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gut

Senior Member

Fri, Jan 19, 2018 2:37 AM
posted by majorspark

Just a proposal but it seeks to use a tax "loophole" which the left supposedly hates.

http://www.latimes.com/opinion/editorials/la-ed-salt-tax-gimmick-20180106-story.html

Hypocrisy aside, that's pretty brilliant (although unlikely to fly because qualified charitable contributions isn't exactly a loophole that has escaped scrutiny for decades).  Probably a loser, but I like the idea.

But I think the argument is a lot more complicated (and a windfall for partisan airbags).  I thought my taxes would increase, too, but turns out I get a decent cut because of changes to the AMT.  Most of the people with high itemized deductions relative to income will actually be paying less because of those changes to AMT.

CA and NY, in particular, may be at risk because SALT is so high.  But a rich guy in Columbus is paying 6% income tax, and probably another $15k or more in property taxes....if he makes $1M, it's like $70k in Columbus vs. $140k in CA....which the net federal tax deduction benefit would have been less than $25k.  No idea what those AMT estimates are, but safe to say a good bit less than $25k.  Maybe that causes a few rich people to bail on CA, but unlikely because we're talking, at worst, $10-$20k for someone making $1M.  

Just too funny to see a small tax increase on the 1% draw so much ire and resistance.

QuakerOats

Senior Member

Fri, Jan 19, 2018 2:34 PM
posted by majorspark

Just a proposal but it seeks to use a tax "loophole" which the left supposedly hates.

http://www.latimes.com/opinion/editorials/la-ed-salt-tax-gimmick-20180106-story.html

 

Yes, but if their 'charitable deductions', when added to other deductions (which are now greatly limited), do not exceed the new standard deduction, then I don't see this being a real end-run. 

gut

Senior Member

Fri, Jan 19, 2018 2:48 PM
posted by QuakerOats

 

Yes, but if their 'charitable deductions', when added to other deductions (which are now greatly limited), do not exceed the new standard deduction, then I don't see this being a real end-run. 

When you include property taxes on top of high state income taxes, you get over $12k in deductions pretty quickly (plus high mortgage interest).

But it's really funny that they appear to be nervous about just how much revenue gets collected under the new law.  Because at the end of the day, since Dems are the new deficit hawks (again), they are taking deliberate action to INCREASE that deficit.....and doing it by giving tax cuts to the rich they keep crying aren't paying their fair share.

QuakerOats

Senior Member

Fri, Jan 19, 2018 3:08 PM

The new standard deduction is $24k

gut

Senior Member

Fri, Jan 19, 2018 3:24 PM
posted by QuakerOats

The new standard deduction is $24k

For a couple, true, but that doesn't really change what I said.  A lot of "middle class" people in NY or CA are going to have over $20k just in mortgage interest alone.  Then add another $10k for state income and property taxes...

I don't think people realize what a middling salary is in these states - while COL is more than double where you probably live, wages are also a lot higher.  And a $750k mortgage gets you a shitbox to live in.

gut

Senior Member

Fri, Jan 19, 2018 4:04 PM
posted by QuakerOats

http://www.sacbee.com/news/politics-government/capitol-alert/article195405279.html

I thought the study about "entrenched" millionaires was more interesting.  Makes sense, as a lot of times you can't just move a successful business.  And the weathy are tied into social circles.  But they ARE losing some businesses, and probably losing more start-ups.

However, it's REALLY easy to spend 6 months in NV or FL to establish residency and still spend almost 6 months in CA without any crimps in your social life.  But that only works if you're retired, otherwise income is sourced where it's earned.

gut

Senior Member

Sat, Jan 20, 2018 5:36 PM
posted by iclfan2

Lol some California legislators want to increase the state income tax rate to Corporations to offset the Corp tax cuts. Good luck.

http://www.sacbee.com/news/politics-government/capitol-alert/article195434569.html

Forget higher wages and lower prices!  Bureacrats gotta go grab that tax cut for themselves to redistribute to gubmit dependents.

19AL63

Junior Member

Sat, Jan 20, 2018 7:19 PM

Hasn't California aready had a problem with companies leaving the state for places like Texas and other lower taxing states?  I bet the moving vans will be traveling east load and empty on the return trips.

CenterBHSFan

333 - I'm only half evil

Sat, Jan 20, 2018 8:43 PM
posted by 19AL63

Hasn't California aready had a problem with companies leaving the state for places like Texas and other lower taxing states?

Yes, and Texas welcomes those companies with open arms.

gut

Senior Member

Sat, Jan 20, 2018 9:42 PM
posted by CenterBHSFan

Yes, and Texas welcomes those companies with open arms.

