High Tax States Suing the Treasury. They want a Tax Cut.

[Penelope]

Nowhere under current law is it mandated that the federal government is required to subsidize state and local taxes by allowing them to be deducted from federal tax liabilities.

If the state wants to tax you $100,000 the federal government is not required to allow you to deduct $100,000 from you federal taxable income under current law.

The lawsuits are without merit.

Punishes a lot of middle income families that voted for the Don. Mi will not be voting for the Don again. He has instated double taxation and I thought the GOP was anti that?

I believe Donald will take Michigan again, The SALT cap affect less than 5% of Michigan taxpayers, earning near $200,000 and paying more than $3K in property taxes, or some combination of that, and still itemizing you deductions.

We are slightly over the 10K cap with our state and local taxes, but I won't be itemizing our deductions for the first time in over 30 years when I do my 2018 taxes, so this is a mute point to me, we just don't have $24k in deductions anymore.

Exactly when the married deduct was 12,700 many itemized. Only the very wealthy will itemize and get a tax cut.

Say what?! Have you ever done taxes? And no, I don't mean sales taxes. Dumbass.

Every year and my husband has a business.

Ok then, so what is your definition of "very wealthy"?

Those making over 500 grand a year I consider very wealthy, depending on where you live

 

[Penelope]

Don't forget we no longer get the personal exemption.

 

[Thinker101]

90 percent of Americans got a tax cut with Trump.

Who exactly??

 

[Thinker101]

Nowhere under current law is it mandated that the federal government is required to subsidize state and local taxes by allowing them to be deducted from federal tax liabilities.

If the state wants to tax you $100,000 the federal government is not required to allow you to deduct $100,000 from you federal taxable income under current law.

The lawsuits are without merit.

I believe Donald will take Michigan again, The SALT cap affect less than 5% of Michigan taxpayers, earning near $200,000 and paying more than $3K in property taxes, or some combination of that, and still itemizing you deductions.

We are slightly over the 10K cap with our state and local taxes, but I won't be itemizing our deductions for the first time in over 30 years when I do my 2018 taxes, so this is a mute point to me, we just don't have $24k in deductions anymore.

Exactly when the married deduct was 12,700 many itemized. Only the very wealthy will itemize and get a tax cut.

Say what?! Have you ever done taxes? And no, I don't mean sales taxes. Dumbass.

Every year and my husband has a business.

Ok then, so what is your definition of "very wealthy"?

Those making over 500 grand a year I consider very wealthy, depending on where you live

So if those are the only folks itemizing deductions, sounds like you need a tax person that knows what the hell they're doing.

 

[Cellblock2429]

Liberals are very confused. Is anyone surprised? They bitch all the time about how people are allowed to keep too much of the income they earned. Now they are suing to avoid paying their fair share of the Federal burden. They got exactly what they demanded. Now they are crying. Should high tax states pay their faire share of Federal income tax or should they continue with the lawsuits to avoid paying their fair share?

I have mentioned this topic before and it was moved to the rubber room by a mod. I am hopeful the title and topic will stick this time.

New York, 3 other states sue over federal tax reform law

"The SALT cap limited the amount of state and local tax — including property tax and state income tax — that can be deducted from married and individual federal tax filings.

The $10,000 limit took effect this year and will apply when people fill out their federal returns in 2019. Previously, taxpayers were allowed to deduct their entire state and local tax bill from their federal returns.

The cap hits high-tax, high-wealth states like New York particularly hard, with about 30 percent of the state's taxpayers expected to be impacted. It only applies to those who itemize their federal returns and pay more than $10,000 in state and local taxes."

/——/ Proof that “tax the rich” was just an empty campaign slogan.

 

[Penelope]

90 percent of Americans got a tax cut with Trump.

Who exactly??

View attachment 207058

why aren't James , Jason and Amber married, I see everyone puts money into an Tax deferred retirement account. IN a 401K, not everyone has one and also many do have Roth IRA that don't, or none at all.

You can't compare apples and oranges.

 

[Penelope]

Exactly when the married deduct was 12,700 many itemized. Only the very wealthy will itemize and get a tax cut.

Say what?! Have you ever done taxes? And no, I don't mean sales taxes. Dumbass.

Every year and my husband has a business.

Ok then, so what is your definition of "very wealthy"?

Those making over 500 grand a year I consider very wealthy, depending on where you live

So if those are the only folks itemizing deductions, sounds like you need a tax person that knows what the hell they're doing.

We don't itemize, we do not have mortgage int. Many and I can say most people I know do or did itemize. They put everything on their house and took out home equity loans just to itemize, and refinanced.

 

[Penelope]

Over the past 45 years, interest rates on the 30-year fixed-rate mortgage have ranged from as high as 18.63% in 1981 to as low as 3.31% in 2012. Mortgage rates today remain at historical lows, with over 60% of mortgage holders paying rates between 3.00% and 4.90% as of 2015. We used interest rate data from Freddie Mac's Primary Mortgage Market Survey (PMMS) to examine historical mortgage rates and the factors that have impacted their downward trend.

