[BPt111]

Originally Posted by CTartist

I think you are correct. The Republicans really threaded the needle on this tax bill and really put the screws to the blue states on both coasts.

How does New Hampshire pay to run the state if there is no state income tax. Is it all through sales taxes? Is that what CT did before Weicker began the income state income tax?

CT poorest cities cannot afford run without state help so taxes kick in and CT love to spent, spent then raise tax

[CTartist]

Originally Posted by ads94

I knew this when it was thrown in. Opposed to it ever since. The law is designed to screw over blue states. It sure helps some place like New Hampshire, with no state income tax, but really hurts some place like New York, with high state and property taxes. I've been constant in my belief it's a gut kick to the Connecticut economy. If we can't get through our current budget mess, how do people think that yet another blow will suddenly magically get the government to "clean up the mess" that is our finances. If they could wave a wand and do it, they would.

Here it is from Business Insider. You are correct.
http://www.businessinsider.com/trump...nd-new-york-11

11 worst cities for homeowners after the tax bill kicks in.

5) San Francisco
4) Fairfield County
3) New York, New York
2) Newark, NJ
1) Long Island, NY

You know in "How the Grinch Stole Christmas" how happy the Grinch was when he went about planning how to stop Christmas. I bet that is the same look the Republicans had when they figured out how the "bastions of blue" were going to get screwed by this law.

[ads94]

Originally Posted by CTartist

I think you are correct. The Republicans really threaded the needle on this tax bill and really put the screws to the blue states on both coasts.

How does New Hampshire pay to run the state if there is no state income tax. Is it all through sales taxes? Is that what CT did before Weicker began the income state income tax?

New Hampshire runs a very lean government, and takes in a lot less per capita than surrounding states. New Hampshire relies on its property taxes, income taxes on dividends and interest (5%), along with various fees and taxes on most things in the state. e.g. on your power bill or cellphone bill. 31% of New Hampshire's revenue comes from business taxes, the rest are paid by the state's residents.

Keep in mind, New Hampshire has neither sales taxes nor income taxes.

Originally Posted by CTartist

Here it is from Business Insider. You are correct.
http://www.businessinsider.com/trump...nd-new-york-11

11 worst cities for homeowners after the tax bill kicks in.

5) San Francisco
4) Fairfield County
3) New York, New York
2) Newark, NJ
1) Long Island, NY

You know in "How the Grinch Stole Christmas" how happy the Grinch was when he went about planning how to stop Christmas. I bet that is the same look the Republicans had when they figured out how the "bastions of blue" were going to get screwed by this law.

Yup. I called it. I said it on here even before it passed. Home prices will probably decline almost statewide on a lot of houses, wiping out a ton of equity that people have relied on and built their lives around. It's really a wonderful thing to drop right before Christmas. I do not believe in the full doom and gloom scenario some Democrats are calling for, but to imply that this is great news for the entire country is hilariously inaccurate.

[robr2]

Originally Posted by ads94

I knew this when it was thrown in. Opposed to it ever since. The law is designed to screw over blue states. It sure helps some place like New Hampshire, with no state income tax, but really hurts some place like New York, with high state and property taxes. I've been constant in my belief it's a gut kick to the Connecticut economy. If we can't get through our current budget mess, how do people think that yet another blow will suddenly magically get the government to "clean up the mess" that is our finances. If they could wave a wand and do it, they would.

It's going to hurt the 100,000 NH residents who work in MA. They used to be able to deduct MA income tax but no longer.

[hvexpatinct]

Originally Posted by CTartist

https://www.yahoo.com/finance/news/r...110800113.html

"SALT
The third change that could hit wealthier homeowners is the state and local tax deduction (or SALT), which allows Americans to lower the share of their taxable federal income. The bill caps SALT at $10,000 and restricts deductions to only property taxes. "

I did not know this. It appears that we can no longer deduct our CT state taxes.

This is not the case in the final version of the bill. Our total deduction is capped at $10K, but it includes state income and property taxes.

[BobNJ1960]

Census: Immigration Spared Connecticut Large Population Loss - Hartford Courant

22,000 Ct residents leave for other states. Ouch!

[Wilton2ParkAve]

Originally Posted by hvexpatinct

This is not the case in the final version of the bill. Our total deduction is capped at $10K, but it includes state income and property taxes.

The WSJ added a new tool that will compute your 2018 tax liability based on actual w-2 wages, state income tax, property tax and charitable deductions. Despite the sky is falling narrative, I’m looking at a 13,000 savings. Wow. Love it. Lower brackets and no AMT supersedes the 10,000 cap on SALT. Would I save more $ in florida, absolutely but I’m not worse off here despite mid 20k property tax.

Republican Tax Plan Calculator

[Stylo]

https://www.cbia.com/news/economy/jo...-crisis-point/

Yikes.

[BPt111]

Tax reform that passed recently could have big impact on CT income tax

https://ctmirror.org/2017/12/22/fede...te-income-tax/

[BobNJ1960]

Originally Posted by Stylo

https://www.cbia.com/news/economy/jo...-crisis-point/

Yikes.

This is tragic. The state worked hard (sadly) to create the horrific business climate it now has. If not for a national economy doing extremely well, I suspect we'd be seeing monthly losses in 5 digits.