Peter1469
12-28-2017, 07:00 AM
Rich liberals in DC area rush to pay property taxes early (https://www.washingtonpost.com/local/dc-politics/tax-bill-spawns-new-holiday-ritual-waiting-in-line-to-pay-taxes/2017/12/27/1e7ea59a-eb12-11e7-b698-91d4e35920a3_story.html?utm_term=.b889bd2435a8)
There is a buzz here in the DC area- the rich liberal enclaves are attempting to pre-pay their property taxes to get better tax write-offs this tax year. This is caused by the tax reform passed by Congress.
Query: These people vote for politicians who raise taxes. Yet they try to avoid taxes. What gives? Why not just vote for people who will lower your taxes?
Anyway, the IRS is dumping on this scheme. I knew that would happen as soon as this news came out.
eople across the United States rushed this week to pay their 2018 property taxes early, hoping to take advantage one last time of a federal deduction that will be scaled back under the tax-code overhaul signed by President Trump.
On Wednesday, however, the *Internal Revenue Service announced that those prepayments could be deducted only in limited circumstances, a decision that appeared to invalidate many taxpayers’ efforts and raised the prospect that local governments could come under pressure to refund millions of dollars.
The announcement stoked confusion surrounding one of the most controversial elements of the tax law — a $10,000 cap on deductions for state and local taxes that will disproportionately affect higher-tax, Democratic-leaning states. It also offered a glimpse of the kind of hiccups that could arise in coming weeks as the IRS releases guidance on other facets of the bill, the largest overhaul of federal tax law in three decades.
There is a buzz here in the DC area- the rich liberal enclaves are attempting to pre-pay their property taxes to get better tax write-offs this tax year. This is caused by the tax reform passed by Congress.
Query: These people vote for politicians who raise taxes. Yet they try to avoid taxes. What gives? Why not just vote for people who will lower your taxes?
Anyway, the IRS is dumping on this scheme. I knew that would happen as soon as this news came out.
eople across the United States rushed this week to pay their 2018 property taxes early, hoping to take advantage one last time of a federal deduction that will be scaled back under the tax-code overhaul signed by President Trump.
On Wednesday, however, the *Internal Revenue Service announced that those prepayments could be deducted only in limited circumstances, a decision that appeared to invalidate many taxpayers’ efforts and raised the prospect that local governments could come under pressure to refund millions of dollars.
The announcement stoked confusion surrounding one of the most controversial elements of the tax law — a $10,000 cap on deductions for state and local taxes that will disproportionately affect higher-tax, Democratic-leaning states. It also offered a glimpse of the kind of hiccups that could arise in coming weeks as the IRS releases guidance on other facets of the bill, the largest overhaul of federal tax law in three decades.