Posted on 09/29/2017 9:59:24 AM PDT by rktman
As President Trump prepares to sell his tax plan to the nation's manufacturing lobby on Friday, his best-laid tax plans have already drawn objections from some fellow Republicans who are fuming over the decision to end deductions for state and local income taxes.
The situation will pit the White House against members of Congress from states that pile high income taxes on top of what the federal government takes from paychecks.
High-income Californians, for instance, pay as much as 13.3 per cent of their income to the state in addition to their federal taxes. New Yorkers can pay up to 8.82 per cent.
Just seven U.S. states have no personal income taxes, including Texas, Florida and Nevada
(Excerpt) Read more at dailymail.co.uk ...
You’re not aware of the folly of your affinity.
Explain to me how the Federal government’s subsidy of high state taxes in California is a good thing for us in Wyoming?
Both Wyoming and California send more money to Washington than they get back, per dollar.
Both at around 80 cents on the dollar.
Along with NY and CA, Wyoming helps subsidize 36 other states in the union. Even rich, populous states like Texas and Florida receive far more back:
Thy are getting a free ride now, and it will get better for them under this new plan.
On another note, if you were itemizing in Wyoming you would be able to deduct that 5.5% average sales tax there on all your retail purchases, along with the excise taxes on your car, boat or truck. Also the cost of any state licensing if in a licensed private enterprise.
Plus all property taxes, school bonds taxes etc.
But no more if this plan stays intact.
Sending money to DC expecting to get even 80% of it back is a fool’s errand. The is heavy Bureaucratic Drag there.
Sending money to DC to do its Constitutionally limited tasks should have NO expectation of getting any of it back.
You have switched from being narcissisticly worried about your own tax situation to the aggregate for your State. What ever happens to the aggregate for your State can have a VERY limited impact on your personal budget/situation, unless you are a US Government Employee. So, what it it?
Or Gov’t Contract linked in some fashion...
Calif. used to have no shortage of those, AeroJet in Sac.
36 states get more money back than they send to DC.
Look at the Atlantic link I posted up thread.
I believe it’s North Carolina that gets back $8 for every $1 they send to DC.
And there’s 36 of them.
14 states get back less and they are paying the freight for all the other states.
I AM paying attention, but not so sure you are.
Yes, sales, property, etc taxes are deductible in the seven states, but are phased out for high income earners. So, that’s where some of the imbalance comes in.
It’s not emotion, just fact.
They are not “phased out”, they are eliminated.
For anyone who itemizes, if they are now able to cross the itemization threshold to pay a lower tax.
It appears it does not hurt you so you are OK with a tax hike on these people.
So you can have a reduced tax.
In CA and NY, not only do we pay our own way, we subsidize the freeloaders in other states.
Whats this “WE” shit all of a sudden....lol
For a street lawyer you don’t know jack sh!t. For those that itemize, in every state, the state SALES tax, property taxes and excise taxes are all deductible. People in FL who itemize deduct the FL state sales tax...if they’re smart enough to do so.
You sound upset?
NJ and probably every state has sales tax so i”m not sure I understand your point.
I just used Florida as an example since most people know that old people retire to Florida because it does not tax ordinary personal income except I think it does tax income on stocks etc. Not a tax attorney so I’m not sure.
I checked the chart you were so kind to provide. It looks like a left leaning site, and it’s based stuff that I’m not sure I can attack without an expert on the subject.
I guess states with lower income population like Florida would pay less than Donald Trump and other multi billionairs from NY who pay millions in taxes.
I live in NYS. I’m not rich. That said, I support removing the state and local tax deduction.
For a street lawyer you don’t know jack sh!t.
I apologize for upsetting you. I don’t think the sales tax issue is relevant here?
If Trump gets a federal tax deduction on his NY State and local return he probably saves a bundle. After all he is probably one of the wealthiest men in NY or the country having done a fantastic job as a businessman, very impressive don’t you thin?
Trump also will probably go down as the best president every to save the economy.
I agree that we need to work to get NY taxes lowered, and I expect the state tax deduction removal wold help that effort.
I only disagree with the “don’t ask me pay for it” comment. I’m not asking you for $hit.
It pisses me off to know end when LIBERALs say that.
OK...you and I,filing as single,both earned exactly $50,000 in salary/pay last year,which was our *only* income.Our circumstances are exactly the same in terms of IRS laws except that I live in a low tax state (let's say New Hampshire...no sales tax *or* income tax) and you live in a high tax state (let's say California... huge sales tax and income tax).
A a result of that one difference I send more (possibly *much* more) to DC than you do.
So in essence I'm given the privilege of making sure that you don't feel the *full* impact of your state's decision to tax the bleep out of its residents.
IOW I'm helping you pay your state taxes despite not living there or benefiting in any way by doing so.
You’re an idiot
Tell me where I’m wrong!
The government is screwing me over in taxes, and screwing you over MORE with taxes, if they allow me to keep the state tax deductions. But if they don’t then they are screwing me over more... Agreed so far?
The government screwing one of us less is NOT the same as me asking you to “pay for” something.
It is that kind of liberal-speak that gets stupid agendas passed.
It is like the libtards asking how we are going to “pay for” tax cuts.
If the government had in the tax code a provision allowing you to be exempt from taxes because your name starts with “K,” there is zero argument for not repealing that provision. It unfairly shifts the burden of paying taxes from you to other people.
The fairness of the tax code and how high taxes are are two separate issues. We need to both make it more fair and lower taxes. Lowering taxes has to come with lowering spending though. Making the tax code more fair can come at any time.
that is a fair argument to make, and I agree with it 100%
But I never asked YOU to pay for anything.
You do see where it was the language you used and NOT the argument you were making that is offensive, now don’t you?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.