General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhile Trump's "tax reform" is odious and should be repealed ASAP,
at the same time, I can't see how governors in NY and NJ can change paying property taxes ($10,000 maximum deduction for state taxes and municipal taxes) into charitable trusts. If I paid $15,000 to a town's "charitable trust," the fact that it's a charity has implications. Implications that payment is voluntary. And there would be no legal consequences if I chose to pay a fraction or not pay at all. How would tax liens work if taxes were called charity in name only?
As much as I want a return to total deductions of all municipalities in all states, I can't see this suggestion being viable.
Voltaire2
(13,194 posts)You can pay your taxes or you can donate the same amount into the charitable trust.
no_hypocrisy
(46,202 posts)to compel you to pay it. The concept of charity is it being a voluntary donation.
Voltaire2
(13,194 posts)You have two options on how to pay it.
1. As a tax.
2. As a donation.
You have to pay your taxes, you can choose how to pay them.
SWBTATTReg
(22,171 posts)they are trying to come up w/ proposals to allow their citizens to deduct these > $10K state and local taxes (combined, annually).
Perhaps a dual ownership w/ multiple owners on a property, splitting the property taxes into equal shares (resulting in under $10K tax payments for each partner in the partnership owning the property)? Of course if each home etc. is incorporated as part of a business, then all expenses would be allowable.