There is NO such thing as "double Taxation" regarding "SALT"! And who uses "deductions"?

[healthmyths]

SALT ------First, by allowing taxpayers the ability to deduct state and local taxes (SALT), taxpayers avoid being taxed twice on the same income.

"Double Taxation" is where a shareholder pays taxes on income from dividends.
A) Corporation earns profit.
B) Pays Federal taxes on profit.
C) Distributes dividends.
D) Dividend recipient must count dividends as income.
E) Federal taxes on total income, including dividends.
DOUBLE TAXATION!

Now as far as who uses SALT deductions.
Most Americans Don't Itemize on Their Tax Returns - Tax Foundation
62% of New Yorkers DON"T ITEMIZE so for them taking away the deduction for SALT deductions is a non-issue.
61% of Californians DON"T ITEMIZE!
65% of all Federal Tax returns ARE NOT ITEMIZED!

 

[gipper]

As I understand it, the SALT deduction is now capped at $10k. That should cover most Americans who itemize and certainly most in the middle class. It does affect the wealthy who pay much more than $10K in state and local taxes, though don't tell a liberal as they won't believe you. They have been told by the DNCMSM that the new law enriches the wealthy and they believe what they are told.

Tax Reform Bill Passes, Here’s What’s In the Final Pl
4. Caps state and local tax deduction: The final bill will preserve the state and local tax deduction for anyone who itemizes, but it will cap the amount that may be deducted at $10,000. Today the deduction is unlimited for your state and local property taxes plus income or sales taxes.

The SALT break has been on the book for more than a century. The original House and Senate GOP bills sought to repeal it entirely to help pay for the tax cuts, but that met with stiff resistance from lawmakers in high-tax states.

Residents in the vast majority of counties across the country claim an average SALT deduction below $10,000, according to the Tax Foundation. So for low- and middle-income families who currently itemize because of their SALT deduction, they’re likely to take the much higher standard deduction under the bill if it becomes law, unless their total itemized deductions, including SALT, top $12,000 if single or $24,000 if married filing jointly.
Tax Reform Bill Passes, Here’s What’s In the Final Plan

 

[healthmyths]

As I understand it, the SALT deduction is now capped at $10k. That should cover most Americans who itemize and certainly most in the middle class. It does affect the wealthy who pay much more than $10K in state and local taxes, though don't tell a liberal as they won't believe you. They have been told by the DNCMSM that the new law enriches the wealthy and they believe what they are told.

Tax Reform Bill Passes, Here’s What’s In the Final Pl
4. Caps state and local tax deduction: The final bill will preserve the state and local tax deduction for anyone who itemizes, but it will cap the amount that may be deducted at $10,000. Today the deduction is unlimited for your state and local property taxes plus income or sales taxes.

The SALT break has been on the book for more than a century. The original House and Senate GOP bills sought to repeal it entirely to help pay for the tax cuts, but that met with stiff resistance from lawmakers in high-tax states.

Residents in the vast majority of counties across the country claim an average SALT deduction below $10,000, according to the Tax Foundation. So for low- and middle-income families who currently itemize because of their SALT deduction, they’re likely to take the much higher standard deduction under the bill if it becomes law, unless their total itemized deductions, including SALT, top $12,000 if single or $24,000 if married filing jointly.
Tax Reform Bill Passes, Here’s What’s In the Final Plan

Your comment" Residents in the vast majority of counties across the country claim an average SALT deduction below $10,000, according to the Tax Foundation."
is contrary to this:
Most Americans Don't Itemize on Their Tax Returns - Tax Foundation
62% of New Yorkers DON"T ITEMIZE so for them taking away the deduction for SALT deductions is a non-issue.
61% of Californians DON"T ITEMIZE!
65% of all Federal Tax returns ARE NOT ITEMIZED!

 

[BluesLegend]

A married couple with 2 kids in California earning $150,000 and taking the new standard $24k deduction under Trump's tax reform bill would break even vs itemizing under the old system. Over 90% of all federal returns will now take the standard deduction. Its only the 'wealthy' who will get smacked by the caps on SALT and the mortgage interest deduction.

