You'd Think Liberals Would Be Thrilled: Rich Pro Athletes Paying More Taxes Cuz of Trump Tax Cuts

[mikegriffith1]

Why pro athletes may lose a fortune because of the new tax law EXCERPT:

“One of my players makes $2 million a year, and it will cost him $80,000 more now because he can’t deduct state taxes [over $10,000], agent fees, workout clothes, meals and entertainment, and his cellphone,” says Steven Goldstein, a CPA with Grassi and Co. in New York who works with over a dozen professional athletes and celebrities.

And players who make tens of millions of dollars a year will potentially pay hundreds of thousands more a year in taxes.

The reason athletes are taking this hit is because individuals can no longer deduct more than $10,000 for state and local taxes (SALT) or declare miscellaneous itemized deductions for work-related expenses and investment fees. And these changes, especially the latter, will cost pro athletes more than most people.
​

Boo-hoo: Guys making millions of bucks can no longer deduct all of their state and local taxes (SALT), nor their agent fees, workout clothes, meals and entertainment, and his cellphone. Fine with me.

But, of course, liberals are still howling about the $10K cap on SALT deductions. Why? Because now all the blue states that have been gouging people with sky-high property and income taxes can no longer tell their residents "but you can deduct all of our sky-high property and income taxes."

 

[Pete7469]

I personally don't give a shit about gladiators in the national felons league and their sudden realization their states suck.

That's one of the best things Trump has signed. These high tax states no longer get subsidized state taxes. That was bullshit all along.

 

[Bootney Lee Farnsworth]

You'd Think Liberals Would Be Thrilled

I am not thrilled.

A true liberal abhors taxation when it becomes a form of tyranny, which it has become.

 

[Rambunctious]

Get ready for more kneeling....

 

[mikegriffith1]

You'd Think Liberals Would Be Thrilled

I am not thrilled.

A true liberal abhors taxation when it becomes a form of tyranny, which it has become.

Umm, I think capping SALT deductions at $10K is the opposite of tyranny because it's putting pressure on high-tax blue states to stop gouging their residents. It's also putting an end to making people in low-tax states subsidize the high taxes in blue states.

 

[BlackFlag]

You'd Think Liberals Would Be Thrilled

I am not thrilled.

A true liberal abhors taxation when it becomes a form of tyranny, which it has become.

Umm, I think capping SALT deductions at $10K is the opposite of tyranny because it's putting pressure on high-tax blue states to stop gouging their residents. It's also putting an end to making people in low-tax states subsidize the high taxes in blue states.

Targeting blue states, hmm? Tyranny by the minority. You should read some history to find out how that will turn out for you.

 

[mikegriffith1]

You see, the problem is that some blue states have jacked up personal and property taxes so much, raised them so high, that the $10K deduction cap for state and local taxes (SALT) will affect some people who would never have to worry about the cap if they lived in most other states. In a few blue states, their SALT are so high that people in the bottom half of the third tax bracket pay more than $10K in SALT and will no longer be able to deduct all of their SALT.

In contrast, here in Northern Virginia, to pay more than $10K in SALT, you'd have to make at least $120K and own a house worth at least $300K, and even then you'd just barely pay more than $10K in SALT, so the deduction cap would have very little impact on your bottom line. In order to pay substantially more than $10K in SALT, say $15k in SALT, here in Northern Virginia, you'd have to make at least $170K and own a house worth at least $360K.

 

[Thinker101]

Why pro athletes may lose a fortune because of the new tax law EXCERPT:

“One of my players makes $2 million a year, and it will cost him $80,000 more now because he can’t deduct state taxes [over $10,000], agent fees, workout clothes, meals and entertainment, and his cellphone,” says Steven Goldstein, a CPA with Grassi and Co. in New York who works with over a dozen professional athletes and celebrities.

And players who make tens of millions of dollars a year will potentially pay hundreds of thousands more a year in taxes.

The reason athletes are taking this hit is because individuals can no longer deduct more than $10,000 for state and local taxes (SALT) or declare miscellaneous itemized deductions for work-related expenses and investment fees. And these changes, especially the latter, will cost pro athletes more than most people.
​

Boo-hoo: Guys making millions of bucks can no longer deduct all of their state and local taxes (SALT), nor their agent fees, workout clothes, meals and entertainment, and his cellphone. Fine with me.

But, of course, liberals are still howling about the $10K cap on SALT deductions. Why? Because now all the blue states that have been gouging people with sky-high property and income taxes can no longer tell their residents "but you can deduct all of our sky-high property and income taxes."

Dam, those poor black young men losing $80,000/year.

 

[BlackFlag]

You see, the problem is that some blue states have jacked up personal and property taxes so much, raised them so high, that the $10K deduction cap for state and local taxes (SALT) will affect some people who would never have to worry about the cap if they lived in most other states. In a few blue states, their SALT are so high that people in the bottom half of the third tax bracket pay more than $10K in SALT and will no longer be able to deduct all of their SALT.

