By: Casavvy
I think congress needs to take a hard look at tuition and deductions for teachers who spend their own money. With the economy needing more jobs to get it back on track, everything will come back to...
View ArticleBy: matt
Please keep us updated if anything happens either way! Those are big-time changes that have a large effect on the bottom line.
View ArticleBy: Daniel
The state income tax deduction would easily be the worst. This hurts almost everyone who makes estimated taxes, even for people who don’t make a ton of money. But I can’t tell from this article...
View ArticleBy: Miranda
It’s an either-or thing. You can take the income tax deduction OR the sales tax deduction. It’s considered one tax break. So, both are basically in danger, since the option to take one or the other is...
View ArticleBy: Daniel
from what I saw, the tax break for state sales tax was a temporary addition because 9 states have no income tax and only that was set to expire, while the state income tax was a permanent deduction.
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By: Miranda
Maybe I read it wrong, then. I know that you can’t take both I’ve just double-checked. Looks like it’s the sales tax provision in danger. The option to take state or local income tax deductions...
View ArticleBy: govenar
I think Daniel’s right that it’s just the sales tax deduction that’s expiring (though I’m guessing it’ll be extended), not the state income tax deduction. Giving the choice of deducting state income or...
View ArticleBy: thunderthighs
@Casavvy: I really don’t think that extra pack of markers for a classroom of first-graders is going to generate jobs for them later.
View ArticleBy: Texas Wahoo
The idea is that states should not be punished because they choose to collect taxes in a different manner (income/property/sales). States without income taxes tend to have higher property/sales taxes.
View ArticleBy: Scott
“Average tax refund is likely to fall”? That number means nothing. Average tax liability is what matters. I can make the average tax refund go back up just by withholding more. Ideally, the average tax...
View ArticleBy: The Biz of Life
Higher gov’t spending = higher taxes = lower economic growth = even higher gov’t spending…… get used to it. Our kids will be emigrating to other countries for economic opportunity.
View ArticleBy: The Biz of Life
It’s the sales tax deduction. Eliminating the state tax deduction will come later along with taxing muni bond interest.
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