Sections SEARCH Skip to content Skip to site index Politics Subscribe Log In Subscribe Log In Advertisement Supported by ByAlan Rappeport May 23, 2018 WASHINGTON — The Internal Revenue Service is preparing to crack down on states that try to circumvent a new limit on the state and local tax deduction, saying it will not allow workarounds aimed at helping individuals fully deduct those taxes. The $10,000 cap, which was included in last year’s $1.5 trillion Republican tax overhaul, hit predominantly Democratic high-tax states hardest since it limits the amount of state and local sales, income and property taxes that taxpayers can deduct from their federal taxes. That has prompted a scramble among local lawmakers to find creative ways to allow constituents to continue to fully deduct those taxes and avoid a tax hit. Some states, like New York, recently began allowing taxpayers to convert local property taxes into charitable … [Read more...] about I.R.S. Warns States Not to Circumvent State and Local Tax Cap
State and local taxes
Intro Death and taxes are supposed to be the only two certainties in this world; however, this year a majority of Americans are feeling uncertain about their tax future. According to a new Gallup poll, 56% of U.S. adults are unsure whether the new tax bill signed into law by the president last December will cause their taxes to go up, down, or stay the same.Much of the confusion around taxes is due to the immense complexity of tax codes at federal, state, and local levels. What an individual actually pays in taxes each year is based on myriad factors—one of the most significant of which is location.In addition to changes at the federal level this year, each state and many local jurisdictions have their own unique set of tax laws that residents must keep track of. In Texas, for example, residents don’t pay state individual income or state property tax, but they are subject to hefty sales and local property taxes. Despite saving on individual income tax, residents in Texas … [Read more...] about The most (and least) taxed states in the US
Supported by Economy By PATRICIA COHEN and ROBERT GEBELOFFAPRIL 22, 2018 Continue reading the main story Share This Page Continue reading the main story OKLAHOMA CITY — The anxiety and seething anger that followed the disappearance of middle-income jobs in factory towns has helped reshape the American political map and topple longstanding policies on tariffs and immigration.But globalization and automation aren’t the only forces responsible for the loss of those reliable paychecks. So is the steady erosion of the public sector.For generations of Americans, working for a state or local government — as a teacher, firefighter, bus driver or nurse — provided a comfortable nook in the middle class. No less than automobile assembly lines and steel plants, the public sector ensured that even workers without a college education could afford a home, a minivan, movie nights and a family vacation.In recent years, though, the ranks of state and local employees … [Read more...] about State and Local Jobs Under Siege as a Middle-Class Gateway
CHICAGO (Reuters) - Taxpayer actions in response to sweeping federal tax changes passed by the U.S. Congress late last year will likely force states that tax personal income to tear up their revenue forecasts and start again. FILE PHOTO: U.S. President Donald Trump displays his signature after signing the $1.5 trillion tax overhaul plan in the Oval Office of the White House in Washington, U.S., December 22, 2017. REUTERS/Jonathan Ernst/File Photo The federal tax bill, signed into law by President Donald Trump on Dec. 22, hit most states smack in the middle of their current fiscal year. Uncertainty about future revenue can force states to revise their spending plans in turn. (GRAPHIC: Tax law changes alter taxpayer behavior - tmsnrt.rs/2J8yKdL) The fallout from the law’s lower federal tax rates and big changes to deductions that take effect with the 2018 tax year will become clearer in the aftermath of this week’s tax filing deadline, allowing states to revise … [Read more...] about U.S. states look to tax day to gauge fallout from federal tax law
POLITICS 04/07/2018 11:15 pm ET Is TrumpStore.com the real "no tax" company? By Mary Papenfuss 130 President Donald Trump has railed against Amazon, falsely claiming the company fails to pay state and local sales taxes on online shipments. But it turns out the Trump Organization retail website collects sales taxes only on goods shipped to two states — while Amazon collects sales taxes in 45 states. The TrumpStore.com website sells Trump-labeled glassware, baseball caps, luggage tags, spa slippers and key chains, among several other items. It collects sales tax only on orders shipped to buyers in Florida and Louisiana, according to the company’s own website, The Wall Street Journal was the first to point out on Friday. TrumpStore.com, which touts itself as the “official retail website of the The Trump Organization,” doesn’t even pay sales taxes on its online shipments in New York, according to the information … [Read more...] about Trump’s Retail Website Only Pays Sales Taxes In 2 States. Amazon Pays Taxes In 45.