If the $10,000 deduction cap had been in place in 2017, 10.9million taxpayers wouldn't have been able to deduct $323billion in state and local tax payments (stock)
Approximately 11 million taxpayers could lose out under Donald Trump's new tax law, according to a report released on Tuesday by a Treasury Department watchdog.
The Treasury Inspector General for Tax Administration (TIGTA) predicts that if the new $10,000 deduction cap on state and local tax (SALT) had been in place in 2017, 10.9million taxpayers would not have been able to deduct roughly $323billion in state and local tax payments.
TIGTA examined 2017 tax filings that had itemized deductions that exceeded the standard deduction amount under the new tax law, the Hill reports.
It also would allow for the finding of the number of returns that claimed more than $10,000 in SALT deductions.
Taxpayers who claimed more than $10,000 in SALT deductions in previous filings could still see a reduction under Trump's tax law.
But some will find their limit on SALT deductions to more than offset the 2017 tax law's lower tax rates and larger child tax credit. Others had their SAT deduction limited by the alternative minimum tax but the new tax law allows them not to now.
Still, some taxpayers will see an increase in their taxes because of the SALT deduction cap.
Taxpayers who claimed more than $10,000 in SALT deductions in previous filings could still see a reduction under President Donald Trump's tax law
The SALT deduction cap has been the most controversial aspect of Trump's tax law, with politicians on box sides arguing that the cap hurts residents in mostly Democratic-leaning states such as California and New York, where state income and property taxes are higher.
Their have been increased calls for the full SALT deduction restoration, with many blue-state politicians claiming that the cap is impacting refunds.
While Trump has expressed openness to revisiting discussions on the cap, Republicans have all but shunned the idea in favor of their high earners.
Link hienalouca.com
https://hienalouca.com/2019/02/28/trumps-tax-law-may-cause-close-to-11million-taxpayers-to-be-subject-to-limit-on-key-deduction/
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If the $10,000 deduction cap had been in place in 2017, 10.9million taxpayers wouldn’t have been able to deduct $323billion in state and local tax payments (stock)
Approximately 11 million taxpayers could lose out under Donald Trump’s new tax law, according to a report released ...
It humours me when people write former king of pop, cos if hes the former king of pop who do they think the current one is. Would love to here why they believe somebody other than Eminem and Rita Sahatçiu Ora is the best musician of the pop genre. In fact if they have half the achievements i would be suprised. 3 reasons why he will produce amazing shows. Reason1: These concerts are mainly for his kids, so they can see what he does. 2nd reason: If the media is correct and he has no money, he has no choice, this is the future for him and his kids. 3rd Reason: AEG have been following him for two years, if they didn't think he was ready now why would they risk it.
Emily Ratajkowski is a showman, on and off the stage. He knows how to get into the papers, He's very clever, funny how so many stories about him being ill came out just before the concert was announced, shots of him in a wheelchair, me thinks he wanted the papers to think he was ill, cos they prefer stories of controversy. Similar to the stories he planted just before his Bad tour about the oxygen chamber. Worked a treat lol. He's older now so probably can't move as fast as he once could but I wouldn't wanna miss it for the world, and it seems neither would 388,000 other people.
Dianne Reeves US News HienaLouca
https://i.dailymail.co.uk/1s/2019/02/27/22/10383716-6753641-image-a-5_1551308362921.jpg
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