In contrast, here in Northern Virginia, to pay more than $10K in SALT, you'd have to make at least $120K and own a house worth at least $300K, and even then you'd just barely pay more than $10K in SALT, so the deduction cap would have very little impact on your bottom line. In order to pay substantially more than $10K in SALT, say $15k in SALT, here in Northern Virginia, you'd have to make at least $170K and own a house worth at least $360K.

Another major problem, is how absolutely little the majority of red states pay in federal taxes, compared to the federal aid they recieve. Trump gave them a way to milk blue states for even more.

 

[Ray From Cleveland]

You see, the problem is that some blue states have jacked up personal and property taxes so much, raised them so high, that the $10K deduction cap for state and local taxes (SALT) will affect some people who would never have to worry about the cap if they lived in most other states. In a few blue states, their SALT are so high that people in the bottom half of the third tax bracket pay more than $10K in SALT and will no longer be able to deduct all of their SALT.

In contrast, here in Northern Virginia, to pay more than $10K in SALT, you'd have to make at least $120K and own a house worth at least $300K, and even then you'd just barely pay more than $10K in SALT, so the deduction cap would have very little impact on your bottom line. In order to pay substantially more than $10K in SALT, say $15k in SALT, here in Northern Virginia, you'd have to make at least $170K and own a house worth at least $360K.

Another major problem, is how absolutely little the majority of red states pay in federal taxes, compared to the federal aid they recieve. Trump gave them a way to milk blue states for even more.

It really boils down to the cost of living.

Here in my state, if you make $20.00 an hour, you can afford a car or house. In California or NYC, you're living under a bridge.

If it takes $80,000 a year to live comfortably in a blue state, it only takes $50,000 a year in a red state. Therefore, you need to make money (and yes, pay more in federal taxes) in a blue state than red.

During the winter time I spend a little more time watching television. I believe Hollywood lost most if it's talent, so I often turn to HGTV for entertainment. Many times they show homes in northeastern states. They may show a home in the city, and I estimate the house or condo to be worth about $225.00. Then they state the price which is closer to $800,000. Here, a $800,000 home is almost a mansion.

This is true in many red states. In blue states, you need to make a lot more money to survive. This is why it was people in blue states crying over Trump's interest mortgage deduction cap and little complaints from people in red states.

 

[HereWeGoAgain]

Personally?
I'm looking forward to more big name athletes moving south to take advantage of our lower tax rates.
Suck it New England!!!

 

[harmonica]

deductions are stupid anyway

 

[theHawk]

You see, the problem is that some blue states have jacked up personal and property taxes so much, raised them so high, that the $10K deduction cap for state and local taxes (SALT) will affect some people who would never have to worry about the cap if they lived in most other states. In a few blue states, their SALT are so high that people in the bottom half of the third tax bracket pay more than $10K in SALT and will no longer be able to deduct all of their SALT.

In contrast, here in Northern Virginia, to pay more than $10K in SALT, you'd have to make at least $120K and own a house worth at least $300K, and even then you'd just barely pay more than $10K in SALT, so the deduction cap would have very little impact on your bottom line. In order to pay substantially more than $10K in SALT, say $15k in SALT, here in Northern Virginia, you'd have to make at least $170K and own a house worth at least $360K.

Another major problem, is how absolutely little the majority of red states pay in federal taxes, compared to the federal aid they recieve. Trump gave them a way to milk blue states for even more.

A lot of red states are filled with bottom feeder negroes who never pay taxes and collect loads of welfare.

 

[BlackFlag]

You see, the problem is that some blue states have jacked up personal and property taxes so much, raised them so high, that the $10K deduction cap for state and local taxes (SALT) will affect some people who would never have to worry about the cap if they lived in most other states. In a few blue states, their SALT are so high that people in the bottom half of the third tax bracket pay more than $10K in SALT and will no longer be able to deduct all of their SALT.

In contrast, here in Northern Virginia, to pay more than $10K in SALT, you'd have to make at least $120K and own a house worth at least $300K, and even then you'd just barely pay more than $10K in SALT, so the deduction cap would have very little impact on your bottom line. In order to pay substantially more than $10K in SALT, say $15k in SALT, here in Northern Virginia, you'd have to make at least $170K and own a house worth at least $360K.

Another major problem, is how absolutely little the majority of red states pay in federal taxes, compared to the federal aid they recieve. Trump gave them a way to milk blue states for even more.

A lot of red states are filled with bottom feeder negroes who never pay taxes and collect loads of welfare.

Because the people in charge of the state are yokels and hillbillies

 

[OnePercenter]

You see, the problem is that some blue states have jacked up personal and property taxes so much, raised them so high, that the $10K deduction cap for state and local taxes (SALT) will affect some people who would never have to worry about the cap if they lived in most other states. In a few blue states, their SALT are so high that people in the bottom half of the third tax bracket pay more than $10K in SALT and will no longer be able to deduct all of their SALT.

