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Old 11-17-2017, 12:11 PM
 
2,312 posts, read 1,661,911 times
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Quote:
Originally Posted by Rightnyer View Post
I am (unfortunately) a resident of Westchester and I support eliminating the SALT deductions. It will hurt me greatly, but the federal government should not be subsidizing profligate spending in liberal states. It's that simple.

I agree. I will be impacted too, but what's right is right. Let's remember this new tax program only goes to expose what NYS has been doing to us for years. Can't blame the federal government for this.
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Old 11-17-2017, 03:19 PM
 
307 posts, read 613,152 times
Reputation: 211
Not to sound ignorant, but for people with "expensive" homes (I mean expensive nationally, not by Westchester standards) are likely paying AMT tax. So I'm guessing that the property tax deduction is already effectively being capped or eliminated for a lot of these people anyway. Is that not the case? I'm not an accountant, but that's what I thought was going on. Would the people most impacted by this change be people with expensive/high tax homes and lower incomes?
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Old 11-17-2017, 08:08 PM
 
1,594 posts, read 2,977,438 times
Reputation: 1585
Quote:
Originally Posted by rubygreta View Post
Please explain why we need so many police departments. All six villages in Greenburgh, which have very little crime, have police departments. And then Greenburgh has its own police department.

Tuckahoe, with 6,000 people in less than one square mile and little crime, has a police department. Eastchester could take that over tomorrow. No need for layoffs of cops. A few retire each year until you get down to the right amount. One chief, one administration. You would save well over $1 million.
True. One of the benefits of CT that leads to substantially lower property tax rate is consolidation.

Better yet would be to merge them all into Westchester County police.
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Old 11-18-2017, 11:14 AM
 
Location: Westchester County, NY -> Pinellas County, FL -> Dutchess County, NY -> Denver?
348 posts, read 413,330 times
Reputation: 339
Quote:
Originally Posted by JWRocks View Post
I agree. I will be impacted too, but what's right is right. Let's remember this new tax program only goes to expose what NYS has been doing to us for years. Can't blame the federal government for this.
It's a very simple solution. Lower the property taxes or should I say school taxes and the problem will be solved. Consolidate and reduce police departments etc. Cops in Bronxville have nothing to do but harass raccoons and people walking from Metro North at night. It's so simple. There's absolutely no justification for paying those exorbitant taxes. Oh wait, the government has to "generate" income somehow.
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Old 11-21-2017, 07:01 PM
 
92 posts, read 218,915 times
Reputation: 80
Quote:
Originally Posted by hominamad View Post
Not to sound ignorant, but for people with "expensive" homes (I mean expensive nationally, not by Westchester standards) are likely paying AMT tax. So I'm guessing that the property tax deduction is already effectively being capped or eliminated for a lot of these people anyway. Is that not the case? I'm not an accountant, but that's what I thought was going on. Would the people most impacted by this change be people with expensive/high tax homes and lower incomes?
Finally, somebody on this board points out the obvious: for many people, the AMT takes away the value of the deductions you thought you had. This plan would eliminate the AMT together with some of those deductions. In any event, with reform you can see exactly what NYS is doing to you rather than be tricked by the confusing system we have now. I'm a Westchester resident that pays a ton of taxes, and I support the current tax plan and/or any common sense reform of this crazy system.
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Old 11-22-2017, 08:00 AM
 
221 posts, read 451,537 times
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Quote:
Originally Posted by New Yawker View Post
Finally, somebody on this board points out the obvious: for many people, the AMT takes away the value of the deductions you thought you had. This plan would eliminate the AMT together with some of those deductions. In any event, with reform you can see exactly what NYS is doing to you rather than be tricked by the confusing system we have now. I'm a Westchester resident that pays a ton of taxes, and I support the current tax plan and/or any common sense reform of this crazy system.

Not everyone gets hit with the AMT.


It's clear this bill increase specifically targets areas of the country that support the Democrats. For years Republicans have been warning that raising taxes will crush the economy and now they have no issue with tax increases across the upper middle class. All for what corporate tax cuts? There is plenty of inefficiencies in the Corporate tax system to drop the rate down to 20% without raising taxes elsewhere. Or, since they've already allowed for an increase in the debt of 1.5 trillion which is approximately what the Corporate tax cut will cost, they could just drop the rate down 20% and be done with it. No need to raise taxes on an already heavily taxed portion of the country -- areas which already drastically subsidize the fed compared to lower taxed states (70 cent on the dollar from the fed). It's easy to have now state tax when you get 2 dollar back from the fed for every dollar you put in.
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Old 11-22-2017, 10:38 AM
 
307 posts, read 613,152 times
Reputation: 211
Will this plan generally be beneficial for people who pay AMT currently?
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Old 12-02-2017, 09:14 AM
 
118 posts, read 148,129 times
Reputation: 106
bump...plan has passed..what now?

when do sellers realize buyers are wary?
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Old 12-02-2017, 09:42 PM
 
476 posts, read 486,156 times
Reputation: 375
What are you guys talking about? Most people with high tax bills are in AMT, with joint income between 200-700k (AMT phase out) ie the Op who pays 35k in property tax, ie most residents in lower Westchester with lofty tax bills, will have huge savings between the elimation of AMT, and a 10k property tax allowance and better tax brackets. Check the tax plan calculator. I bet you save 10-40k a year with the new tax plan...at least until it gets phased out in 5 years and then maybe you’re net neutral.

No offense. But is this board a bunch of stay at homes that have no handle on their income, or their tax bills, and are simply looking for something to complain about? Because if you were the person in the household who had to stroke the government a check for 5-20k year after year for your AMT bill, with zero real estate tax deduction, you would know pretty darn well that the new tax plan would be to your benefit

Last edited by JaRuss01; 12-02-2017 at 09:58 PM..
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Old 12-04-2017, 08:01 AM
 
8 posts, read 9,199 times
Reputation: 17
What about those with no AMT? $2M in income - $130K in state income taxes, $40K in property taxes and another $30K in mortgage interest. All of those deductions gone. This would be a pretty hefty raise.
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