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.
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Doesn't donation indicate voluntary? I would rethink this.
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Finally admitting that government equals charity. About time
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How about cutting spending taxpayer money so freely.
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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.
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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?
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Where there's a will there's a way
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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!
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Aren't charitable contributions voluntary? Mandating a charitable contribution would seem illegal, and good luck otherwise collecting them
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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.
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And what happens if you don't pay your property tax then?
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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.
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If I'm required to pay it, how is it considered a donation?
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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.
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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 -
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.
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Great idea! Throw their
#TaxScam right back in their corrupt faces.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Who is trying to protect the upper 10%, democrates... not gop, democrates
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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.
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