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A state-owned charity to allow you to 'donate' your taxes?; to save the SALT deduction
Topic Started: Jan 4 2018, 08:57 AM (205 Views)
jon-nyc
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Love it.


https://www.bloomberg.com/news/articles/2018-01-04/state-governments-are-already-gaming-the-republican-tax-overhaul

Liszt Godowsky jon-nyc Rachmaninoff Hamelin
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Mark
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HOLY CARP!!!
:lol2:
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jon-nyc
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The beautiful thing is it would sidestep the AMT, too.

Liszt Godowsky jon-nyc Rachmaninoff Hamelin
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George K
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To qualify as a "charity," doesn't the giving have to be voluntary?
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Jolly
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Geaux Tigers!
Oh, I think the boys in Washington also can work around a work around ...
The main obstacle to a stable and just world order is the United States.- George Soros
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Copper
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The biggest losers, :)


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The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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jon-nyc
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George K
Jan 4 2018, 09:04 AM
To qualify as a "charity," doesn't the giving have to be voluntary?
THat's easy. You contribute what you want, and it's 100% deductible from your state taxes. Anyone can choose not to do it. IOW, this doesn't replace taxes. It's just an option. But the option lowers your state tax dollar for dollar.
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jon-nyc
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Jolly
Jan 4 2018, 09:05 AM
Oh, I think the boys in Washington also can work around a work around ...
Best chance would be the IRS. Congress probably doesn't have the support for tweaking just this, by itself, in a new bill.


I could imagine a result where only some state expenditures qualify, like transfer payments, medicare, etc. Still that would go a long way.
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jon-nyc
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jon-nyc
Jan 4 2018, 09:20 AM
George K
Jan 4 2018, 09:04 AM
To qualify as a "charity," doesn't the giving have to be voluntary?
THat's easy. You contribute what you want, and it's 100% deductible from your state taxes. Anyone can choose not to do it.
And many, probably most people would not use this. It's only for those who's state taxes will get them over the 24k limit. The median family with the median mortgage would still be better off with the standard deduction.
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jon-nyc
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What would be really interesting is to see which red states would do this too. I mean, this issue mostly effects blue states but there are people in every state who are effected by this. (every state with income tax, anyway)
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Copper
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So this is a way to protect the minority wealthy from the majority not wealthy.

Kind of like the electoral college

The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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Mark
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How does anyone even survive on $24k?
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George K
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I thought the Democrats wanted to punish "the wealthy."

"Fair share" and all that stuff. :shrug:
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Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
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Davis
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States rights anyone? Yup. :lol2:
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Jolly
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George K
Jan 4 2018, 10:04 AM
I thought the Democrats wanted to punish "the wealthy."

"Fair share" and all that stuff. :shrug:
My thoughts exactly.

They finally get a bill that does it, and the whining is unceasing.
The main obstacle to a stable and just world order is the United States.- George Soros
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Axtremus
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HOLY CARP!!!
Jolly
Jan 4 2018, 05:02 PM
George K
Jan 4 2018, 10:04 AM
I thought the Democrats wanted to punish "the wealthy."

"Fair share" and all that stuff. :shrug:
My thoughts exactly.

They finally get a bill that does it, and the whining is unceasing.
You probably believe that the Republicans want to reduce the federal deficit too, or that the Republicans do not want to tax money that has already been taxed. :lol2:
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jon-nyc
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Interesting, a lite version of the state-tax-as-charitable-contribution already exists and was approved by the IRS in 2011.

https://theconversation.com/why-states-may-get-away-with-creative-income-tax-maneuvers-89677
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George K
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jon-nyc
Jan 12 2018, 06:13 PM
Interesting, a lite version of the state-tax-as-charitable-contribution already exists and was approved by the IRS in 2011.

https://theconversation.com/why-states-may-get-away-with-creative-income-tax-maneuvers-89677
Interesting, indeed.
A guide to GKSR: Click

"Now look here, you Baltic gas passer... "
- Mik, 6/14/08


Nothing is as effective as homeopathy.

I'd rather listen to an hour of Abba than an hour of The Beatles.
- Klaus, 4/29/18
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Davis
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Before anyone gets too excited here is a differing opinion

https://taxfoundation.org/state-strategies-preserve-state-and-local-tax-deduction/
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