 

[healthmyths]

A married couple with 2 kids in California earning $150,000 and taking the new standard $24k deduction under Trump's tax reform bill would break even vs itemizing under the old system. Over 90% of all federal returns will now take the standard deduction. Its only the 'wealthy' who will get smacked by the caps on SALT and the mortgage interest deduction.

I don't disagree with your projection of standard deductions. As far as the "wealthy" I also agree and they have the money to pay the accountants to do their taxes!

 

[Slade3200]

SALT ------First, by allowing taxpayers the ability to deduct state and local taxes (SALT), taxpayers avoid being taxed twice on the same income.

"Double Taxation" is where a shareholder pays taxes on income from dividends.
A) Corporation earns profit.
B) Pays Federal taxes on profit.
C) Distributes dividends.
D) Dividend recipient must count dividends as income.
E) Federal taxes on total income, including dividends.
DOUBLE TAXATION!

Now as far as who uses SALT deductions.
Most Americans Don't Itemize on Their Tax Returns - Tax Foundation
62% of New Yorkers DON"T ITEMIZE so for them taking away the deduction for SALT deductions is a non-issue.
61% of Californians DON"T ITEMIZE!
65% of all Federal Tax returns ARE NOT ITEMIZED!

View attachment 167405

Your joking right? 62%, 61%, 65% don’t itemize... you realize that means 35% do itemize. Hate to break it to you but 1/3 of the tax payers in this country adds up to a lot of people. It’s not a non issue.

 

[healthmyths]

SALT ------First, by allowing taxpayers the ability to deduct state and local taxes (SALT), taxpayers avoid being taxed twice on the same income.

"Double Taxation" is where a shareholder pays taxes on income from dividends.
A) Corporation earns profit.
B) Pays Federal taxes on profit.
C) Distributes dividends.
D) Dividend recipient must count dividends as income.
E) Federal taxes on total income, including dividends.
DOUBLE TAXATION!

Now as far as who uses SALT deductions.
Most Americans Don't Itemize on Their Tax Returns - Tax Foundation
62% of New Yorkers DON"T ITEMIZE so for them taking away the deduction for SALT deductions is a non-issue.
61% of Californians DON"T ITEMIZE!
65% of all Federal Tax returns ARE NOT ITEMIZED!

View attachment 167405

Your joking right? 62%, 61%, 65% don’t itemize... you realize that means 35% do itemize. Hate to break it to you but 1/3 of the tax payers in this country adds up to a lot of people. It’s not a non issue.

OK... Let's look at the numbers.
A) You said 1/3 that would be 33% not 35% or less then 46,068,000 tax payers itemized.
B) And you grossly exaggerate (which people of your ilk are prone to do!!) "a lot of people" without further analysis of WHERE these people live!

• Ca 13,445 people worth more than $30 million "SALT" state
• NY 9,530 SALT state
• TX 6,475 NON SALT state
• FL 4,650 NON SALT

The wealthiest people in America live in these states
And again what is the problem? Why are you of all people concerned about the wealthy having to pay more TAXES??? GEEZ unbelievable!

• In 2014, 139.6 million taxpayers reported earning $9.71 trillion in adjusted gross income and paid $1.37 trillion in individual income taxes.
• In 2014, the top 50 percent of all taxpayers paid 97.3 percent of all individual income taxes while the bottom 50 percent paid the remaining 2.7 percent.

If 97.3% of all taxes were paid by the top 50% how many of the Top 50% ITEMIZED? Probably all of them as they could afford a tax accountant!

Summary of the Latest Federal Income Tax Data, 2016 Update - Tax Foundation

 

[Tax Man]

Dividends are paid out before taxation on corp income.

 

[Timmy]

A corporation and shareholder are not one in the same .

Why do cons do backflips to protect big biz while screwing over the working man??

 

[Slade3200]

SALT ------First, by allowing taxpayers the ability to deduct state and local taxes (SALT), taxpayers avoid being taxed twice on the same income.

