Tag: deduction

As expected, IRS throws cold water on Phil Murphy’s SALT workaround scheme

WASHINGTON, D.C. — The IRS isn’t messing around with blue states trying to circumvent the new tax law. On Thursday, the federal government’s tax enforcement arm issued a long-expected missive explaining that the workarounds adopted by states like New Jersey to Read More

Lance to Murphy: Get Going On State-Level SALT Fix!

WASHINGTON, D.C. — Congressman Leonard Lance (NJ-07) put pen to paper this week, sending Governor Phil Murphy (D-N.J.) a formal letter requesting a repeal of New Jersey’s long-standing $10,000 property tax deduction limit on all state income tax filings.  “Capping taxpayers’ deductions Read More

AWKWARD: NJ-05 Democrat concedes that Gottheimer’s property tax charity scheme isn’t legal

Congressman Josh Gottheimer‘s goofy plan to make the IRS treat property tax payments like charitable deductions is… well, it’s goofy. We’ve explained “why” at great length. “It’s one of the more ridiculous comments to think that you can take a Read More

Op-Ed: Let’s douse the flames on the charitable taxing plan

Creating loopholes Will Not Help Taxpayers By Katie Cericola __ The response by high taxed states to the federal tax reform signed last month by President Trump, has been – to say the least – interesting. By that I mean Read More

Murphy and Gottheimer’s charity tax deduction idea is both lazy and stupid

Governor-elect Phil Murphy and his Democrat allies — including Josh Gottheimer (D, NJ-05) — have latched onto every possible hairbrained response to GOP federal tax reform, and the new $10,000 cap on SALT deductions, EXCEPT the most logical reaction: lowering Read More