Let the Games Begin

Jul 2014
15,471
9,555
massachusetts
So, the feds have limited deductibility of State and Local taxes.
But they have left the charitable deduction in place.
So some states consider a tax credit for fully deductible charitable contributions to the state's general fund.

Say you were paying $30,000 in state and local taxes, and you were going to lose all but $10,000 of that deduction, states are considering giving a tax credit for contributions to the general fund, so you write a check to the general fund for $20,000, that credit would reduce your state and local taxes to a fully deductible $10k, plus give you a federal deduction of $20k, you are back to your $30k deduction, no muss, no fuss.
https://www.nytimes.com/2017/12/31/business/high-tax-states-law.html?src=trending&module=Ribbon&version=origin&region=Header&action=click&contentCollection=Trending&pgtype=article


Of course that jacks up the deficit, which can be dealt with by the GOP congress raising taxes right before the election, or leaving it to a possibly Democratic congress to close the gap....by just restoring the estate tax , and adding a new top tax bracket, say 50% for income over a million.

That's what happens when you slap together a massive legislative package with no hearings, no experts, just greedy motherfuckers behind closed doors.
 
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Jul 2015
5,332
2,332
chicago
So, the feds have limited deductibility of State and Local taxes.
But they have left the charitable deduction in place.
So some states consider a tax credit for fully deductible charitable contributions to the state's general fund.

Say you were paying $30,000 in state and local taxes, and you were going to lose all but $10,000 of that deduction, states are considering giving a tax credit for contributions to the general fund, so you write a check to the general fund for $20,000, that credit would reduce your state and local taxes to a fully deductible $10k, plus give you a federal deduction of $20k, you are back to your $30k deduction, no muss, no fuss.
https://www.nytimes.com/2017/12/31/business/high-tax-states-law.html?src=trending&module=Ribbon&version=origin&region=Header&action=click&contentCollection=Trending&pgtype=article


Of course that jacks up the deficit, which can be dealt with by the GOP congress raising taxes right before the election, or leaving it to a possibly Democratic congress to close the gap....by just restoring the estate tax , and adding a new top tax bracket, say 50% for income over a million.

That's what happens when you slap together a massive legislative package with no hearings, no experts, just greedy motherfuckers behind closed doors.
So those states would be giving a special reduction for rich people. Do you like that?
 
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Jul 2014
15,471
9,555
massachusetts
So those states would be giving a special reduction for rich people. Do you like that?
I don't like complex legislation being done behind closed doors, with no one but lobbyists contributing to the process, and the participant's campaign funds.
 
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Jun 2013
28,864
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Ohio
I don't like complex legislation being done behind closed doors, with no one but lobbyists contributing to the process, and the participant's campaign funds.
The lack of transparency in the process was shameful. The swamp won big time.
 
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Jul 2015
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chicago
I don't like complex legislation being done behind closed doors, with no one but lobbyists contributing to the process, and the participant's campaign funds.
sure but do you like the idea of these rich people in a couple of states getting the special tax reduction? Should the states do this?
 
Jul 2014
15,471
9,555
massachusetts
sure but do you like the idea of these rich people in a couple of states getting the special tax reduction? Should the states do this?
Since these are the exact same people who were singled out for tax increases, singling them out for tax reductions seems fair, states are there to look after their own, and taking advantage of shoddy federal tax rules is an American Pastime.

And the idea that this picks up a couple of House seats for the Good Guys, doesn't make me not like it....
 
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Jul 2015
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Since these are the exact same people who were singled out for tax increases, singling them out for tax reductions seems fair, states are there to look after their own, and taking advantage of shoddy federal tax rules is an American Pastime.

And the idea that this picks up a couple of House seats for the Good Guys, doesn't make me not like it....
So in your idea of tax reform you would not single out rich people for a tax increase by eliminating loop holes?
 
Oct 2017
585
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In
I don't like complex legislation being done behind closed doors, with no one but lobbyists contributing to the process, and the participant's campaign funds.


LOL I'm sure you were pounding the keyboard when the Dims did just that with the ACA. If you like your plan you can keep your plan, if you like your doctor you can keep your doctor. And, $2500 savings per family.
 
Jul 2014
15,471
9,555
massachusetts
So in your idea of tax reform you would not single out rich people for a tax increase by eliminating loop holes?
No, not at all. This isn't about tax reform, this is about gaming the system for political advantage. Who called this tax reform?
When have we ever had tax reform?
 
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Jul 2014
15,471
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massachusetts
LOL I'm sure you were pounding the keyboard when the Dims did just that with the ACA. If you like your plan you can keep your plan, if you like your doctor you can keep your doctor. And, $2500 savings per family.
No, there were all kinds of hearings and expert testimony that went into that, that's why it's still going strong despite the attempts to destroy it, the only thing the GOP has managed to do, is cost the taxpayers a little more.