"Double Taxation" is where a shareholder pays taxes on income from dividends.
A) Corporation earns profit.
B) Pays Federal taxes on profit.
C) Distributes dividends.
D) Dividend recipient must count dividends as income.
E) Federal taxes on total income, including dividends.
DOUBLE TAXATION!

Now as far as who uses SALT deductions.
Most Americans Don't Itemize on Their Tax Returns - Tax Foundation
62% of New Yorkers DON"T ITEMIZE so for them taking away the deduction for SALT deductions is a non-issue.
61% of Californians DON"T ITEMIZE!
65% of all Federal Tax returns ARE NOT ITEMIZED!

View attachment 167405

Your joking right? 62%, 61%, 65% don’t itemize... you realize that means 35% do itemize. Hate to break it to you but 1/3 of the tax payers in this country adds up to a lot of people. It’s not a non issue.

OK... Let's look at the numbers.
A) You said 1/3 that would be 33% not 35% or less then 46,068,000 tax payers itemized.
B) And you grossly exaggerate (which people of your ilk are prone to do!!) "a lot of people" without further analysis of WHERE these people live!

• Ca 13,445 people worth more than $30 million "SALT" state
• NY 9,530 SALT state
• TX 6,475 NON SALT state
• FL 4,650 NON SALT

The wealthiest people in America live in these states
And again what is the problem? Why are you of all people concerned about the wealthy having to pay more TAXES??? GEEZ unbelievable!

• In 2014, 139.6 million taxpayers reported earning $9.71 trillion in adjusted gross income and paid $1.37 trillion in individual income taxes.
• In 2014, the top 50 percent of all taxpayers paid 97.3 percent of all individual income taxes while the bottom 50 percent paid the remaining 2.7 percent.

If 97.3% of all taxes were paid by the top 50% how many of the Top 50% ITEMIZED? Probably all of them as they could afford a tax accountant!

Summary of the Latest Federal Income Tax Data, 2016 Update - Tax Foundation

1099 self employeed independent contractors do itemized deductions. That includes web designers, programmers, marketers, repairmen, book keepers, landscapers, maid service, nannies, shall I keep going? You just put a number to it and said nearly 50 million people file this way. And apologies for saying 1/3rd you’re right OVER 1/3 of Americans file this way. My point is reenforced. It’s NOT a non issue

 

[Truth2Know]

And again what is the problem? Why are you of all people concerned about the wealthy having to pay more TAXES???

I am not wealthy. However, it bothers me that the wealthy may have to pay more taxes because it's simply not fair.

To me, "fair" means taking what it costs to run the country, divide it by the number of adults enjoying the benefits of living in the United States, and give everyone a bill for that amount.

In all practicality, though, you can't get blood from a turnip. So we ended up with a tax system where the top 25% of folks by AGI paid 86.6% of the Federal income taxes in 2015. Who Pays Income Taxes?

So I can't join the mob when they clamor to make "the wealthy pay more." I just want to thank the wealthy for doing more than their share to make America better for all people, even though they aren't appreciated by most.

 

[BluesLegend]

A married couple with 2 kids in California earning $150,000 and taking the new standard $24k deduction under Trump's tax reform bill would break even vs itemizing under the old system. Over 90% of all federal returns will now take the standard deduction. Its only the 'wealthy' who will get smacked by the caps on SALT and the mortgage interest deduction.

I don't disagree with your projection of standard deductions. As far as the "wealthy" I also agree and they have the money to pay the accountants to do their taxes!

Accountants can do NOTHING for them now that all those deductions have been capped.

 

[healthmyths]

Dividends are paid out before taxation on corp income.

Wrong!
Corporations may not legally deduct the dividend payments before taxes
Can a corporation deduct dividend payments to shareholders before taxes are calculated?

Another source:
A dividend is the distribution of ‘after tax profits’ to the shareholders of a limited company.

After tax profits = Total Revenue – Expenses – Company Taxes.
Dividends – calculation, payment and taxation

Another source...
What is a Dividend?

• A dividend is a sum of money paid by a company to its shareholder(s).
• Dividends are paid from the company profits after corporation tax has been deducted.

Dividends Explained | Accountancy and Bookkeeping