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Does the tax bill put the earnings tax at risk?

Posted: Wed Dec 20, 2017 2:30 pm
by Highlander
Now that state and local tax deductions will be capped at $10,000?

Re: Does the tax bill put the earnings tax at risk?

Posted: Wed Dec 20, 2017 4:37 pm
by flyingember
Highlander wrote:Now that state and local tax deductions will be capped at $10,000?

Not payroll deductions, federal income tax form deductions. Being a federal tax code change it only affects what someone does on their federal taxes.

This is a close description
Currently, taxpayers can deduct what they pay in state and local property, income, and sales taxes from their federal returns. The new law caps these deductions—which can be any combination of property, income, and sales taxes—at $10,000.

Mortgage taxes are local of course, sales taxes for cars are too. Thus why they qualify.

There's a standard deduction of $12k but some people likely go way over this, like if they own a first home in a coastal area with crazy taxes. Or if they're in a zero sales tax state with a high income tax I can see this applying.

For KC residents, it would be people making 6 figures annually.

Re: Does the tax bill put the earnings tax at risk?

Posted: Wed Dec 20, 2017 8:08 pm
by Highlander
flyingember wrote:
Highlander wrote:Now that state and local tax deductions will be capped at $10,000?

Not payroll deductions, federal income tax form deductions. Being a federal tax code change it only affects what someone does on their federal taxes.

For KC residents, it would be people making 6 figures annually.


Well my point was that if people do not get to deduct their state and local taxes, potentially fewer would be in favor of continuing an earning tax since it would no longer be deductible (if that 10,000$ deduction was already met). A 100,000$ salary would not put you over for state tax plus earning tax but include property taxes and many more will get to that point.

Re: Politics

Posted: Thu Jan 11, 2018 4:40 am
by Riverite
Did anyone see the blackmail allegation and the confirmed affair against Greitens, I can't really figure out what's going down. If they prove the blackmail it's a felony right?

Re: Politics

Posted: Thu Jan 11, 2018 9:08 am
by swid
At least his penchant for extreme secrecy in communication makes sense now...he's had a lot of practice at it.

Re: Politics

Posted: Fri Jan 12, 2018 12:37 pm
by phuqueue
I for one am stunned to learn that Greitens is a snake, I never saw it coming