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Court upholds Trump law limiting state
tax deductions

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Posted By: Imright, 10/5/2021 11:17:17 PM

A federal appeals court Tuesday unanimously rejected a suit filed by ex-Gov. Andrew Cuomo to overturn a tax overhaul law approved by former President Donald Trump in 2017 that limited federal deductions on state and local taxes.The $1.5 trillion law imposed a $10,000 cap on itemized SALT deductions that taxpayers could write-off on their federal returns, which provided Trump and the then-Republican-led Congress more revenues to pay for other federal tax cuts.The SALT cap largely affects the wealthiest taxpayers in high tax Democratic states in the Northeast — New York and New Jersey, and Connecticut, as well as California.

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Reply 1 - Posted by: Axeman 10/5/2021 11:42:47 PM (No. 936533)
A no-brainer and obvious waste of time of the court. If I were a Justice I would be perturbed by this even getting to me, and want to see retribution. Cuomo does not have a painting in his attic. Trouble is brewing for these guys. Soros, your time is coming soon too.
23 people like this.

Reply 2 - Posted by: Come And Take It 10/6/2021 12:39:15 AM (No. 936540)
But the Democraps are down with the people, right?
8 people like this.

Reply 3 - Posted by: Birddog 10/6/2021 2:21:03 AM (No. 936576)
Dems that constantly demanded higher and higher federal taxes STOLE that money from the Fed...by at the same time raising their state and local taxes but giving their locals an unlimited Federal deduction. Making low tax states pay an ever increasing share in their stead. All the while Dem state congresscritters were colluding with State and Local govts to send ever more Fed dollars to those same Dem places.
15 people like this.

Reply 4 - Posted by: TJ54 10/6/2021 7:53:15 AM (No. 936716)
But, but, the Demtards always say it is patriotic to pay taxes. What gives?
7 people like this.

Reply 5 - Posted by: edgar 10/6/2021 9:26:38 AM (No. 936805)
Yeah!
3 people like this.

Reply 6 - Posted by: RuckusTom 10/6/2021 9:55:01 AM (No. 936849)
Who was subsidizing whom while the SALT deductions were available? Low or no income tax states or high income tax states? Those deductions allowed high income tax states to keep dollars out of the kitty (the federal government) for divvying up and returning to the states. If nothing else, this has put a bright light on the irresponsible high income tax policies of democrat run states. Remember when Cuomo was crying about wealthy individuals leaving NY? The SALT limits were a very big factor in their leaving. "I have a $5M income with $50k+ in state and local income taxes and the deduction is now limited at $10k? I'm out of here." ... numbers are only used for example purposes.
3 people like this.

Reply 7 - Posted by: NotaBene 10/6/2021 11:34:40 AM (No. 936982)
SALT deductions were a brilliant move. I got hit in California but with all the other reductions in the Trump tax plan came out about even, and the economy came roaring back. Trump made America Wealthy Again.
9 people like this.

Reply 8 - Posted by: Lawsy0 10/6/2021 11:43:10 AM (No. 936991)
The ''upper echelon'' of the federal government are ALL using tax shelters; they best know how because they wrote the code. If your brother in law works for the feds and hasn't hooked you up to a similar shelter, just assume he hates his sister for marrying you!
2 people like this.

Reply 9 - Posted by: msjena 10/6/2021 11:44:18 AM (No. 936992)
Court rejects Democrat states' attempt to create a tax cut for the rich.
3 people like this.

Reply 10 - Posted by: Omen55 10/6/2021 2:49:57 PM (No. 937244)
Hey,Andy. You just got B-slapped by the court.😃👍
1 person likes this.

Reply 11 - Posted by: Speedypetey 10/6/2021 4:58:55 PM (No. 937352)
If you want to see how the wealthy political elites and their uber wealthy oligarch puppeteers avoid taxes go to the Pandora Papers hack. This tax complaints is minor compared to the offshore money laundering exposed.
0 people like this.

Reply 12 - Posted by: janjan 10/6/2021 6:44:14 PM (No. 937413)
It sounds like the only arguments liberals could bring to Court is how mean this law is to their rich white donors. No wonder they were shown the door.
0 people like this.

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