If CA did this, you're talking over 15% in corporate taxes (although TX does tax corporations, but nothing remotely close to that)....plus another top rate of 13% on personal income.  That is one HELL of a nut, probably 25% more than TX (nevermind sales tax, property tax and other local taxes).

You pay taxes where the income is earned (you'll pay taxes on ALL your income, but you'll get a credit for whatever other state income taxes you pay), but if I had significant income outside CA....let's say I own a business and if I had even $250k of revenues outside of CA, you're talking at least $50k for the privilege of having my business in CA.

You employees might not want to move but, I'd probably pay a good chunk of your moving expenses....you all get a huge raise, too, because the COL will be so much cheaper.

Devils Advocate

Brudda o da bomber

Thu, Jan 25, 2018 11:28 AM
posted by QuakerOats

John Kerry urged Palestinian leader to resist peace deal, said Trump out in year: report

The former secretary of state reportedly meddled in Middle East peace talks, allegedly telling a close associate of Palestinian Authority President Mahmoud Abbas not to “yield to President Trump’s demands.”

 

 

 

Try him for treason

 

Maybe you should research what treason is. Seems to me to me a to be a1st amendment issue. 

idiot right winger guide to treason from a piece of shit site

If that doesnt satisfy your need to 'kill the libtards", then we probably should advance the investigation of trump for negotiating with the russians before he was elected so we can burn this piece of shit at the stake for "treason".

 

gut

Senior Member

Thu, Jan 25, 2018 11:29 AM
posted by QuakerOats

Environmentalists Push Meat Tax...

Sandwiches Blamed for 'Global Warming'... 

 

today's links from the hysterical left

I've said before that when you drilldown and press these people on what they really believe....it inevitably comes down to the decades-old overpopulation fear. 

Global Warming is the catch-all boogeyman for at least half a dozen different agendas.

QuakerOats

Senior Member

Thu, Jan 25, 2018 1:42 PM
posted by gut

I've said before that when you drilldown and press these people on what they really believe....it inevitably comes down to the decades-old overpopulation fear. 

Global Warming is the catch-all boogeyman for at least half a dozen different agendas.

And climate change and EPA's are the go-to weapon of choice of the enviro-Marxists .............this all boils down to Marxism vs. capitalism. 

QuakerOats

Senior Member

Thu, Jan 25, 2018 2:45 PM

Calderon, the Democratic majority leader in California's lower house, has introduced a bill to stop sit-down restaurants from offering customers straws with their beverages unless they specifically request one. Under Calderon's law, a waiter who serves a drink with an unrequested straw in it would face up to 6 months in jail and a fine of up to $1,000.

"We need to create awareness around the issue of one-time use plastic straws and its detrimental effects on our landfills, waterways, and oceans," Calderon explained in a press release.

 

 

http://reason.com/blog/2018/01/25/california-bill-would-criminalize-restau

 

 

 

Please, someone find a cure for these libtards

Devils Advocate

Brudda o da bomber

Thu, Jan 25, 2018 3:01 PM
posted by QuakerOats

And climate change and EPA's are the go-to weapon of choice of the enviro-Marxists .............this all boils down to Marxism vs. capitalism. 

I agree. Who needs water to drink and air to breath when there is money to be made.

like_that

1st Team All-PWN

Thu, Jan 25, 2018 3:15 PM
posted by QuakerOats

Calderon, the Democratic majority leader in California's lower house, has introduced a bill to stop sit-down restaurants from offering customers straws with their beverages unless they specifically request one. Under Calderon's law, a waiter who serves a drink with an unrequested straw in it would face up to 6 months in jail and a fine of up to $1,000.

"We need to create awareness around the issue of one-time use plastic straws and its detrimental effects on our landfills, waterways, and oceans," Calderon explained in a press release.

 

 

http://reason.com/blog/2018/01/25/california-bill-would-criminalize-restau

 

 

 

Please, someone find a cure for these libtards

California keeps raising the bar.

jmog

Senior Member

Thu, Jan 25, 2018 3:27 PM
posted by Devils Advocate

I agree. Who needs water to drink and air to breath when there is money to be made.

Ah, the old go-to BS.

 

If you believe clean water and clean air has ANYTHING to do with CO2/global warming/climate change then you should just bow out of the conversation now before you look really bad.

 

If you think CO2 is water polution then you should never EVER drink a carbonated beverage again.

 

If you think CO2 is a "clean air to breathe" polutant then you should never EVER visit a greenhouse again.

QuakerOats

Senior Member

Thu, Jan 25, 2018 3:59 PM
posted by Devils Advocate

I agree. Who needs water to drink and air to breath when there is money to be made.

Yep ........but does it really matter because repubs are killing all the children anyhow .....