Page 2 of 11 FirstFirst 1234 ... LastLast
Results 11 to 20 of 104
Thanks Tree30Thanks

Thread: Cuomo To Sue U.S. Gov Over State Tax Break Change

  1. #11
    Veteran Member
    Joined
    Nov 2009
    Posts
    30,334
    Thanks
    11019

    From
    on the river
    hahaha. Trump didn't establish New York's tax structure (which effectively allows NY's higher income crowd to pass a sizable portion of their state tax burden off on federal income tax payers in other states.)
    Thanks from Southern Dad

  2. #12
    Moderator HayJenn's Avatar
    Joined
    Jul 2014
    Posts
    45,097
    Thanks
    34817

    From
    CA
    Quote Originally Posted by publius3 View Post
    My point though is about the AMT prior to the change. In other words, the basoc chagrin is that higher income blue staters who currently deduct state taxes won't be able to do so.

    But anybody in the AMT already is impacted by this ALREADY.

    So if you're itemizing less than 24k, who cares? The 24k is more.

    If you were itemizing more than 24k what are the odds you weren't in the AMT?
    Hard to know. The AMT kicked in for married couple at 84,500 for married couple.

    Again, not a hard bar if you have two people working.

  3. #13
    Member
    Joined
    Sep 2014
    Posts
    3,637
    Thanks
    1025

    From
    TN
    Quote Originally Posted by HayJenn View Post
    Hard to know. The AMT kicked in for married couple at 84,500 for married couple.

    Again, not a hard bar if you have two people working.
    That's the point, how many people with itemized deductions > 24k will have an income BELOW the AMT thresholds?
    Last edited by publius3; 3rd January 2018 at 05:06 PM.

  4. #14
    Moderator HayJenn's Avatar
    Joined
    Jul 2014
    Posts
    45,097
    Thanks
    34817

    From
    CA
    Quote Originally Posted by publius3 View Post
    That's the point, how many people with itemized deductions > 24k will have an income BELOW the AMT thresholds?
    If you can find the stats for that, be my guest.

    I suspect though in states like CA, NJ and NY it's going to impact a lot of people who do currently itemize.

  5. #15
    Veteran Member
    Joined
    Nov 2009
    Posts
    30,334
    Thanks
    11019

    From
    on the river
    Cuomo wants to protect the ability for rich liberals in big blue utopias to get away with not paying their fair share to the federal fisc.

    which, on every other day in Progressiveville, would be deemed unforgivable greed.

    well played, Trump....you've got the hypocrites suing to maintain their tax loopholes
    Last edited by webrockk; 3rd January 2018 at 05:19 PM.

  6. #16
    Senior Member
    Joined
    Apr 2015
    Posts
    8,246
    Thanks
    1381

    From
    Banned
    Quote Originally Posted by HayJenn View Post
    Mmm, I guess you missed this part


    The governor added that New York state already contributes $48 billion more annually to the federal government than it gets back.


    People in NY, NJ and CA pay far more in federal tax than most other other states do.
    Think that might be a population based factoid?

  7. #17
    Moderator HayJenn's Avatar
    Joined
    Jul 2014
    Posts
    45,097
    Thanks
    34817

    From
    CA
    Quote Originally Posted by webrockk View Post
    Cuomo wants to protect the ability for rich liberals in big blue utopias to get away with not paying their fair share to the federal fisc.

    which, on every other day in Progressiveville, would be deemed unforgivable greed.

    well played, Trump....you've got the hypocrites suing to maintain their tax loopholes
    Blue states pay far more into the fed govt. then they get out.

  8. #18
    Senior Member
    Joined
    Apr 2015
    Posts
    8,246
    Thanks
    1381

    From
    Banned
    Quote Originally Posted by HayJenn View Post
    Blue states pay far more into the fed govt. then they get out.
    That is population based and meaningless.

  9. #19
    quichierbichen
    Joined
    Feb 2010
    Posts
    62,663
    Thanks
    34295

    From
    in my head
    Quote Originally Posted by webrockk View Post
    Cuomo wants to protect the ability for rich liberals in big blue utopias to get away with not paying their fair share to the federal fisc.
    What does "fair share" mean, exactly? You're asking them to pay tax on money they used to pay tax. And they already pay more tax than they get back in services. And the arrangement that was just ended was the deal from the beginning of the Federal income tax. So your ideas about "fair share" aren't fair at all.

  10. #20
    Member
    Joined
    Sep 2014
    Posts
    3,637
    Thanks
    1025

    From
    TN
    Quote Originally Posted by HayJenn View Post
    If you can find the stats for that, be my guest.

    I suspect though in states like CA, NJ and NY it's going to impact a lot of people who do currently itemize.

    70% of people currently do not itemize at all.

    In contrast, 77% of tax filers with an AGI between $100,000 and $200,000 chose to itemize their deductions in 2014, with an average of $25,598 in deductions claimed.

    But those itemized deductions come up against the AMT.

    These people are going to be in the AMT anyway....
    Last edited by publius3; 3rd January 2018 at 05:33 PM.

Page 2 of 11 FirstFirst 1234 ... LastLast

Similar Threads

  1. Cuomo vs Trump in 2020?
    By bajisima in forum Political Discussion
    Replies: 52
    Last Post: 8th July 2017, 08:56 AM
  2. Replies: 1
    Last Post: 26th September 2016, 02:03 AM
  3. Mario Cuomo passes on
    By publius3 in forum Current Events
    Replies: 28
    Last Post: 3rd January 2015, 03:40 PM
  4. Cuomo scandal
    By Macduff in forum Political Discussion
    Replies: 13
    Last Post: 5th November 2014, 06:58 PM
  5. Replies: 36
    Last Post: 29th January 2014, 09:25 PM

Tags for this Thread


Facebook Twitter RSS Feed