Who's gonna owe taxes this year?

KevinC said:
It's one of the main reasons that NY and other states got away with killing us with taxes and people allowed it. Now many of the same are complaining. We should be complaining about our state and local taxes and not the federal.

-Kevin
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Your right, Trump knew that. Didn't care. My wife is a teacher and my son is going to college this year. There aren't any benefits for either. If I owned a business I could write off everything under the sun..Can't even write off the fee to get your taxes done anymore.
Here's a interesting clip.
 
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mnm99 said:
That $300,000 house in Indiana would be $600,000 here in NY. The salary wouldn't be double. This may be true, But NY, NJ and Cali do pay the bulk of the country's federal tax bill. even with the write offs. We may be able to write off , but we pay State tax and also 8.875% sales tax on everything. It's so expensive to live here.
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We are not comparing homes for the dollar, but tax paid on the same income.

NY is home to 7 of the 20 wealthiest congressional districts in the country. They should pay more in dollars.

MM
 
My taxes will be less.
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Guess you are all paying taxes via the duties on Chinese goods and on imported steel and aluminum. You just don’t see the direct taxes since the importers, retailers and manufacturers have to pass the cost on as higher prices. The trade wars are generating a lot of the taxes lost due to the tax reductions.
 
Here in NJ, the taxes are so high because the State Employees make out like bandits! Pensions, high salaries, etc. I have family members in Law Enforcement making over $110K for driving a desk! But due to the proximity to NYC, that's the only way to get ANY one to work for the state. NYC salaries are just too high!
 
MonacoMike said:
Bill & Jane live in Indiana in in a $300K house and earn $175K in income. Their property tax is approximately $3,000 per year, and their income tax is $6,000. They likely would not ever exceed $12,000 in state taxes paid.

In NY the income tax is double Indiana right off the bat and the property taxes I have heard of are unreal. You NY folks will know better, but I would expect a similar couple as above will pay $25,000-$35,000 a year in state taxes.

So when they do their federal taxes the Indiana couple write off $12K, the NY couple write off $30K and the result is the Federal take is less on the NY couple, and many filers do not care if their state is wasteful as they just write it off.

That has changed, no matter where you live, you can write off $10,000 of stater taxes. If your state charges more you still have to pay federal tax on anything over $10,000.

With this law no matter where you live you will pay similar tax federal tax for the same income.

MM
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That sums it up!
 
SloBurn said:
Here in NJ, the taxes are so high because the State Employees make out like bandits! Pensions, high salaries, etc. I have family members in Law Enforcement making over $110K for driving a desk! But due to the proximity to NYC, that's the only way to get ANY one to work for the state. NYC salaries are just too high!
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Not sure about NJ, but that isn’t all that accurate here in NY. Our Police are among the highest paid in the Country here in Nassau County on Long Island, yet if you look at a breakdown of where my 17k a year in property taxes go, the line for police is minuscule.
Schools are the most expensive. While teachers salary and benefits are high, the real problem is that each community has a separate and independent school district. About 56 of them, and each has their own administration which is where the real waste is. Yeah, the teachers make more than in many other places, but it isn’t out of line in relation to the median income. It’s the 56 administrations, each community having to support their own, that are choking us.
Many other parts of the country have single school districts that cover the whole county.
Next thing on my tax bill is my town taxes. Although we have a county government, there are also three townships and two cities in this county. Each of these municipalities has there own elected officials, more than their fair share of politically appointed bureaucrats, and others who get checks of varying amounts and benefits for part time gigs. Our last town Supervisor got locked up by the feds for corruption offenses. The towns largely exist to provide jobs for a lot of otherwise unemployable people that somehow benefit the political machine.
I have the pleasure of living in an incorporated village that has its own salaried part time elected officials and appointees who also get benefits. We had a Mayor who got locked up about ten years ago for playing fast and loose at bars and restaurants with the village credit card. Most of it was spent wineing and dining county and town officials. He got a kind of raw deal though since that is really the only way to get those guys to do anything for you.
Lastly, the lowest portion of my total tax bill is my county tax which goes to support, among other things, that elected body, career bureaucrats, and political appointees who all get salaries and benefits. Our last county executive got locked up by the feds for corruption offenses. The police department is funded by the county tax bill, but they are a relatively small part of it.
The majority of these elected officials and appointees, even the part timers, get benefits for the rest of their life if they keep their job for 10 years. If they don’t need them they get to take the cash instead. They die early, no problem. Their spouse gets them until they die.
Almost as good a deal as the members of Congress have, and they don’t have to commute to DC to get it.
They’ve been stealing for so long out here on Long Island that they actually think it’s legit.
Republicans or Democrats, it doesn’t matter.
On the state level we had the last state senate leader (Republican Dean Skelos) get locked up by the feds for corruption offenses, and the last state assembly leader (Democrat Sheldon Silver) met the same fate.
Our Governor hasn’t been arrested for corruption, but others close to him have. He’s good enough at keeping himself insulated that he is about to start his 3rd term next month. Just like his daddy did a generation ago. He’s pretty much untouchable because although he eventually divorced her, he was married to a Kennedy. That makes his kids members of that clan too. That’s pretty much a license to steal, or maybe even murder, for life in this country. Even better than being a Clinton.
Yeah, the people that pick up our garbage, patrol our streets and teach our kids might make more than their counterparts in other parts of the country. But they have to in order to be able to afford to live here. Despite the crooked politicians pointing the finger at these working stiffs every chance they get and blaming their unions for the high taxes, it isn’t them that are breaking us.
Despite what our governor says on tv, it isn’t Trump that is screwing us either.
Although the 10k a year cap on SALT deductions is going to kill me, and I’d like to see it get lifted, I can’t say I really blame people in other states for not wanting to subsidize our stupidity.
 
