Closing Tax Loopholes is Treason

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Captain Matt
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Closing Tax Loopholes is Treason

#1

Post by Captain Matt »

http://nypost.com/2017/10/23/cuomo-call ... y-treason/
“I think it’s a modern-day form of treason and they have to be held accountable,” Cuomo said on NY1 on Monday.

The highest-earning 1 percent of New York taxpayers generate 42 percent of the state’s income tax and benefit greatly by federal write-offs on their tax returns.
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flechero
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Re: Closing Tax Loopholes is Treason

#2

Post by flechero »

Closer to treasonous would be frivolously squandering the tax dollars, most of which come from those you aim to further penalize. I'd love to see a bunch of the 1%ers move across the line to NJ and put NY in the same budgetary hole as CA.
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Jusme
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Re: Closing Tax Loopholes is Treason

#3

Post by Jusme »

:smilelol5: :smilelol5: "rlol" "rlol"

I thought Chucky Schumer was claiming that Trumps tax proposals would hurt low income tax payers, and help the wealthy. I guess now that it actually proves to be just the opposite, and he will feel the pinch, it's "treason"

What a maroon
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Re: Closing Tax Loopholes is Treason

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Post by chasfm11 »

flechero wrote:Closer to treasonous would be frivolously squandering the tax dollars, most of which come from those you aim to further penalize. I'd love to see a bunch of the 1%ers move across the line to NJ and put NY in the same budgetary hole as CA.
That is probably not a viable alternate for the NYers.
https://www.nytimes.com/2016/05/01/busi ... dered.html

I don't think that you can get a thin dime between NJ and NJ on the subject of tax grabbing. Man of the 1% have already moved to FL.
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RoyGBiv
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Re: Closing Tax Loopholes is Treason

#5

Post by RoyGBiv »

This is one of the happiest stories I've read in a long time.... Courtesy of the NYT, no less... Schadenfreude.
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flechero
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Re: Closing Tax Loopholes is Treason

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Post by flechero »

chasfm11 wrote:
flechero wrote:Closer to treasonous would be frivolously squandering the tax dollars, most of which come from those you aim to further penalize. I'd love to see a bunch of the 1%ers move across the line to NJ and put NY in the same budgetary hole as CA.
That is probably not a viable alternate for the NYers.
https://www.nytimes.com/2016/05/01/busi ... dered.html

I don't think that you can get a thin dime between NJ and NJ on the subject of tax grabbing. Man of the 1% have already moved to FL.
I agree and was just wishing financial hardship on ny, :oops: not implying nj was better. (thinking many already live across the line and commute in to work)

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Re: Closing Tax Loopholes is Treason

#7

Post by cyphur »

flechero wrote:
chasfm11 wrote:
flechero wrote:Closer to treasonous would be frivolously squandering the tax dollars, most of which come from those you aim to further penalize. I'd love to see a bunch of the 1%ers move across the line to NJ and put NY in the same budgetary hole as CA.
That is probably not a viable alternate for the NYers.
https://www.nytimes.com/2016/05/01/busi ... dered.html

I don't think that you can get a thin dime between NJ and NJ on the subject of tax grabbing. Man of the 1% have already moved to FL.
I agree and was just wishing financial hardship on ny, :oops: not implying nj was better. (thinking many already live across the line and commute in to work)
Perhaps you should amend your statement to "NYC". Since 99% of the state is NOT in league with the socialist 1%'ers the story focuses on. Most of the state is country and full of good people. Most of them refused to turn in their guns, too.

Coming from a native NY'er who knew bigger rednecks in NY then I've ever seen in Texas.

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Re: Closing Tax Loopholes is Treason

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Post by chasfm11 »

cyphur wrote:
Perhaps you should amend your statement to "NYC". Since 99% of the state is NOT in league with the socialist 1%'ers the story focuses on. Most of the state is country and full of good people. Most of them refused to turn in their guns, too.

Coming from a native NY'er who knew bigger rednecks in NY then I've ever seen in Texas.
The same may probably be said for Illinois and California where the major cities seem to control everything and there are a lot of good folks in the non-urban areas. I'm familiar with upstate NY but would suggest that the differences between Buffalo and NYC are probably not all that great. There are rednecks in NJ and MD, too, particularly on the Eastern Shore but they are heavily outweighed by Baltimore regarding taxes and attitudes about guns.
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Re: Closing Tax Loopholes is Treason

#9

Post by cyphur »

chasfm11 wrote:
cyphur wrote:
Perhaps you should amend your statement to "NYC". Since 99% of the state is NOT in league with the socialist 1%'ers the story focuses on. Most of the state is country and full of good people. Most of them refused to turn in their guns, too.