Historical Mortgage Rates: Averages and Trends from the 1970s to 2017
--------------------------------------------------------

I hear all the time how their interest rate going up affects their mortgage payment. They should take a look at what interest rates use to be.

 

[Thinker101]

90 percent of Americans got a tax cut with Trump.

Who exactly??

View attachment 207058

why aren't James , Jason and Amber married, I see everyone puts money into an Tax deferred retirement account. IN a 401K, not everyone has one and also many do have Roth IRA that don't, or none at all.

You can't compare apples and oranges.

Why aren't James, Jason and Amber married? I've got no idea and not sure what relevance that may have. Purpose of the chart is not to compare, it's to show a sampling of different people, perhaps at different levels of life.

 

[Thinker101]

Say what?! Have you ever done taxes? And no, I don't mean sales taxes. Dumbass.

Every year and my husband has a business.

Ok then, so what is your definition of "very wealthy"?

Those making over 500 grand a year I consider very wealthy, depending on where you live

So if those are the only folks itemizing deductions, sounds like you need a tax person that knows what the hell they're doing.

We don't itemize, we do not have mortgage int. Many and I can say most people I know do or did itemize. They put everything on their house and took out home equity loans just to itemize, and refinanced.

Typically those that do not itemize don't have enough deductions to itemize and the std deduction is greater than any benefits of itemizing. So that being said, sounds like you're taking too big of a deduction.

 

[JBond]

Nowhere under current law is it mandated that the federal government is required to subsidize state and local taxes by allowing them to be deducted from federal tax liabilities.

If the state wants to tax you $100,000 the federal government is not required to allow you to deduct $100,000 from you federal taxable income under current law.

The lawsuits are without merit.

I believe Donald will take Michigan again, The SALT cap affect less than 5% of Michigan taxpayers, earning near $200,000 and paying more than $3K in property taxes, or some combination of that, and still itemizing you deductions.

We are slightly over the 10K cap with our state and local taxes, but I won't be itemizing our deductions for the first time in over 30 years when I do my 2018 taxes, so this is a mute point to me, we just don't have $24k in deductions anymore.

Exactly when the married deduct was 12,700 many itemized. Only the very wealthy will itemize and get a tax cut.

Say what?! Have you ever done taxes? And no, I don't mean sales taxes. Dumbass.

Every year and my husband has a business.

Why did you lie about itemizing in order to receive the new lower tax rates?

Show me my lie?

You claimed only the wealthy will get a tax cut by itemizing. That is incredibly dumb. You either lied or have no idea what the hell is happening.

 

[Ray From Cleveland]

Nowhere under current law is it mandated that the federal government is required to subsidize state and local taxes by allowing them to be deducted from federal tax liabilities.

If the state wants to tax you $100,000 the federal government is not required to allow you to deduct $100,000 from you federal taxable income under current law.

The lawsuits are without merit.

Greedy little bitches. Libs talk a lot, but when it comes down to it, they are a bunch of greedy little pussies that refuse to pay their fair share. All of them are full of shit.

Punishes a lot of middle income families that voted for the Don. Mi will not be voting for the Don again. He has instated double taxation and I thought the GOP was anti that?

I believe Donald will take Michigan again, The SALT cap affect less than 5% of Michigan taxpayers, earning near $200,000 and paying more than $3K in property taxes, or some combination of that, and still itemizing you deductions.

We are slightly over the 10K cap with our state and local taxes, but I won't be itemizing our deductions for the first time in over 30 years when I do my 2018 taxes, so this is a mute point to me, we just don't have $24k in deductions anymore.

Exactly when the married deduct was 12,700 many itemized. Only the very wealthy will itemize and get a tax cut.

The lower rates only apply if you itemize? Who told you that BS?

Stupid libs. Lie after lie.

LOL, and the charitable deduct went up for the rich as well. The pass through business stuff is another one for the wealthy, its all for the wealthy. Name one thing good its going to do for the median income which is about 55 grand in the US.

According to my tax preparer, I'm in for a windfall next tax season. Taxable income was decreased so you will be paying taxes on less earnings.

 

[Ray From Cleveland]

Many middle class families in prosperous states pay more than $10,000

The SALT deduction helps mostly rich taxpayers. Getting rid of it should please liberals

I make around $130k a year in NY, and my local taxes are around $7000. So right now I am still under.

What state taxes do you pay on $130,000?

Add that to your $7000 local tax and you are over $10,000

So even if that was the case, and let's say your combined taxes were 11K, you still get the first 10K write-off.

 

[Ray From Cleveland]

Trump's tax cuts approval is in the 30s. the Republicans need to run on immigration, not taxes!

What's wrong with running on both?

 

[Marion Morrison]

Liberals are very confused. Is anyone surprised? They bitch all the time about how people are allowed to keep too much of the income they earned. Now they are suing to avoid paying their fair share of the Federal burden. They got exactly what they demanded. Now they are crying. Should high tax states pay their faire share of Federal income tax or should they continue with the lawsuits to avoid paying their fair share?

