Meanwhile, in New Jersey and Connecticut, the average deductions were $18,092 and $19,563, respectively.Treasury Secretary Steven Mnuchin is seen during the House Financial Services Committee hearing titled The End of Affordable Housing? A Review of the Trump Administrations Plans to Change Housing Finance in America, in Rayburn Building on Tuesday, October 22, 2019.
One track — including the appeal that was filed on Tuesday — asserts that the SALT cap itself is unconstitutional.filed by New York, New Jersey and Connecticut — defends some workarounds blue states have created to permit their residents to write off their state and local income and property taxes above the $10,000 limit.New Yorkers paid $2,249 per capita in individual state income taxes in the 2017 fiscal year, according to data from the Tax Foundation. See below for your state.
This way, taxpayers can write off the payment as a charitable deduction on their federal tax returns, which is still allowed if you exceed the standard deduction. In 2019, that is $12,200 for single filers and $24,400 for married filing jointly., saying that the receipt of a state or local tax credit in return for making this contribution would be a "quid pro quo."The new blue state "workaround" programs aren't the only ones that would be affected by IRS rules.
Earlier this year, some of those programs — including the Alabama Opportunity Scholarship Fund and the Exceptional SC program in South Carolina —More from Personal Finance:
Aren’t these blue states run by the same people who want millionaires and billionaires to have less tax loopholes...like SALT?! Do you see the irony andrewcuomo BilldeBlasio
The appeal so that millionaires can avoid taxes and not pay their fair share. These states want other states to subsidizee their wealthy citizens.
I thought the blue states want socialosm
Alternate headline: Democrats realize their constituents are pissed that they're paying so much in taxes, and dont think they'll be able to maintain their power for long.
ONE more complete BEAT DOWN for LOW IQ DUMBOcrats in NY, CA, and CT- the rest of the US is tired of supplementing your incomes- time to pay up