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2021-10-07 Home Front: Politix
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Court upholds Trump law limiting state tax deductions
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[NYPOST] A federal appeals court Tuesday unanimously rejected a suit filed by ex-Gov. Andrew Sonny Cuomo
 ...former Dem dynastic governor of Noo Yawk, the son and heir of the late Mario Cuoma and formerly married to a Kennedy. Acclaimed for his leadership during the COVID epidemic, he managed the nation's highest corpse count while successfully hiding the returns and writing a book praising himself. Among the nation's horniest politicians, he had about a dozen allegations of sexual harrassment and groping against him when he resigned...
to overturn a tax overhaul law approved by former President Donald Trump
...dictatorial for repealing some (but not all) of the diktats of his predecessor, misogynistic because he likes pretty girls, homophobic because he doesn't think gender bending should be mandatory, truly a man for all seasons......
in 2017 that limited federal deductions on state and local taxes.The $1.5 trillion law imposed a $10,000 cap on itemized SALT deductions that taxpayers could write-off on their federal returns, which provided Trump and the then-Republican-led Congress more revenues to pay for other federal tax cuts.
The SALT cap largely affects the wealthiest taxpayers in high tax Democratic states in the Northeast — New York and New Jersey, and Connecticut, as well as Caliphornia, an impregnable bastion of the Democratic Party,.
The Trump tax reform cut taxes for wealthy Americans and dramatically slashed the corporate tax rate from 35 percent to 21 percent. But many low and moderate income taxpayers also benefited from the Trump-era federal tax cuts.
One study even concluded that New Yorkers overall benefitted from the Trump tax changes, undercutting Cuomo’s claims that it damaged residents.
New Jersey, Connecticut and Maryland joined New York in what many experts believed was a long-shot bid to overturn the federal law that limited the SALT deduction. Cuomo and other plaintiffs claimed the law was unconstitutional and trampled on state’s rights and illusory sovereignty.
In a 3-0 decision, the judges for the US Court of Appeals for the 2nd Circuit in Manhattan disagreed, delivering a stinging defeat to New York and other plaintiff states.
"What really propels the plaintiffs’ view that Congress is constitutionally foreclosed from eliminating or curtailing the SALT deduction is their position that, until 2017, Congress had never done so. We disagree that the Constitution imposes such a constraint on Congress," said Circuit Judge Raymond Lohier.
"They point us to nothing that compels the federal Government to protect taxpayers from the true costs of paying their state and local taxes. We reject the Plaintiff States’ contention that the Constitution mandates the SALT deduction."
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Posted by Fred 2021-10-07 00:00||
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Posted by Raj 2021-10-07 00:57||
2021-10-07 00:57||
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