On Monday, a federal judge dismissed a lawsuit filed by four states against the IRS, thwarting four blue states’ challenge against a new $10,000 cap on the deduction for state and local taxes, also known as SALT...I'm sure the rest of the country is happier not subsidizing spendthrift coastal blue states' profligacy.
They alleged that the new limit on the SALT deduction, part of the Tax Cuts and Jobs Act of 2017, was “an unconstitutional assault on states’ sovereign choices.”
In the dismissal, U.S. District Judge J. Paul Oetken in Manhattan said the plaintiff states ultimately failed to show that the SALT cap was unconstitutionally coercive or that it imposed on their own sovereign rights...
“The bottom line is this policy is unprecedented, unlawful, punitive and politically motivated — and it must be stopped,” he (NY governor Andrew Cuomo) said. “We disagree with the court’s decision and are evaluating all options including appeal.”
Monday, September 30, 2019
Not Tired Of All The Winning Yet
Doesn't affect me, but it does affect a lot of my fellow Californians who make a lot more money than I do (and vote the wrong way, too):
Subscribe to:
Post Comments (Atom)
4 comments:
Unprecedented: Really? While all types of state and local tax (SALT) could be deducted originally in 1913, in 1964 (President Johnson) SALT was changed to only allow state and local property, income, general sales, and motor fuels taxes. In 1978 SALT on motor fuels were no longer deductible (President Carter). 1986 general sales tax deduction went away (President Reagan). 2004 general sales tax deduction came back (President G. W. Bush). and finally in 2018 a $10,000 limit on SALT deductions (President Trump). Looks like a lot of precedent for changes the SALT deduction by both sides of the aisle.
Unlawful: Really? Which law specifically? Laws can be changed and this one was changed. He may find it unlikable but it is not unlawful.
Punitive: No more punitive than the Obama Care Tax.
Politically Motivated: And $15/hour minimum wage wasn't politically motivated? How about "the rich pay a little more?" Everything a politician does (on both sides of the aisle) is politically motivated. It is naive to think otherwise. It may be politically motivated but the conservative base wanted it done. Does Cuomo really think that only liberal ideas have precendent, are lawful, rewarding, and non-politically motivated?
I'm in a red state with no income tax, so our SALT is our extremely high property tax (2-3% of the market value of the property, every year). It only takes about a $400K house in my city to hit $10K in property taxes. My dirt value is higher than that.
Steve, if you're suggesting Cuomo is an idiot, you'll get no argument from me.
Darren, more like all politicians seem to be idiots nowadays. Cuomo just likes to prove it with front page headlines.
Post a Comment