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What’s the board consensus on eliminating the State tax deduction as part of Fed Tax bill?
Posted on 10/26/17 at 6:34 pm
Posted on 10/26/17 at 6:34 pm
Cali, NY, NJ, CT residents fricked
Guess you reap what you sow.
Interesting that a number of the Republican “NO” votes in the budget today were from reps of those states. They were attempting to stop tax reform.
Guess you reap what you sow.
Interesting that a number of the Republican “NO” votes in the budget today were from reps of those states. They were attempting to stop tax reform.
Posted on 10/26/17 at 6:39 pm to Covingtontiger77
Why should you and I pay more Federal income tax than those in high tax states. Those states should get their house in order.
Of course here in Louisiana we are almost as screwed up as NY, etc. The state budget in Louisiana is growing twice as fast as the economy here.
Of course here in Louisiana we are almost as screwed up as NY, etc. The state budget in Louisiana is growing twice as fast as the economy here.
Posted on 10/26/17 at 6:41 pm to Covingtontiger77
DemocRats in blue states would be swept aside.
Let's do it.
Let's do it.
Posted on 10/26/17 at 6:42 pm to Covingtontiger77
I love the "States Rights" but only as a talking point crowd.
Posted on 10/26/17 at 6:44 pm to Covingtontiger77
By doubling the standard deduction fewer will be itemizing their deductions anyway
Posted on 10/26/17 at 6:44 pm to SEC. 593
No one is denying their right to life in high tax states. We just don’t want to subsidize it.
An inability to deduct those taxes from their federal tax will hopefully bring about pressure to reform taxes in those states.
An inability to deduct those taxes from their federal tax will hopefully bring about pressure to reform taxes in those states.
Posted on 10/26/17 at 6:50 pm to teke184
But as a matter of taxes you're effectively double charging that particular income.
Posted on 10/26/17 at 6:54 pm to SEC. 593
Do I give a frick if someone who lives in Connecticut has to pay local NYC tax and state CT tax in addition to federal taxes?
If they don’t like it, they can vote to change their taxes or they can move to another state.
Insulating them from the true costs of the taxes in the areas where they live and work isn’t my fricking problem.
If they don’t like it, they can vote to change their taxes or they can move to another state.
Insulating them from the true costs of the taxes in the areas where they live and work isn’t my fricking problem.
Posted on 10/26/17 at 6:54 pm to teke184
quote:
An inability to deduct those taxes from their federal tax will hopefully bring about pressure to reform taxes in those states.
I concur. Keep the elimination of the state and local deductions in the federal plan. Make New York and California, etc make the necessary changes on the state level.
Posted on 10/26/17 at 6:55 pm to Covingtontiger77
Add Maryland to the list of high state taxes. I have not yet formed a final opinion on the proposed tax reforms but my initial reaction is that something needs to be done and most beginnings are imperfect but necessary.
Posted on 10/26/17 at 6:55 pm to teke184
This is why I support it. Short term it’ll have a negative impact on my tax return (even with increased standard deduction) but I can live with it.
Posted on 10/26/17 at 6:55 pm to Covingtontiger77
I live in Texas and am tired of subsidizing them.
Posted on 10/26/17 at 6:59 pm to SEC. 593
quote:
I love the "States Rights" but only as a talking point crowd.
Yeah this isn’t a “States Rights” issue at all.
Posted on 10/26/17 at 7:01 pm to SEC. 593
They have the right to change the tax system in their own state.
No one outside of their state is stopping them.
There is absolutely no interference with state's rights.
No one outside of their state is stopping them.
There is absolutely no interference with state's rights.
Posted on 10/26/17 at 7:05 pm to DallasTiger11
I see it as one. A state has decided to have a certain level of taxation to support a level of provided services. The federal government has decided that the state tax should count as income to be taxed a 2nd time.
Posted on 10/26/17 at 7:08 pm to teke184
Does Louisiana pay out more than it receives in federal moneies?
Posted on 10/26/17 at 7:08 pm to cajuncarguy
quote:this
Why should you and I pay more Federal income tax than those in high tax states. Those states should get their house in order.
Posted on 10/26/17 at 7:10 pm to Covingtontiger77
Those people need to pay their fair share
Posted on 10/26/17 at 7:15 pm to teke184
quote:
No one is denying their right to life in high tax states. We just don’t want to subsidize it.
My thoughts exactly.
But with that said, it's going to be a nail biter vote if they keep the wording to eliminate it. The vote for the budget was 216 to 212, with 3 Republicans and 2 Dems not voting. So lets assume that the 3 Rep would've voted yea, and the Dems would've voted nay, then the vote would've been 219 to 214. That leaves only a 5 vote margin to play with.
So now looking at the Republicans that voted yea for the budget that live in some of these high tax states, they are as follows: NJ-1, CA-14, NY-2, CT-0 (I'm not sure which other states have high enough state taxes to be hurt by losing the tax deductions). So there are at least 17 Republicans from some of these high tax states that voted for the budget, that may not be so willing to vote for a tax plan that causes the tax on their constitutes to go up.
Now there was about 7 or 8 Republicans from states I'm guessing aren't high tax states that did not vote for the budget, so they could be Freedom Caucus members that didn't like the budget but could vote for the tax plan. But either way, it is going to be an extremely tight vote if the part about eliminating the state tax deduction stays in the tax package.
This post was edited on 10/26/17 at 7:17 pm
Posted on 10/26/17 at 7:15 pm to udtiger
Don't most of the states that have higher state taxes also pay out more towards federal taxes than they receive? So shouldn't their residents be asking this question of some southern states?
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