CDZ IRS Deductions for State and Local Taxes?

[jwoodie]

This seems like an obvious gimmick for getting the federal government to subsidize high tax rates in Blue states.

Is there any reason why it should not be eliminated in the forthcoming Tax Reform legislation?

 

[Toronado3800]

Maybe it is a gimmick for encouraging Red States which take things into their own hands and charge taxes accordingly?

 

[william the wie]

This seems like an obvious gimmick for getting the federal government to subsidize high tax rates in Blue states.

Is there any reason why it should not be eliminated in the forthcoming Tax Reform legislation?

It will burst the blue wall cyst and the snowflakes will spread their lunacy nationwide.

 

[Dont Taz Me Bro]

We have no income tax in Nevada so I could care less

 

[IsaacNewton]

It is a transfer of wealth from the poor and middle class to the rich which is always the first wet dream Republicans keep foremost in their heads.

 

[william the wie]

We have no income tax in Nevada so I could care less

But you do have other taxes such as real estate that are paid by citizens of Nevada and Nevada like Florida gets the majority of its income from non-residents. Tax flight from California and Washington will be felt very much in Nevada for good and bad reasons.

 

[OnePercenter]

We have no income tax in Nevada so I could care less

We have no State income tax, or business tax, but we do enjoy revenue brought in by, say, Microsoft, a Nevada corporation.

We have gaming and prostitution......HINT!

Also, we're the number one convention destination in the world.

Southern Nevada subsidizes northern Nevada. They should get their shit together.

 

[OnePercenter]

It is a transfer of wealth from the poor and middle class to the rich which is always the first wet dream Republicans keep foremost in their heads.

Thank You very much!

 

[OnePercenter]

Maybe it is a gimmick for encouraging Red States which take things into their own hands and charge taxes accordingly?

Why do the majority of Red States need subsidizing?

 

[william the wie]

Maybe it is a gimmick for encouraging Red States which take things into their own hands and charge taxes accordingly?

Why do the majority of Red States need subsidizing?

You have the color wrong.

 

[Dont Taz Me Bro]

People raised a ruckus when Reagan got rid of the credit card interest deduction back in the 80s in order to help balance out his tax cuts, but he still did it and it worked

 

[OnePercenter]

Maybe it is a gimmick for encouraging Red States which take things into their own hands and charge taxes accordingly?

Why do the majority of Red States need subsidizing?

You have the color wrong.

Welfare Queen States

Which States Rely the Most on Federal Aid? - Tax Foundation

 

[OnePercenter]

People raised a ruckus when Reagan got rid of the credit card interest deduction back in the 80s in order to help balance out his tax cuts, but he still did it and it worked

Regan removed credit card interest for the middle class, not the rich and corporations.

 

[Picaro]

Interest shouldn't be deductible at all, including for home mortgages or corporate bonds; it encourages debt, not something that needs encouragement. Deductions for consumer debt is even worse; Reagan was right to get rid of it.

 

[Picaro]

As for the 'red states get more stuff' narrative, most Federal aid goes to the bluest parts of red states, so it's a deceptive spin on the issue. Half of the outlays goes for Medicaid ...

One reason for that is letting state governments administer such programs, instead of making them entirely Federally administered. This keeps poor people effectively trapped where they are instead having some mobility to move to better conditions, and it creates captive voter bases for Democratic Party political machines in those states, particularly Louisianan and Mississippi, a couple of the highest recipients of Federal grants; they're 'Red states', but barely, and the Federal subsidies aren't going to the 'red' demographics, something the spin and propaganda deliberately omit, just lying by omission, basically.

 

[OnePercenter]

Interest shouldn't be deductible at all, including for home mortgages or corporate bonds; it encourages debt, not something that needs encouragement. Deductions for consumer debt is even worse; Reagan was right to get rid of it.

Reagan didn't 'get rid of it.' Only for the middle class.

He also raised taxes on the middle class, numerous times.

He also BLEW $200B+ on SDI.

He also deregulated healthcare which is why we're at today.

 

[Picaro]

Interest shouldn't be deductible at all, including for home mortgages or corporate bonds; it encourages debt, not something that needs encouragement. Deductions for consumer debt is even worse; Reagan was right to get rid of it.

Reagan didn't 'get rid of it.' Only for the middle class.

He also raised taxes on the middle class, numerous times.

He also BLEW $200B+ on SDI.

He also deregulated healthcare which is why we're at today.

Pandering to the 'middle class' is a waste of time; they like cutting their own throats. They love pretending they're now equivalent and sympatico with the big players interests because they now have 401K's and like to be stroked and told what sophisticates they are now because they have some chump change 'in the Market n Stuff'. What they are too stupid to get is that when there is nothing left to squeeze out of those lazy proles and blue collar types they're next in line for The Treatment.

 

[jwoodie]

We have no income tax in Nevada so I could care less

So it's OK if residents of other states (with the same income) pay less federal income tax than you?

 

[william the wie]

We have no income tax in Nevada so I could care less

So it's OK if residents of other states (with the same income) pay less federal income tax than you?

And it pays out more than most mandates.