My biggest concern with my taxes is not being able to deduct the $800/month I pay in student loans. That will be a big chunk.
 
WTF?......we don't pay taxes until April... How bored are you guys?
We all just got over Christmas.....I paid my yacht club membership yesterday.....got a letter today my Marina is raising prices and was told by my daughter she was accepted to a private university.... Tax talk is too soon by 4 months ....rest already
 
Blueone said:
WTF?......we don't pay taxes until April... How bored are you guys?
We all just got over Christmas.....I paid my yacht club membership yesterday.....got a letter today my Marina is raising prices and was told by my daughter she was accepted to a private university.... Tax talk is too soon by 4 months ....rest already
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Gezz chill..I do my taxes in the 2-3 week of January. The bill isn't due til April. It gives me some time and others to sort things out. Nobody is fighting here. Just talking... If you want, start another thread about marina dues and schools..I can chime in too. Just paid $2900 a week ago for my marina and I can't put my boat in till May 15th( imagine the interest there making with 2000 boats) Just paid $15,000 for my son's 2 semester of freshman college too.
 
My fuel addiction habit is starting back this week.

Been on the wagon almost a week. A whiff of untaxed dyed diesel in the air...

Way too early to worry about taxes, have to figure out fuel bill first...
 
We are going to have to pay and we pay quarterly right now as it is. Can’t blame POTUS congress makes the laws. So tired of both sides. They are only in it for themselves.
 
mnm99 said:
Your right, Trump knew that. Didn't care. My wife is a teacher and my son is going to college this year. There aren't any benefits for either. If I owned a business I could write off everything under the sun..Can't even write off the fee to get your taxes done anymore.
Here's a interesting clip.
Click to expand...
So according to this calculus, the entire nation should pay for the expense, bad decisions, and poor fiscal management of the area you live?
The intent of the limitations of state and local deductions on federal returns is to prevent promotion of one good / bad fiscally managed state/county/city over another. This is a good change to the tax code. Me, for example, living in Florida should not have to shore up the federal budget because someone in Ca or NY with high taxes has that deduction....
 
This has been a very interesting discussion with some very good examples explaining the changes. The one thing that no one has mentioned is the massive increase in the threshold level for Alternative Minimum Tax, AMT. That has been raised to $1 million (I believe). I would posit that most on here were tickling if not firmly ensconced in AMT territory on previous years' taxes. That all goes away.

Jaybeaux
 
It seems to me that most people I talk with focus only on the limitation of itemized deductions. There is no focus on increased standard deduction and lowering of rates. So in many cases loosing the deductions sounds bad but in practice may not be.
 
My take on all this is much simpler. Say good bye to all deductions (at the fed level) period. Then lower the tax rate to a flat amount that does not escalate. If you want to have a standard deduction for each person that is fine but once you start paying taxes it is flat percentage - The problem is that too many people pay no federal tax. So, if you earn 50K you pay x% if you earn 50M you pay x% - The rich will still pay more (@1% someone earning 50K will pay 500.00 but at 50M they are paying 500K). Then Government needs to be put on a diet and cut spending - I am sure we could all come up with some ideas. Then force the Congress and Senate to put together budgets that address needs within a real budget based on revenue - or face having their salaries de-funded until such time as a conforming approved budget is in place (right now they have no incentive). Then get rid of the payroll deduction and make people pay their taxes so they realize how much of their hard earned money they are giving away.

-Kevin
 
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