New York, New Jersey, Connecticut and Maryland filed an appeal on Tuesday, contesting the dismissal of their lawsuit over the $10,000 cap on state and local tax deductions. Andrew M. Cuomo, governor of New York, calls the tax policy 'retribution politics.'
Meanwhile, in New Jersey and Connecticut, the average deductions were $18,092 and $19,563, respectively.Treasury Secretary Steven Mnuchin is seen during the House Financial Services Committee hearing titled The End of Affordable Housing? A Review of the Trump Administrations Plans to Change Housing Finance in America, in Rayburn Building on Tuesday, October 22, 2019.
One track — including the appeal that was filed on Tuesday — asserts that the SALT cap itself is unconstitutional.filed by New York, New Jersey and Connecticut — defends some workarounds blue states have created to permit their residents to write off their state and local income and property taxes above the $10,000 limit.New Yorkers paid $2,249 per capita in individual state income taxes in the 2017 fiscal year, according to data from the Tax Foundation. See below for your state.
This way, taxpayers can write off the payment as a charitable deduction on their federal tax returns, which is still allowed if you exceed the standard deduction. In 2019, that is $12,200 for single filers and $24,400 for married filing jointly., saying that the receipt of a state or local tax credit in return for making this contribution would be a "quid pro quo."The new blue state "workaround" programs aren't the only ones that would be affected by IRS rules.
Earlier this year, some of those programs — including the Alabama Opportunity Scholarship Fund and the Exceptional SC program in South Carolina —More from Personal Finance:
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
LEGOLAND New York Will Turn Guests into LEGO Minifigures in a Groundbreaking New RideLEGOLAND New York will unveil a first-ever ride system that 'turns' guests into Minifigures when it opens next summer.
Baca lebih lajut »
National Enquirer company chief David Pecker talking with New York prosecutorsThe head of the company that publishes the National Enquirer has spoken with prosecutors as part of an investigation into the Trump Organization's handling of hush money payments to women who alleged affairs with President Trump, sources tell CNN
Baca lebih lajut »
5 Holiday Pop-us to Check Out in New York CityThe immersive experiences and give shoppers a way to purchase unique or customizable holiday gifts.
Baca lebih lajut »
Former New York Mayor Bloomberg enters 2020 Democratic presidential raceBillionaire businessman Michael Bloomberg, the former mayor of New York City, ju...
Baca lebih lajut »
29Rooms | New YorkBody language lets us communicate even if we aren’t speaking 🤝 Let your moves do the talking in Portraits with a Stranger' at 29Rooms New York City, opening 12/6!
Baca lebih lajut »