Coming from a native NY'er who knew bigger rednecks in NY then I've ever seen in Texas.
The same may probably be said for Illinois and California where the major cities seem to control everything and there are a lot of good folks in the non-urban areas. I'm familiar with upstate NY but would suggest that the differences between Buffalo and NYC are probably not all that great. There are rednecks in NJ and MD, too, particularly on the Eastern Shore but they are heavily outweighed by Baltimore regarding taxes and attitudes about guns.
The seat of power is indeed NYC and therein lies the problem with many NY laws. It is the power of the few infringing the rights of the many. Living near Lake Placid almost guarantees your voice isn't heard in the circles of power.

It also means you probably aren't giving up your guns or paying attention to the fools in NYC.
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Re: Closing Tax Loopholes is Treason

#10

Post by KLB »

Keeping deductibility in place means those of us in places with low state and local tax burdens pay more federal income tax, thereby subsidizing the taxpayers of places such as New York. No wonder Cuomo is so worked up.

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Re: Closing Tax Loopholes is Treason

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Post by cyphur »

KLB wrote:Keeping deductibility in place means those of us in places with low state and local tax burdens pay more federal income tax, thereby subsidizing the taxpayers of places such as New York. No wonder Cuomo is so worked up.
So you're OK with letting some of our citizens getting taxed twice?

We pay lower sales tax, lower property tax, and no income tax. We can still deduct the sales tax and property tax, so how exactly is it any different? They're paying income tax to their state instead of the Feds.

Double taxation on income is not cool. No matter what state you live in.
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Re: Closing Tax Loopholes is Treason

#12

Post by RoyGBiv »

cyphur wrote:Double taxation on income is not cool. No matter what state you live in.
As much as I enjoy watching high-tax states freak out, I do tend to agree with the above sentiment.
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Re: Closing Tax Loopholes is Treason

#13

Post by Soccerdad1995 »

cyphur wrote:
KLB wrote:Keeping deductibility in place means those of us in places with low state and local tax burdens pay more federal income tax, thereby subsidizing the taxpayers of places such as New York. No wonder Cuomo is so worked up.
So you're OK with letting some of our citizens getting taxed twice?

We pay lower sales tax, lower property tax, and no income tax. We can still deduct the sales tax and property tax, so how exactly is it any different? They're paying income tax to their state instead of the Feds.

Double taxation on income is not cool. No matter what state you live in.
I think they are talking about getting rid of the deductibility for all state and local taxes, not just income taxes. A dollar I make is taxed at the federal level. Any state or local taxes on that same dollar, whether as income or sales / real estate taxes is double taxation. Unfortunately it is necessary for the state and local government entities to function.

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Re: Closing Tax Loopholes is Treason

#14

Post by Soccerdad1995 »

The vast majority of folks living in these high tax states will be paying less taxes under the Trump plan because the doubling of the standard deduction more than offsets the loss of their state and local tax deduction.

Rich folks living in these liberal states will pay more. But rich liberals are constantly telling us all that they want to pay more in taxes, so this seems to be a win-win situation.

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Re: Closing Tax Loopholes is Treason

#15

Post by rotor »

cyphur wrote:
KLB wrote:Keeping deductibility in place means those of us in places with low state and local tax burdens pay more federal income tax, thereby subsidizing the taxpayers of places such as New York. No wonder Cuomo is so worked up.
So you're OK with letting some of our citizens getting taxed twice?

We pay lower sales tax, lower property tax, and no income tax. We can still deduct the sales tax and property tax, so how exactly is it any different? They're paying income tax to their state instead of the Feds.

Double taxation on income is not cool. No matter what state you live in.
Not exactly sure where you are coming from. Present tax law allows states such as NY to raise their income taxes to any level they want with the excuse that the individual can deduct it from their federal tax. Therefore an, individual that lives in NY and makes $100,000 a year pays less federal tax than we in Texas pay with the same income assuming all other things are equal. Therefore Texans pay more federal tax per dollar earned than NY people pay.

Under the new plan as I understand it, none of those exemptions would be offered. Texans will still pay the "same" federal tax (assuming the rates don't change), Property and sales tax exemptions would be gone for everyone and a $4,000 standard exemption would be given. Now the NY person would lose property, sales and state income tax exemptions and therefore would pay more federal tax. We will no longer be carrying that persons tax burden on our back as we are now. Sure, they would be paying income tax twice but they can complain to their state legislators. Right now we in Texas are essentially double taxed because we pay for their state income tax deductions. And in NY there is state, city and who knows what other local tax they pay- all deductible and passed on to us.

Now think about the worst states that we have to deal with...CA, NY, NJ, and what other lefty states out there. Their people will finally learn how much their states are screwing them when they no longer can deduct the true tax that they are under.
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