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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

Re: Politics

Posted: Fri Jan 26, 2018 5:02 pm
by FangKC
Former Jackson County Executive Mike Sanders pleads guilty in federal court to wire fraud and misusing campaign money.

http://www.kmbc.com/article/former-jackson-county-executive-expected-to-enter-plea-friday-in-federal-court/15894172

Re: Politics

Posted: Fri Jan 26, 2018 6:40 pm
by loftguy
FangKC wrote:Former Jackson County Executive Mike Sanders pleads guilty in federal court to wire fraud and misusing campaign money.

http://www.kmbc.com/article/former-jackson-county-executive-expected-to-enter-plea-friday-in-federal-court/15894172



About as dumb-fuck of a situation as they come.

Re: Politics

Posted: Fri Jan 26, 2018 10:24 pm
by grovester
No kidding. WTF was he thinking?

Re: Politics

Posted: Sat Jan 27, 2018 11:33 pm
by mean
grovester wrote:No kidding. WTF was he thinking?


Probably something like, "There's no way I'll get caught for this."

Re: Politics

Posted: Sun Jan 28, 2018 5:17 pm
by grovester
They banality of the scheme is astounding. Go big or go home!

Re: Politics

Posted: Fri Feb 02, 2018 1:43 pm
by cityscape
Anyone else read the "memo"? I read it and it is hard for me to find a lot of issues with the FBI/Justice dept from it. It sounds like a lot of flame bait. Maybe there is bias, but either way there are still issues raised that have to be investigated and it seems to be a constant theme with the Trump campaign. While the memo does state multiple times the dossier was funded by DNC, it seems to forget that it was initiated by a Republican. Even if the dossier and Carter Page are removed from the mix, there is still a lot going on with Manafort, Flynn, and Popadopolous. Anyone else have a different take on it? Fox News seems to think this is the Holy Grail to ending the Russia investigation, I just don't see it.

Re: Politics

Posted: Fri Feb 02, 2018 2:19 pm
by grovester
The memo was written by staffers for Devin fucking Nunes, the same weasel that went scurrying to the back door of the white house in the middle of the night to keep Trump informed about what was being presented to confidential committee hearings back in March. He couldn't get it to stick then, so he's repackaged it along with a stealth marketing campaign #releasethememo that has actually been amplified by Russian hackers.

Wagging the dog. Of course, that doesn't mean it can't work with the public.

Re: Politics

Posted: Fri Feb 02, 2018 2:51 pm
by zonk
Memo = Nothingburger

Re: Politics

Posted: Fri Feb 02, 2018 5:34 pm
by aknowledgeableperson
If the House, and maybe the Senate, turn Democratic with the 2018 elections the GOP and the President will see these committees come to different conclusions. Those in power always forget about the paybacks they receive when they are no longer in power.

Re: Politics

Posted: Fri Feb 09, 2018 7:56 pm
by aknowledgeableperson
Reading an article that says the Tea Party is dead and the deficit hawks are no more. Reasons being the recent tax reform package that increased the deficit and the just passed agreement to keep the government running that increases the funds for the military and domestic programs.

Re: Politics

Posted: Fri Feb 09, 2018 9:58 pm
by FangKC
Yes, similar conclusions were discussed on MSNBC's Morning Joe program about the death of the tea party--at least on the national level. I think there is still influence though in many state legislatures.

Re: Politics

Posted: Fri Feb 09, 2018 10:39 pm
by Riverite
Personally I'm not sure if the tea party was ever truly about the deficit

Re: Politics

Posted: Sat Feb 10, 2018 9:13 am
by phuqueue
Riverite wrote:Personally I'm not sure if the tea party was ever truly about the deficit

Bingo. The Tea Party will be back in force (perhaps under another name, who knows) the next time there is a Dem president (especially if that president is, again, not white).

Re: Politics

Posted: Thu Feb 22, 2018 5:40 pm
by Riverite
Greitens has been indicted