Pictured: Puppets of the Privileged
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ㅤ• The Alternative Minimum Tax is repealed.
ㅤ• The exemption for the Estate Tax is doubled and the tax will be repealed in full in six years.”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.
Rep. Peter King, R-N.Y.
ㅤ”Reps. Peter King, R-N.Y., Tom MacArthur, R-N.J., and others from high-tax states say they will not vote for the Senate budget resolution this week because the GOP tax reform outline would eliminate the state and local tax deduction that brings huge savings to their constituents at tax filing time.”
ㅤô¿ô …Establishment politicians defending America’s privileged class. #draintheswamp !!!!
ㅤStory at The Washington Examiner, image from cnsnews(.com). #budget #irs #spending cuts #tax cut #tax cuts #tax deductions #tax plan #tax rate #tax reform #taxes #peter king #tom macarthur #state and local tax deduction — Visit the post page to like, share or reply to this post.
ㅤ”Senate Minority Leader Chuck Schumer is likely to personally save tens of thousands of dollars if he is able to defeat Republican efforts to eliminate state and local tax deductions.”
ㅤô¿ô …The blue state blues. Sing it Chuck.
Story at The Daily Caller, image from amazonaws(.com). #chuck schumer #tax cut #tax cuts #tax deductions #tax plan #tax rate #tax reform #taxes – Go to reblog (browser only).