Trump tax plan eliminates big perk for high-tax states

[Blimey]

http://nypost.com/2017/09/27/trump-tax-plan-eliminates-big-perk-for-high-tax-states/

IF this plan goes through it could be very bad for some of us. Our state taxes are brutal, our property taxes are brutal. With many of us paying about $3500/year per $100k in assessed value of our house (some are lucky enough to pay even higher) just on property taxes, the state deduction is absolutely critical. And state taxes are terrible, too, and also deductible now.

This plan sounds great if you make very little money but I am suspecting that even those right in the middle class may get hit by this in high tax states like ours.

Let's not gloss the fact that if Cuomo is right and it is a "death blow", it's in part because NY has such a ridiculous tax rate.

One thing is absolutely for sure. if a plan goes through like this it will negatively impact home values in our state. When I was looking to move earlier this year, the fact that property taxes were deductible was a crucial part of my calculation.

If your federal tax rate is 20%, say, and your property taxes are $5k, and then you lose that deduction, you suffer an immediate and direct hit to your bottom line of $1000 additional tax levy come April 15 to uncle sam.

 

[Phazer]

Even though I live in New York, and I pay insane taxes in New York, anything that hits this state in it's collective wallet is good. People here are only reactive and never proactive. The Leftists that run this state won't change anything until their rich benefactors scream at them. New York's response should be to lower their own taxes. But...HA...that will never, ever, ever, happen.

 

[Phazer]

http://nypost.com/2017/09/27/trump-tax-plan-eliminates-big-perk-for-high-tax-states/

One thing is absolutely for sure. if a plan goes through like this it will negatively impact home values in our state. When I was looking to move earlier this year, the fact that property taxes were deductible was a crucial part of my calculation.

Deductions would remain for mortgage interest and charitable contributions.....

The death tax and alternative minimum tax would be repealed, along with most itemized deductions.​

 

[Deplorable Me]

Don't blame Trump, thank the collective of assholes from Albany who've conspired to screw us to death with taxes in the first place.

 

[Blimey]

Deductions would remain for mortgage interest and charitable contributions.....

The death tax and alternative minimum tax would be repealed, along with most itemized deductions.​

Mortgage interest, yes, but not our state income taxes or our property taxes.

I agree with the idea that we're only in this pickle because the state has benefited for so long with this deduction again federal. If we have the state and federal taxes stacked it will make the taxes in this state even more horrendous.

 

[Mr. terzmo]

We're #1....we're # 1....we're #1....in taxes...c'mon people...we're #1...we're #1
A vote for the furher is a vote for more and higher taxes..we're #1

 

[Joe Blow]

Mortgage interest, yes, but not our state income taxes or our property taxes.

Original plan was to yes, eliminate the state income tax and property tax deductions while increasing the standard deduction(s). Remains to be seen, but it appears many will be fucked, especially high tax county residents.

 

[Trauma47645]

Good I hope its a death blow..

I hope this god forsaken state goes broke..

I hope NYC cant get the power it needs when indian point (supplies 25% of NYC's power need) shuts down in (2021)..

The Liberals will have no choice but to own it at that point..

And then we can start the recover process..

And I am a homeowner in this state (orange county) who is paying well over 3500 per 100k assessed

 

[Phazer]

And I am a homeowner in this state (orange county) who is paying well over 3500 per 100k assessed

Sing it brother! (I live in the Province of Westchester.)

 

[Joe Blow]

Again, remains to be seen. (just like everything else it's all voted for and approved and then read) but the biggest "losers" as it appears at this time will be the high tax counties in NY.

 

[TopShot]

As I get older my earnings get smaller and my expenses get larger.
Shouldn't it be the other way around.
I'm in Westchester County.
My real estate taxes are ridiculous.
If this is passed I'll have to move for sure.

 

[Steal2B]

Although there is a Republican House majority in Congress, I am Not sure a bill will get through the house if taxes surge for middle class taxpayers in screwed up states like New York, California, Connecticut, New Jersey, Massachusetts, etc since they would need the Republican Congressman in those States to vote for it and screw their constituents. They may also subsequently lose the House if you hurt enough pocketbooks during a so called tax reform / tax breaks for the middle class movement.