I have mentioned this topic before and it was moved to the rubber room by a mod. I am hopeful the title and topic will stick this time.

New York, 3 other states sue over federal tax reform law

"The SALT cap limited the amount of state and local tax — including property tax and state income tax — that can be deducted from married and individual federal tax filings.

The $10,000 limit took effect this year and will apply when people fill out their federal returns in 2019. Previously, taxpayers were allowed to deduct their entire state and local tax bill from their federal returns.

The cap hits high-tax, high-wealth states like New York particularly hard, with about 30 percent of the state's taxpayers expected to be impacted. It only applies to those who itemize their federal returns and pay more than $10,000 in state and local taxes."

The tax cap was created to punish the states which did not vote for Trump.

And to think the pseudocons got upset about the IRS being used as a political weapon! Ha!

Greedy little bitches. Libs talk a lot, but when it comes down to it, they are a bunch of greedy little pussies that refuse to pay their fair share. All of them are full of shit.

Punishes a lot of middle income families that voted for the Don. Mi will not be voting for the Don again. He has instated double taxation and I thought the GOP was anti that?

Middle income families pay $10k in taxes a year?




What that does is make the rich have to pay a little more taxes if I'm reading it right. They can only claim up to $10k deduction on their Federal Income tax. Any other city,state,and local taxes they pay over $10k, cannot be claimed.

If you're paying $10K in state income tax/property taxes, you're not "middle class". You're pretty well off. That's before income tax.

IOW: Deductions for the rich just went down, while motivation to stay in a state

that charges more than $10k in taxes on people also went down.

I need to not type those words at all for the rest of the year.

 

[basquebromance]

Trump's tax cuts approval is in the 30s. the Republicans need to run on immigration, not taxes!

What's wrong with running on both?

as long as you're strong on immigration, you will win and you will save america and have fun at the same time. thats why Trump won!

 

[DOTR]

Liberals are very confused. Is anyone surprised? They bitch all the time about how people are allowed to keep too much of the income they earned. Now they are suing to avoid paying their fair share of the Federal burden. They got exactly what they demanded. Now they are crying. Should high tax states pay their faire share of Federal income tax or should they continue with the lawsuits to avoid paying their fair share?

I have mentioned this topic before and it was moved to the rubber room by a mod. I am hopeful the title and topic will stick this time.

New York, 3 other states sue over federal tax reform law

"The SALT cap limited the amount of state and local tax — including property tax and state income tax — that can be deducted from married and individual federal tax filings.

The $10,000 limit took effect this year and will apply when people fill out their federal returns in 2019. Previously, taxpayers were allowed to deduct their entire state and local tax bill from their federal returns.

The cap hits high-tax, high-wealth states like New York particularly hard, with about 30 percent of the state's taxpayers expected to be impacted. It only applies to those who itemize their federal returns and pay more than $10,000 in state and local taxes."

It gets worse. The liberal tax hells are adding taxes to homes which means the value takes a huge hit which means the people can’t sell and flee.
Socialists always need some kind of Wall to keep people in their paradise.

 

[mikegriffith1]

I posted a thread on this topic:

Four Blue States Do NOT Want the Rich to Pay Their "Fair Share"!

In order to be hit to a substantial degree by the cap on SALT deductions, in my state of Virginia a person would have to make over $300K and own a house worth at least $300K, even in Northern Virginia, which is the most affluent part of the state.

 

[Marion Morrison]

I posted a thread on this topic:

Four Blue States Do NOT Want the Rich to Pay Their "Fair Share"!

In order to be hit to a substantial degree by the cap on SALT deductions, in my state of Virginia a person would have to make over $300K and own a house worth at least $300K, even in Northern Virginia, which is the most affluent part of the state.

Okay, it's exactly as I thought it was. Thanks.

It means higher tax bracket people have less deductions.

 

[Bootney Lee Farnsworth]

Liberals are very confused. Is anyone surprised? They bitch all the time about how people are allowed to keep too much of the income they earned. Now they are suing to avoid paying their fair share of the Federal burden. They got exactly what they demanded. Now they are crying. Should high tax states pay their faire share of Federal income tax or should they continue with the lawsuits to avoid paying their fair share?

I have mentioned this topic before and it was moved to the rubber room by a mod. I am hopeful the title and topic will stick this time.

New York, 3 other states sue over federal tax reform law

"The SALT cap limited the amount of state and local tax — including property tax and state income tax — that can be deducted from married and individual federal tax filings.

The $10,000 limit took effect this year and will apply when people fill out their federal returns in 2019. Previously, taxpayers were allowed to deduct their entire state and local tax bill from their federal returns.

The cap hits high-tax, high-wealth states like New York particularly hard, with about 30 percent of the state's taxpayers expected to be impacted. It only applies to those who itemize their federal returns and pay more than $10,000 in state and local taxes."

Ha ha...

Fuck those irresponsible douche pumps. It's time for them to sleep in the mite-ridden communist bed they made.