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The Water Cooler
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Blue States ramp up push to 'evade' chunk of Trump's tax reform
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<blockquote data-quote="SlugSlinger" data-source="post: 3075686" data-attributes="member: 7248"><p>Rewriting a law to evade federal taxes is a crime. These are essentially money laundering schemes cooked up by liberal leaders. Just because they call it a donation doesn't change the fact that it's tax evasion. In fact, there should be federal income tax on the credit the state provides in turn for the donation.</p><p></p><p>"proposed a separate bill to allow residents to donate to the California Excellence Fund—which would go to the state budget—and in return get a dollar-for-dollar state tax credit on the full amount of the contribution. California taxpayers would then be able to deduct that ‘charitable’ contribution from their federal taxes, making up for any loss from the SALT cap."</p></blockquote><p></p>
[QUOTE="SlugSlinger, post: 3075686, member: 7248"] Rewriting a law to evade federal taxes is a crime. These are essentially money laundering schemes cooked up by liberal leaders. Just because they call it a donation doesn't change the fact that it's tax evasion. In fact, there should be federal income tax on the credit the state provides in turn for the donation. "proposed a separate bill to allow residents to donate to the California Excellence Fund—which would go to the state budget—and in return get a dollar-for-dollar state tax credit on the full amount of the contribution. California taxpayers would then be able to deduct that ‘charitable’ contribution from their federal taxes, making up for any loss from the SALT cap." [/QUOTE]
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The Water Cooler
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Blue States ramp up push to 'evade' chunk of Trump's tax reform
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