 

[TopShot]

@Steal2B, I Hope Your Right !
I hate to say it but this is one time I'm against Trump.

 

[Steal2B]

@Steal2B, I Hope Your Right !
I hate to say it but this is one time I'm against Trump.

I would guess it will change to make it tax cost nuetral to middle class and upper middle class voters in our State while most others around the country of similar means will see a modest tax savings.

 

[E the massive]

Sell all furniture, applicances, fixtures and stupid wall hangy crap on ebay. Scrap all wiring and pipes.
Drop off keys at nearest bank branch. Head west till you feel warm and fuzzy. You are welome.

 

[MilesTeg]

Personally I'm a flat tax person so maybe that's why I don't see the problem with doing away with this exemption. The way I see it because of this exemption it basically is making it so the rest of America supplements the high tax states. Because of this I have a problem with the whole idea of this exemption being ethical.

Yes I will be hit by the change also and it sucks but it's the right thing to do. We as a people need to start doing the right thing even if it cost us more in our wallet.

 

[TopShot]

@MilesTeg, Speak For Yourself.
I pay more than my fair share of taxes.
Not because I make a lot of money, I don't.
But because I live in Westchester County, New York State.

 

[ProgSpear]

Just a thought exercise. What would happen if every single NYS citizen wh0 thinks we are overtaxed by the state STOPPED PAYING STATE TAXES!!! You know, sort of that TEA party thing... The original version.

 

[Jmac00]

and watch the exodus from New Yorkistan to increase, substantially.

 

[Brian Colt]

@MilesTeg, Speak For Yourself.
I pay more than my fair share of taxes.
Not because I make a lot of money, I don't.
But because I live in Westchester County, New York State.

Rockland county here. Combined school, county, town and hamlet taxes come to over 20% of assed value. Even with Star.

 

[MilesTeg]

@MilesTeg, Speak For Yourself.
I pay more than my fair share of taxes.
Not because I make a lot of money, I don't.
But because I live in Westchester County, New York State.

I agree with you but that's not a federal problem it's the state and counties doing. There is zero reason why there should be a federal exemption for people who pay too much state taxes.

 

[Saltwater60]

Just a thought exercise. What would happen if every single NYS citizen wh0 thinks we are overtaxed by the state STOPPED PAYING STATE TAXES!!! You know, sort of that TEA party thing... The original version.

I have been saying this for years not just state taxes f the Feds too. Just claim exempt and shit the government down until they listen to use.

I also heard that he wants to do away with the 401k deposits not being able to come off your taxable income anymore. That would kill me. I put $12,000 per year in. That would make me not eligible for cuomo a new free college thing.

 

[Jmac00]

the ONLY answer to the high tax problem, is to move. to a lower tax place. In other words, to almost anywhere else. New Yorkistan will NEVER lower taxes

 

[Koz]

Small business owners in NY are among the highest taxed, most regulated folks on the planet. FUac.

 

[Burzum]

and watch the exodus from New Yorkistan to increase, substantially.

Yeah taxpayers get chased off from their land and welfare scum comes in and gets the benefits.

 

[Truebeliever]

Although there is a Republican House majority in Congress, I am Not sure a bill will get through the house if taxes surge for middle class taxpayers in screwed up states like New York, California, Connecticut, New Jersey, Massachusetts, etc since they would need the Republican Congressman in those States to vote for it and screw their constituents. They may also subsequently lose the House if you hurt enough pocketbooks during a so called tax reform / tax breaks for the middle class movement.

I don't think there are that many republicans in those states that could stop it.

I think the republicans can turn this around with the higher standard deduction which helps the middle class. Maybe it will off set the higher price for the middle class and mention it hits the rich more.

 

[TopShot]

Truebeliever, I'm Not Rich !
I just live in a house for 27 years that the real
estate tax has QUADRUPLED since I bought it, no BS.

 

[misunderestimated]

Imagine a state with NO State income tax,

 

[TopShot]

@misunderestimated, How about moving to Alaska ?
I heard the government pays you to live there.

 

[Deplorable Me]

@misunderestimated, How about moving to Alaska ?
I heard the government pays you to live there.

Oil revenues are down, that program is being reduced.