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re: What’s the board consensus on eliminating the State tax deduction as part of Fed Tax bill?
Posted on 10/26/17 at 7:19 pm to SEC. 593
Posted on 10/26/17 at 7:19 pm to SEC. 593
then cut the mandated federal programs that those red states are taking those dollars for
all those recipients can move to the generous blue states and receive those benefits from the source
all those recipients can move to the generous blue states and receive those benefits from the source
0
Posted on 10/26/17 at 7:19 pm to SEC. 593
quote:
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?
No.
Obama and the Dems have taught me that anything that allows a person to pay less in federal taxes is evil. There is to be no weighing of any factors.
Posted on 10/26/17 at 7:21 pm to Covingtontiger77
This article (from 2012) may be somewhat useful in forming an opinion as to which states pay the most in taxes vs. how much they receive from the feds. If there is more recent info, I'd love to see it.
LINK
LINK
Posted on 10/26/17 at 7:25 pm to conservativewifeymom
They are looking at all money spent, which includes contracts, grants, etc. Not just program spending which would be topped by mostly southern states.
Posted on 10/26/17 at 7:26 pm to SEC. 593
West Virginia seems to take the prize in that category, at least according to this article.
Posted on 10/26/17 at 7:27 pm to conservativewifeymom
Posted on 10/26/17 at 7:29 pm to cajuncarguy
If federal funds were disbursed equally
Would start to make sense
Would start to make sense
This post was edited on 10/26/17 at 7:29 pm
Posted on 10/26/17 at 7:30 pm to SEC. 593
quote:
Does Louisiana pay out more than it receives in federal moneies?
Probably. ~1/3 of Louisiana's revenue is federal $$$$.
This post was edited on 10/26/17 at 7:31 pm
Posted on 10/26/17 at 7:31 pm to Covingtontiger77
I wish they would let us deduct up to 6% of our income (that we pay in state taxes) but not more. Seems like a good compromise. Yes I live in Louisiana.
Posted on 10/26/17 at 7:33 pm to Covingtontiger77
As a resident of Texas I am very much OK with it...
Maybe the other states will push back on their legislatures to get local tax reform...
Maybe the other states will push back on their legislatures to get local tax reform...
Posted on 10/26/17 at 7:33 pm to Jorts R Us
Some meaty bedtime reading! 
Posted on 10/26/17 at 7:33 pm to thelawnwranglers
quote:
New Jerseyans receive only $0.48 back for every dollar they pay in income tax, the fourth lowest rate in the country. Of New Jersey's revenue, 26.87% comes from federal funding, the 10th lowest in the country.
Posted on 10/26/17 at 7:33 pm to conservativewifeymom
This is just the per capita and not the gross or net spending.
California has the highest gross federal spending but its per cap is low thanks to a huge population.
Alaska and New Mexico are high on the per capita list because they are two of the least populated states but have a lot of research grants and Dept of Energy spending.
California has the highest gross federal spending but its per cap is low thanks to a huge population.
Alaska and New Mexico are high on the per capita list because they are two of the least populated states but have a lot of research grants and Dept of Energy spending.
Posted on 10/26/17 at 7:35 pm to Jorts R Us
So then it seems ironic for residents of the state to then be saying that another state should "pay their fair share" .
Posted on 10/26/17 at 7:36 pm to teke184
quote:
In California, the ability to deduct state and local taxes saved federal taxpayers $101 billion in 2014, the latest year for which there are data, according to the nonpartisan Tax Foundation.
Random tidbit:
quote:
During the recession in 2008, a 3.7% decline in the California economy resulted in a 23% plunge in state revenue.
Damn.
LA Times article
This post was edited on 10/26/17 at 7:40 pm
Posted on 10/26/17 at 7:37 pm to Covingtontiger77
I'm good with it.
Posted on 10/26/17 at 7:37 pm to Covingtontiger77
quote:
What’s the board consensus on eliminating the State tax deduction as part of Fed Tax bill?
When you boil it all down the government is gonna get their...., err, your money. That includes the Federal, State, County and Local governments. I'll be somewhat shocked if I actually see any improvement in my overall tax burden once/if this federal tax plan is implemented.
Posted on 10/26/17 at 7:44 pm to Covingtontiger77
It’s not going to happen. A compromise will be made. (Crosses fingers)
Posted on 10/26/17 at 7:45 pm to YankeeBama
quote:
It’s not going to happen. A compromise will be made. (Crosses fingers)
This is what I expect. There will be some convoluted formula you can pay your CPA to do to determine your modified SIT deduction.
This post was edited on 10/26/17 at 7:46 pm
Posted on 10/26/17 at 8:19 pm to SEC. 593
On average blue states subsidize red states in regards to dollars paid in federal taxes vs dollars received.
Now we have the argument that eliminating the state income tax deduction will have the red states stop subsidizing the blue states in that manner.
Won't the first situation be made worse by the second situation?
How do you win the argument that the elimination of this deduction should happen when the red states already are getting more?
Now we have the argument that eliminating the state income tax deduction will have the red states stop subsidizing the blue states in that manner.
Won't the first situation be made worse by the second situation?
How do you win the argument that the elimination of this deduction should happen when the red states already are getting more?
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