In contrast, here in Northern Virginia, to pay more than $10K in SALT, you'd have to make at least $120K and own a house worth at least $300K, and even then you'd just barely pay more than $10K in SALT, so the deduction cap would have very little impact on your bottom line. In order to pay substantially more than $10K in SALT, say $15k in SALT, here in Northern Virginia, you'd have to make at least $170K and own a house worth at least $360K.

Another major problem, is how absolutely little the majority of red states pay in federal taxes, compared to the federal aid they recieve. Trump gave them a way to milk blue states for even more.

It really boils down to the cost of living.

Here in my state, if you make $20.00 an hour, you can afford a car or house. In California or NYC, you're living under a bridge.

If it takes $80,000 a year to live comfortably in a blue state, it only takes $50,000 a year in a red state. Therefore, you need to make money (and yes, pay more in federal taxes) in a blue state than red.

During the winter time I spend a little more time watching television. I believe Hollywood lost most if it's talent, so I often turn to HGTV for entertainment. Many times they show homes in northeastern states. They may show a home in the city, and I estimate the house or condo to be worth about $225.00. Then they state the price which is closer to $800,000. Here, a $800,000 home is almost a mansion.

This is true in many red states. In blue states, you need to make a lot more money to survive. This is why it was people in blue states crying over Trump's interest mortgage deduction cap and little complaints from people in red states.

Red State

Blue State

 

[Preacher]

You see, the problem is that some blue states have jacked up personal and property taxes so much, raised them so high, that the $10K deduction cap for state and local taxes (SALT) will affect some people who would never have to worry about the cap if they lived in most other states. In a few blue states, their SALT are so high that people in the bottom half of the third tax bracket pay more than $10K in SALT and will no longer be able to deduct all of their SALT.

In contrast, here in Northern Virginia, to pay more than $10K in SALT, you'd have to make at least $120K and own a house worth at least $300K, and even then you'd just barely pay more than $10K in SALT, so the deduction cap would have very little impact on your bottom line. In order to pay substantially more than $10K in SALT, say $15k in SALT, here in Northern Virginia, you'd have to make at least $170K and own a house worth at least $360K.

Another major problem, is how absolutely little the majority of red states pay in federal taxes, compared to the federal aid they recieve. Trump gave them a way to milk blue states for even more.

It really boils down to the cost of living.

Here in my state, if you make $20.00 an hour, you can afford a car or house. In California or NYC, you're living under a bridge.

If it takes $80,000 a year to live comfortably in a blue state, it only takes $50,000 a year in a red state. Therefore, you need to make money (and yes, pay more in federal taxes) in a blue state than red.

During the winter time I spend a little more time watching television. I believe Hollywood lost most if it's talent, so I often turn to HGTV for entertainment. Many times they show homes in northeastern states. They may show a home in the city, and I estimate the house or condo to be worth about $225.00. Then they state the price which is closer to $800,000. Here, a $800,000 home is almost a mansion.

This is true in many red states. In blue states, you need to make a lot more money to survive. This is why it was people in blue states crying over Trump's interest mortgage deduction cap and little complaints from people in red states.

Red State

View attachment 233633
Blue State

View attachment 233634

Nevada is a purpleish/red state. Try using California or Illinois or New Jersey or Washington ya know LEGIT blue states.

 

[Ray From Cleveland]

You see, the problem is that some blue states have jacked up personal and property taxes so much, raised them so high, that the $10K deduction cap for state and local taxes (SALT) will affect some people who would never have to worry about the cap if they lived in most other states. In a few blue states, their SALT are so high that people in the bottom half of the third tax bracket pay more than $10K in SALT and will no longer be able to deduct all of their SALT.

In contrast, here in Northern Virginia, to pay more than $10K in SALT, you'd have to make at least $120K and own a house worth at least $300K, and even then you'd just barely pay more than $10K in SALT, so the deduction cap would have very little impact on your bottom line. In order to pay substantially more than $10K in SALT, say $15k in SALT, here in Northern Virginia, you'd have to make at least $170K and own a house worth at least $360K.

Another major problem, is how absolutely little the majority of red states pay in federal taxes, compared to the federal aid they recieve. Trump gave them a way to milk blue states for even more.

It really boils down to the cost of living.

Here in my state, if you make $20.00 an hour, you can afford a car or house. In California or NYC, you're living under a bridge.

If it takes $80,000 a year to live comfortably in a blue state, it only takes $50,000 a year in a red state. Therefore, you need to make money (and yes, pay more in federal taxes) in a blue state than red.

During the winter time I spend a little more time watching television. I believe Hollywood lost most if it's talent, so I often turn to HGTV for entertainment. Many times they show homes in northeastern states. They may show a home in the city, and I estimate the house or condo to be worth about $225.00. Then they state the price which is closer to $800,000. Here, a $800,000 home is almost a mansion.

This is true in many red states. In blue states, you need to make a lot more money to survive. This is why it was people in blue states crying over Trump's interest mortgage deduction cap and little complaints from people in red states.

Red State

View attachment 233633
Blue State

View attachment 233634

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