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The Wall Street Journal
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    The Wall Street Journal‏Verified account @WSJ Jan 5

    A New Jersey Democrat’s plan aims to turn property-tax bills into charitable deductions to skirt effects of the GOP tax overhaulhttp://on.wsj.com/2CWI2HV 

    2:59 PM - 5 Jan 2018
    • 51 Retweets
    • 82 Likes
    • Catnip🐾Creek Paulette Feeney Jakia Chalmers Wes Andrews Andre Wilson Lucinda  Runowski Lowanda Kail FARZAD KIAN Nichola Blair
    43 replies 51 retweets 82 likes
      1. American Patriot‏ @AmPatriot_Ron Jan 5
        Replying to @WSJ

        I'm fine with that if there's a reasonable limit like 5k. It's not gonna make much difference either way though. And the poor don't own homes and won't see a benefit.

        0 replies 0 retweets 3 likes
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      1. Terri‏ @terrikf Jan 5
        Replying to @WSJ

        Doesn't donation indicate voluntary? I would rethink this.

        0 replies 0 retweets 3 likes
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      1. RLenks‏ @Rlenks Jan 5
        Replying to @WSJ

        Finally admitting that government equals charity. About time

        0 replies 0 retweets 2 likes
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      1. brcom007‏ @brcom007 Jan 5
        Replying to @WSJ

        How about cutting spending taxpayer money so freely.

        0 replies 0 retweets 2 likes
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      1. New conversation
      2. Richard Caffrey‏ @richard_caffrey Jan 5
        Replying to @WSJ

        Maybe Trump should direct the IRS to target Liberal organizations and liberal politicians like Obama and Clinton did previous to ensure they pay their “fair share” of all of the taxes they want everyone else to pay except themselves.

        1 reply 0 retweets 2 likes
      3. 1 more reply
      1. JFB‏ @JavaTX Jan 6
        Replying to @WSJ

        Isn't it the democrats whining about budget deficits and tax revenue shortfalls? Now they want to skirt their obligation under the new tax law?

        0 replies 0 retweets 1 like
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      1. Rita Rivali‏ @RitaRivali Jan 5
        Replying to @WSJ

        Where there's a will there's a way

        0 replies 0 retweets 1 like
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      1. Skip Conway‏ @skipway66 Jan 5
        Replying to @WSJ

        To be a Charity the giver has a choice to give or not. Face it your local and state government has been ripping you off!

        0 replies 0 retweets 1 like
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      1. New conversation
      2. Todd McGee‏ @ToddMcGee1 Jan 5
        Replying to @WSJ

        Aren't charitable contributions voluntary? Mandating a charitable contribution would seem illegal, and good luck otherwise collecting them

        1 reply 0 retweets 0 likes
      3. C Yang‏ @chyang888 Jan 5
        Replying to @ToddMcGee1 @WSJ

        Completely voluntary. This proposal is to "allow" charitable contribution to NJ state government to write off against property tax. In CA, you can deduct donation to state gov against state income tax. That is if you want to workaround the SALT cap.

        1 reply 0 retweets 0 likes
      4. Dennis Hennessy‏ @SiftingMarkets Jan 5
        Replying to @chyang888 @ToddMcGee1 @WSJ

        And what happens if you don't pay your property tax then?

        1 reply 0 retweets 0 likes
      5. C Yang‏ @chyang888 Jan 5
        Replying to @SiftingMarkets @ToddMcGee1 @WSJ

        You still pay your "property" tax. State allows you to replace it with "donation", so you can write it off against FED tax. Under new GOP SALT cap, you can't write off income + property + local tax above $10,000. Make it "donation" allows you to write off the entire amount.

        1 reply 0 retweets 0 likes
      6. Dennis Hennessy‏ @SiftingMarkets Jan 5
        Replying to @chyang888 @ToddMcGee1 @WSJ

        If I'm required to pay it, how is it considered a donation?

        1 reply 0 retweets 0 likes
      7. C Yang‏ @chyang888 Jan 5
        Replying to @SiftingMarkets @ToddMcGee1 @WSJ

        It is only a "donation" in name (notice the big air quotes with fingers). It is tax accounting magic. Pay your local tax accountant. They are magician with numbers and your best friend.

        1 reply 0 retweets 0 likes
      8. Todd McGee‏ @ToddMcGee1 Jan 6
        Replying to @chyang888 @SiftingMarkets @WSJ

        Precisely my point being made by @SiftingMarkets I'm not a lawyer but I don't know how they thread the needle by having a mandatory charitable contribution. I think they lose in court on this

        1 reply 0 retweets 0 likes
      9. C Yang‏ @chyang888 Jan 6
        Replying to @ToddMcGee1 @SiftingMarkets @WSJ

        Court? Come again? This is completely legal. FED Tax payers (particularly corporations) has been deducting charitable contribution to against income for decades. Some state just amending tax code to allow this for individuals state tax. It is simple tax 101.

        2 replies 0 retweets 0 likes
      10. 3 more replies
      1. NightShade  👤‏ @NightShade31415 Jan 5
        Replying to @WSJ

        Great idea! Throw their #TaxScam right back in their corrupt faces.

        0 replies 0 retweets 0 likes
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      1. Thomas Clark‏ @nomad2003 Jan 5
        Replying to @WSJ

        Who is trying to protect the upper 10%, democrates... not gop, democrates

        0 replies 0 retweets 0 likes
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      1. Anthony Scott Sr.‏ @Fatman819 Jan 5
        Replying to @WSJ

        IRS would definitely have something to say about. Let's not forget, if you can't file long form , you can't deduct charitable contributions. Also, if it is mandatory then it is not charity.

        0 replies 0 retweets 0 likes
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