Post by andie on Dec 4, 2017 22:35:39 GMT
www.washingtonpost.com/news/fact-checker/wp/2017/12/04/the-gops-10000-cap-on-property-tax-deductions-and-how-it-affects-one-congressional-district/?tid=pm_politics_pop&utm_term=.3aaec8a30cdf
The GOP’s $10,000 cap on property tax deductions and how it affects one congressional district
“According to data direct from the IRS, allowing property tax deductions up to $10,000 — which I fought for and won — will cover nearly every taxpayer in the Third Congressional District.”
— Rep. Tom MacArthur (R-N.J.), in an opinion article, Nov. 18, 2017
"A key feature of the House and Senate tax bills is ending the deduction for local and state taxes, which has been a feature of the U.S. tax code dating back to the Civil War. Republican leaders have argued that the low-tax states are subsidizing the high-tax states because the taxpayers in those states can’t deduct as much from their taxes. Indeed, six states — California, New York, New Jersey, Illinois, Texas and Pennsylvania — claim more than half of the value of all state and local tax deductions nationwide, according to IRS data. In the tax trade, the deduction is known as the SALT deduction.
But this had been a problem for Republican lawmakers from those states, as it means that at least some of their constituents might face higher taxes. During deliberations in the House, MacArthur won a compromise that would allow as much as $10,000 in property taxes to continue to be deducted. (A similar provision was added to the Senate version in the flurry of last-minute bargaining.) In an opinion article — which also favorably mentioned The Fact Checker — he argued that he managed to get a deal that “will cover nearly every taxpayer” in his district.
We decided to take a ground-level look at how he justifies this statement.".
Read rest at link.
The GOP’s $10,000 cap on property tax deductions and how it affects one congressional district
“According to data direct from the IRS, allowing property tax deductions up to $10,000 — which I fought for and won — will cover nearly every taxpayer in the Third Congressional District.”
— Rep. Tom MacArthur (R-N.J.), in an opinion article, Nov. 18, 2017
"A key feature of the House and Senate tax bills is ending the deduction for local and state taxes, which has been a feature of the U.S. tax code dating back to the Civil War. Republican leaders have argued that the low-tax states are subsidizing the high-tax states because the taxpayers in those states can’t deduct as much from their taxes. Indeed, six states — California, New York, New Jersey, Illinois, Texas and Pennsylvania — claim more than half of the value of all state and local tax deductions nationwide, according to IRS data. In the tax trade, the deduction is known as the SALT deduction.
But this had been a problem for Republican lawmakers from those states, as it means that at least some of their constituents might face higher taxes. During deliberations in the House, MacArthur won a compromise that would allow as much as $10,000 in property taxes to continue to be deducted. (A similar provision was added to the Senate version in the flurry of last-minute bargaining.) In an opinion article — which also favorably mentioned The Fact Checker — he argued that he managed to get a deal that “will cover nearly every taxpayer” in his district.
We decided to take a ground-level look at how he justifies this statement.".
Read rest at link.
