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

  1. #31
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    Quote Originally Posted by HayJenn View Post
    You have no way of knowing how many of those people have less that 24k in itemized deductions.

    Sales, state, and property taxes tend to pretty high in places like CA, NY and NJ.

    So if your subject to both losing deductions and paying the AMT - you could be screwed under this plan.
    The vast majority of people who currently itemize, won't be, that means they are currently itemizing above the current standard deduction but below the new higher standard deduction. They are expecting 75% less people to itemize.

    "So if your subject to both losing deductions and paying the AMT - you could be screwed under this plan."

    The current AMT takes the SALT deduction away already.
    Last edited by publius3; 3rd January 2018 at 05:13 PM.

  2. #32
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    Quote Originally Posted by publius3 View Post
    The vast majority of people who currently itemize, won't be, that means they are currently itemizing above the current standard deduction but below the new higher standard deduction. They are expecting 75% less people to itemize.

    "So if your subject to both losing deductions and paying the AMT - you could be screwed under this plan."

    The current AMT takes the SALT deduction away already.
    Not completely.

    And again, you don't really know the number of people who will now be forced to not itemize and how much they more money they will get hit with when it comes to taxes. Most of those people live in Blue states, so yes, it's a hit to them...on purpose by this administration.

  3. #33
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    Quote Originally Posted by HayJenn View Post
    Not completely.
    Yes, completely, that's how it is calculated. Other things are phased out, not that one.

    https://en.wikipedia.org/wiki/Altern...tax#Exemptions

    "Individuals are not allowed certain deductions in computing AMT that are allowed for regular tax. No deduction is allowed for personal exemptions or for the standard deduction. The phase-out of itemized deductions does not apply. No deduction is allowed for state, local, or foreign income or property taxes. A recovery of such taxes is excluded from AMTI. No deduction is allowed for most miscellaneous itemized deductions."

    If you prefer the less straightforward statute:

    https://www.law.cornell.edu/uscode/text/26/56

    Quote Originally Posted by HayJenn View Post
    And again, you don't really know the number of people who will now be forced to not itemize
    Yes, we do. They know exactly how many took it this year. 70% took the standard deduction. 30% itemized. Of the 30%, 75% take less than 24k. They are expecting 75% less people, not to itemize, but to simply choose the higher standard deduction

    Quote Originally Posted by HayJenn View Post
    Most of those people live in Blue states, so yes, it's a hit to them...on purpose by this administration.
    Nonsense. Cuomo is engaged in lawfare for political gain (not that Republicans don't do it, but this one is particularly frivolous). If he believed in it people would have been marching on Washington decades ago with respect to the current law.
    Last edited by publius3; 3rd January 2018 at 06:49 PM.

  4. #34
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    California's laughably hypocritical professional leftists are so obsessed with keeping their well heeled residents' tax revenue in the state and away from the federal government, they're proposing to rename the exorbitant state income taxes they levy on them "charitable donations"

    https://www.nytimes.com/2017/12/31/b...-law.html?_r=0

    https://spectator.org/to-put-it-char...-idea-is-nuts/

    Meanwhile, leftists bitch and moan about greedy rich people not remitting their "fair share" to the federal fisc for things like roads, bridges, and other national infrastructure.

    fucking duplicitous scumbags, the lot.
    Last edited by webrockk; 4th January 2018 at 07:15 AM.

  5. #35
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    Quote Originally Posted by HayJenn View Post
    New York Governor Andrew Cuomo said his administration plans to sue the federal government over the new Republican tax law, on the grounds that it’s unconstitutional because it discriminates against New York and other states that voted against President Donald Trump.

    “Make no mistake, they’re robbing the blue states to give money to red states,” Cuomo said during his State of the State speech in Albany Wednesday. “It is an economic civil war. It is illegal and we will challenge it in court as unconstitutional.”

    Cuomo, who described the Trump presidency as “the most hostile federal administration in history,” said the changes to state and local tax deductions in the bill will raise New Yorkers’ property and income taxes by at least 20 percent. The governor added that New York state already contributes $48 billion more annually to the federal government than it gets back.



    https://www.bloomberg.com/news/artic..._medium=social

    Good for him. This is what happens when you rush a bill through with no hearings and was done mainly to please the big GOP donors.
    Ms. HayJenn,

    Are libs sore losers or what?

    Seems I remember someone a few years ago saying "elections have consequences."

  6. #36
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    Quote Originally Posted by Kallie Knoetze View Post
    Ms. HayJenn,

    Are libs sore losers or what?

    Seems I remember someone a few years ago saying "elections have consequences."
    Why would interpret "elections have consequences" to mean a static negative to one side? Elections do have consequences and both sides see them?


    "For every action, there is an equal and opposite reaction.". Now we're cooking with gas.

  7. #37
    Veteran Member bmanmcfly's Avatar
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    Lmfao at these crybabies...

    They weren't complaining when they were benefiting from the previous tax laws disproportionately...
    Thanks from webrockk

  8. #38
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    Quote Originally Posted by bmanmcfly View Post
    Lmfao at these crybabies...

    They weren't complaining when they were benefiting from the previous tax laws disproportionately...
    Laws that were permitting them to more easily get away with robbing their wealthier residents. now they're going to have to deal with an army of people screaming about the high state income taxes they can no longer deduct.

    and who and what does that hurt? tax and spend leftist politicos and leftist agenda.
    hence the crying and lawsuits.
    Last edited by webrockk; 4th January 2018 at 07:27 AM.
    Thanks from bmanmcfly

  9. #39
    Dick with my Buzz...Try DebateDrone's Avatar
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    Quote Originally Posted by webrockk View Post
    California's laughably hypocritical professional leftists are so obsessed with keeping their well heeled residents' tax revenue in the state and away from the federal government, they're proposing to rename the exorbitant state income taxes they levy on them "charitable donations"

    https://www.nytimes.com/2017/12/31/b...-law.html?_r=0

    https://spectator.org/to-put-it-char...-idea-is-nuts/

    Meanwhile, leftists bitch and moan about greedy rich people not remitting their "fair share" to the federal fisc for things like roads, bridges, and other national infrastructure.

    fucking duplicitous scumbags, the lot.
    It is a smart move on California's part. Government is more responsive at the local level. Where have I heard that before?

    When Donald Trump claimed paying no taxes made him smart...and he knew how to work the laws...then why would anyone criticize California for doing the same.

    Donald Trump has not payed down the debt and giving tax cuts before doing so is indicative that he has no plan to. Why should Californian's fund Donald Trump's and Mississippi's infrastructure projects.

    If Donald Trump wants a wall...Let Mississippi, Louisiana, Tennessee, Kansas, and Oklahoma fund it.
    Thanks from labrea

  10. #40
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    Quote Originally Posted by DebateDrone View Post
    It is a smart move on California's part. Government is more responsive at the local level. Where have I heard that before?

    When Donald Trump claimed paying no taxes made him smart...and he knew how to work the laws...then why would anyone criticize California for doing the same.

    Donald Trump has not payed down the debt and giving tax cuts before doing so is indicative that he has no plan to. Why should Californian's fund Donald Trump's and Mississippi's infrastructure projects.

    If Donald Trump wants a wall...Let Mississippi, Louisiana, Tennessee, Kansas, and Oklahoma fund it.
    lol. leftists are suddenly small government conservatives. efficiency experts and budget hawks.

    go away, fraud

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