States rights, Republicans. You used to ride that hobbyhorse. Now what are you going to do?
The last-minute nature of it all has caused the W4 forms to be published late. So the supposed big savings won’t materialize for at least a month or three, while everyone tries to figure out how much to withhold. It’ll be another year before state legislatures adapt to the gyrations in adjusted gross income, to which the state income taxes are linked. There goes our big savings already, even before we start talking about increased insurance premiums, potholes, public works never started, interest rates and retirement ages creeping upwards, and the list could go on for hours.
The whole thing feels like Grandpa’s trick on a Kindergartner: Look! I’ll trade you four singles for that $5 bill you’ve got! Kindergartners are too smart for that, so why aren’t half the adults?
Federal Tax Overhaul Could Lead To Changes In Some States
Could this headline say any less?
Since this dotard is a fake president, I want this tax bill and all of these regulations that have been rolled back, to ALL BE NULL AND VOIDED! We The People Shall NOT implement any laws or regulated policies that were approved under any criminal and illegitimate administration!!!
Pity Cuomo is in the pocket of Republican donors from the financial and real estate sectors. If he wasn’t, Democrats would control the NY Senate (in accordance with the wishes of NY voters, who elected a blue majority) and we could have sensible tax policy. My suggestions:
- Impose state taxes on the hedge fund/real estate corporations, partnerships etc, that will nullify the federal tax benefits corruptly awarded to them by the GOP. The beauty of this tax is that it would essentially repatriate to donor state coffers the revenue that would otherwise go to GOP taker states.
- Impose additional taxes on these very same entities. This should have been done years ago, including closing the pass-through loophole.
- Impose a NY state tax of $100 a barrel in respect of any oil that washes into the NY coastal zone. (The TaxScam reduced the clean-up tax from 1 cent a barrel to 0 cents. When Ds get back in charge, this should be increased to $100 a barrel to teach Big Oil a lesson about the cost-benefits of hijacking our country, not to mention it would transfer the risk of oil exploitation where it belongs.)
- Find some way to heavily tax corporations who violate net neutrality principles.
- Legalize marijuana sales and subject them to state taxes.
- Make these new taxes uniformly applicable in the tristate area (NJ, NY, CT) and indeed in RI and MA and MD, so as to avoid any opportunistic relocation of taxpayers. In effect, create a blue fiscal zone.
These are all popular, sensible measures. All we need now is sensible, vertebrate Democratic electeds who are not bought and sold for. A rare species, admittedly, but surely not too much to ask.
The headline is meant to encapsulate the story. But if you want the angle from California there’s this using lots of words.
You may never have considered your state government or local school district to be a charity needing your donation, but you might want to start thinking that way if the Republicans follow through on their plans to demolish the traditional federal deduction for state and local taxes.
Or you might want to start thinking of yourself not as a corporate employee, but a small business, or even an actual corporation, to take advantage of new rules and lower tax rates proposed for partnerships and individually owned businesses. These businesses are typically known as “pass-through” firms, because they pay taxes through their individual owners.
Sure…
Federal overhaul could lead to changes
How about a tax on capital gains not taxed at the taxpayer’s top marginal rate at the federal level? Maybe a 7% tax on corporate income?
The personal exemption amount for 2017 is $4050, $8100 for a married couple. Anyone who itemizers loses that in 2018. Even if the states make income tax or property tax fully deductible by making them charitable deductions, itemizers still lose that personal deduction. For, the very wealthy, lower tax rates might make up for it, but for the average bloke, they won’t.
That’s pretty good.
Say, you don’t happen to write for the AP, do you?
Really?
Now I’m thinking the single word “It” can serve as a headline for any article.
They warned me about you, but I said no, he’s not all that.
hahahahahahahahahahahahahahahahahahahaha
that’s ok we mostly learn from experience. hahahahaha
Wouldn’t hurt a fly.
Here’s the view from California. The Federal changes could have less of an impact than we understand. So much for the Rs trying to punish the scary blue state
I live in Maryland, and Hogan just lost my vote. When we moved to Maryland several decades ago, one of the things we most liked about the state was that it had a strong moderate Republican party with candidates we could - and did - often support because they combined a commitment to the community with an equal commitment to the fiscal sanity that often escaped the Democratic legislature.
We had hoped that Hogan represented a return to that long lost Republican tradition. But, I guess not. We need to pour more money into our schools, from elementary through university. We need to continue to enhance our public spaces and integrate our increasing immigrant population into the broader community. Families and businesses move to Maryland because of its high quality of life, including public schools that eliminate the need for private schools and their tuitions. None of that can be continued with Hogan’s “solution” of cutting state taxes. He had been a shoe-in for re-election, but I think he has just hurt himself badly.
But you do not understand. The whole idea of the new federal tax code was to force us blue states that value education and services to cut back. The repubs want states like Maryland and Mass to decimate their education systems so we no longer lead the nation and instead rank down there with Mississippi and Alabama. You need to get with the program.
The federal tax system redistributes money from blue states to red states. That enables red states to exist.
Now red states want to punish blue states for not being red states. They are the guy on disability who’s furious about government taxes he doesn’t even pay and that fund the very programs that sustain him.
He’s not really good with the goose/golden egg narrative, and neither are the red states.
I say we outlaw air conditioning. Roast 'em.
I believe the headline is accurate and also as obvious as a wack about the face and ears.
The tax dodge game is nothing new. Figuring the real motivations behind the Feds changes and how to counteract them is normal business.
Methinks the 1%ers could give 2 figs less if we make adjustments in order to get back to square one because they already robbed the piggy bank.
Besides, as soon as we fix it, they’ll take credit for it, as sure as fiscal conservatism is an oxymoron.