ㅤô¿ô …Right on. We put some hurt on New York’s wealthy so more wealth will be invested in the rest of the country.
ㅤ"Though the Brown administration has relished most fights against the federal government, this was one that Gov. Brown seems to have judged that he could not win. He explained Saturday in a letter accompanying his veto: ‘This measure started as a bold idea but because of adverse changes in the federal tax law, it now confuses an already complicated scheme and could invite intervention by the Internal Revenue Service.’"
ㅤô¿ô …Perhaps real power in the USA is held by those with the ability to stop the Democrats. Detective Steve McGarrett uncovered the truth years ago. It’s the IRS. Book’em Danno.
ㅤFull story at Breitbart. Posted on 9/30/18. See "jerry brown, california, salt."
ㅤ"The guidance is designed to curb taxpayers’ ability to use charitable donations to get around the law’s $10,000 cap on the state and local tax (SALT) deduction.
ㅤ’Congress limited the deduction for state and local taxes that predominantly benefited high-income earners to help pay for major tax cuts for American families,’ Treasury Secretary Steven Mnuchin said in a statement Thursday. ‘The proposed rule will uphold that limitation by preventing attempts to convert tax payments into charitable contributions.’"
ㅤFull story at The Hill, image from cnn(.com) – 8/23/18. See "blue-state, salt, conservative, politics."
ㅤ"Some tax experts have questioned whether the IRS would give a green light to the SALT cap workarounds, arguing that the agency might not see the donations to state and local funds as truly charitable in nature.
ㅤTreasury and the IRS said in their notice that ‘the proposed regulations will make clear that the requirements of the Internal Revenue Code, informed by substance-over-form principles, govern the federal income tax treatment of such transfers.’
ㅤThe agencies also said that ‘taxpayers should be mindful that federal law controls the proper characterization of payments for federal income tax purposes.’
ㅤJared Walczak, senior policy analyst with the Tax Foundation, said that the emphasis in the notice on the ‘substance-over-form’ doctrine suggests that Treasury and the IRS will treat the donations as tax obligations that are not deductible, even if states call them charitable contributions.
ㅤ’It doesn’t matter what label you apply, if you are satisfying a tax obligation, the IRS will treat it as such,’ he said.’"ㅤ
Full story at The Hill, image from padailypost(.com) – 5/23/18. See "salt, salt deduction."ㅤHomeㅤ
ㅤ”Wealthy New Yorkers can currently lower their federal taxable income by more than $100,000 through a provision of the tax code known as the State and Local Tax Deduction, or SALT. The average SALT deduction in the Manhattan area is at least $60,000.
ㅤThe Republican bill will cap the deduction amount at $10,000, meaning wealthy New Yorkers who currently write off expensive real estate could face an extra six figures in taxable income.”
ㅤô¿ô …HAHAHAHAHA !!
ㅤFull story at The Daily Caller, image from crainsnewyork(.com) • democratic party, democratic socialists, democrats, progressives, salt, socialists, standard deduction, tax deductions, de blasio, nyc ㅤ Home
ㅤ”Under Collins’s amendment, people who itemize their deductions will be able to deduct up to $10,000 in state and local property taxes. A similar provision was included in the House-passed bill to win over GOP House members from blue states such as New York and California.”
ㅤô¿ô …This is just a loophole for the privileged in blue states, be they Dem or GOP. And as usual, both parties claim they want to help middle-income Americans.
ㅤAfter thousands of years, its apparently still necessary to please the nobility.
ㅤ”The average selling point for new homes in October reached a record high $400,200, which suggests that most newly-constructed homes that are selling are for high-end buyers.
ㅤWhile new homes account for ten percent of the market, seven percent of all sales last month consisted of homes priced at $750,000 or more.
ㅤThe majority of these new home sales are taking place in the northeastern U.S.—new home sales increased by 30.2 percent to their highest level since October 2007 in the Northeast, according to the Commerce Department report.”
ㅤô¿ô …The Congressmen and Senators who insist on keeping the mortgage interest deduction and the property tax deduction represent the privileged. Get it?
