday.com ...
I had an Obamacare plan when selling cars a couple years ago.
I didn’t really understand the penalties and have always earned more than six figures in sales.
Bot this time
In fact, I dont remember making so little money and working so many hours.
Plan was 500 a month and a 5k deductible, with all kinds of disallows and 30-40% on my part after the deductible.
I should have canceled the insurance but, kept thinking I’ll overcome its costs through earned commissions
My bitch leftward friends want me to cry a river because they lost on SALT.
Feels like just desserts after being called a racist everytime I objected to policy and policies which were holding back the economy and Obamacare, which cost me a considerable amount of money I shouldn’t have spent.
I would have had the full amount of the emergency room New Years, which was 780.00
My insurance covered all but 19.20
Went to an orthopedic for cracked ribs and got a bill for 150.
The bill would have nearly 1,000 since the doc does his own xray.
Great guy and I’ve known him 20 years.
That is real insurance.
The way I read it when i signed up was i had a 1,500 per year max deductible at 500 per occurrence.
Have to get an MRI and the bill will be 250 for a SLAP shoulder exam that should cost 1,500.
I’m staying on this job while I build another company and when I leave I’ll be keeping this insurance for 3 years...
I think it costs 300 per month if I’m no longer employed
Oh, the dental was amazing too.
By that twisted logic, anyone who owns a home and deducts mortgage interest is "unjustified, unfair, and ridiculous" to someone who rents an apartment.
By that twisted logic, anyone who has children and is claiming a child tax credit is "unjustified, unfair, and ridiculous" to someone who is childless.
By that twisted logic, anyone who is generous to their church and charities, and deducts charitable contributions is "unjustified, unfair, and ridiculous" to someone who is stingy with their income.
And on, and on.
What you are complaining about is that people used deductions that allowed them to pay less Federal tax. The SALT provision was codified in 1862, and based on the principle that it is wrong and immoral for the Federal government to tax people on money that they already paid in taxes.
And again, the reason Paul Ryan, Kevin Brady, Gary Cohen, Steven Mnunchin, and the rest of those clowns screwed over millions of families and individuals with the tax bill was because after giving corporations a cut from 35% to 21%, they had to go looking for loose change in the sofa in order to come up with ways to "pay for" the corporate tax cut.
You are pathetically misinformed. Renters NEVER escape property tax. It is included in their rent payment by the landlord.
Like I said before, screw the blue states tax payers. They choose to live in liberal states, do not give them any federal income tax breaks by allowing them to deduct their high SALTs. President Trump is right again!
You're kidding, right? We are talking about taxes. Did renters deduct rent from their taxes? No. Why were state and local property taxes allowed to be deducted for 156 years in tax policy? (the recent cap was a "compromise" that helps very few). To encourage and reward ownership. That is why mortgage interest in deductible.
Like I said before, screw the blue states tax payers.
Yes, it's very obvious that you hate millions of people in this country. Whether they be fathers, veterans, Christians, mothers, or pastors. "Screw them all." Here's a clue for you: if your Florida neighbors are convicted of pedophilia, drug dealing, and murder, I won't automatically label all Florida residents as the same.
It's your character flaw that prevents you from being as magnanimous.
The young couple across the street from us who bought a home that has a value similar to ours, is paying in excess of $20,000., and most likely closer to $23,000. (they purchased the home for $2.1 million). So they have a mortgage thats probably a lot bigger than ours, and they have at least a $10k deficit in the deductibility of their property taxes. Someone tell me that thats not a big problem for CA real estate?
How many Americans will suffer like this young couple?
How mant Americans will give a damn?
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