ㅤFull story at Breitbart, image from breitbart(.com) • economy, gdp, gross domestic product, salt, standard deduction, tax deductions, housing demand, housing, real estate, mortgage
ㅤFull story at The Washington Examiner, image from washingtonexaminer(.com) • congress, house, house republicans, salt, senate, senate republicans, standard deduction, tax cuts, tax deductions, tax rates, tax reform, taxes, thehill, u.s. congress, conservative, politics
ㅤ”House Republicans from New York and New Jersey came out in opposition to the GOP’s long-awaited tax-reform bill on Thursday, citing the proposed elimination of the popular state and local tax deduction.”
ㅤô¿ô …Per-capita federal funding of the big blue states is currently double that of other states.
ㅤFull story at The Hill, image from thehill(.com) • new jersey, new york, new york city, property taxes, salt, state and local tax deduction, tax break, tax cut, tax cuts, tax deductions, tax plan, tax rate, tax reform, taxes, taxpayer funds • Go here to reblog this post (browser only).
“For individuals & families…
ㅤ• The new individual income tax rates are 0 percent, 12 percent, 25 percent, and 35 percent.
ㅤ• The standard deduction goes from $6,350 to $12,000 for individuals and $12,700 to $24,000 for married ocuples.
ㅤ• Special-interest deductions that complicate taxes are eliminated so the form can be ‘as simple as a postcard.’
ㅤ• The bill establishes a new Family Credit, which includes expanding the Child Tax Credit from $1,000 to $1,600, and gives a credit of $300 for each parent and non-child dependent.
ㅤ• The bill preserves the Earned Income Tax Credit.
ㅤ• The deduction for charitable donations is continued.
ㅤ• The home mortgage deduction is maintained for current mortgages, but is capped for new homes at $500,000.
ㅤ• It allows people to write off state and local property taxes up to $10,000
ㅤ• The bill doesn’t touch 401(k)s or Individual Retirement Accounts.
ㅤ• The Alternative Minimum Tax is repealed.
ㅤ• The exemption for the Estate Tax is doubled and the tax will be repealed in full in six years.”
ㅤFull story at The Washington Examiner, image from washingtonexaminer(.com) • congress, house of representatives, house republicans, mortgage deduction, property taxes, salt, standard deduction, state and local tax deduction, tax break, tax cut, tax cuts, tax deductions, tax plan, tax rate, tax reform, taxes, taxpayer funds, the hill • Go here to reblog this post (browser only).
ㅤ”More recently, in an effort to maintain support for their broader tax bill, House GOP leadership proposed keeping a deduction for property taxes but ending it for non-federal income and sales taxes.”
ㅤStory at Politico, image from form9465(.com) • gary cohn, property taxes, salt, state and local tax deduction, steve mnuchin, tax deductions, trump administration, white house, dan donovan • Go here to reblog this post (browser only).
ㅤ”Brown is primarily concerned with Trump’s proposed repeal of the state and local tax (SALT) deduction, which would provide $1.8 trillion in revenue that could be used to grant tax cuts in other areas.
ㅤWealthier taxpayers in high-tax states, which tend to be governed by Democrats, use the SALT deduction to lower their overall federal tax liability. As a result, state lawmakers and local officials who raise taxes to fund additional spending are somewhat insulated from the political consequences of doing so, since voters can shift the burden of higher taxes to federal taxpayers elsewhere.”
ㅤStory at Breitbart, image from breitbart(.com) — california, irs, jerry brown, salt, tax break, tax cut, tax cuts, tax deductions, tax plan, tax rate, tax reform, taxes — Visit the post page to like, share or reply to this post.
ㅤ”Republicans from high-tax, Democrat states may create a roadblock in tax reform through their opposition to the repeal of the state and local tax (SALT) deduction as Republicans remain desperate to pass a significant piece of legislation before the 2018 midterm elections.”
ㅤStory at Breitbart, image from heritage(.org) — #california #irs #new jersey #new york #new york city #salt #state and local tax deduction #tax break #tax cut #tax cuts #tax deductions #tax plan #tax rate #tax reform #taxes #chris smith #pete king #kevin brady — Visit the post page to like, share or reply to this post.