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View Diary: Senate takes up bill to close the online sales tax loophole (131 comments)

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  •  St. income and/or sales tax is federally deductibl (1+ / 0-)
    Recommended by:
    musiccitymollie Sales Tax Deduction

    Individuals can deduct either state and local income taxes or sales taxes paid during the year. In other words, taxpayers will need to choose between these two deductions. Generally speaking, the deduction works best for people who live in a state with no income tax, or whose sales tax deduction is larger than their state income tax deduction.
    Now the IRS tells us that fewer than 1/3 of Americans itemize, so like the Mortgage Interest Deduction, this would be a lot more effective if you didn't have to itemize.  It will be interesting to see if this changes the itemizing rate.

    The way it stands, this will more strongly affect people who live below the poverty line or in the 10% tax bracket.

    -7.75 -4.67

    "Freedom's just another word for nothing left to lose."

    There are no Christians in foxholes.

    by Odysseus on Tue Apr 23, 2013 at 11:36:47 AM PDT

    [ Parent ]

    •  Well, Mr. M and I are among that 1/3 of Americans. (0+ / 0-)

      But when the Administration and the Republican Party get finished with the so-called 'tax overhaul,' there probably won't be any tax exemptions for anyone BUT THE VERY WEALTHIEST AMERICANS!

      As far as I can tell, that is the objective of the tax overhaul.

      Folks, remember--closing of the loopholes will RAISE your taxes (not direct at you, Odysseus--a general statement).

      I'd have no objection to paying a higher Social Security tax (that went only to that program), or a higher Medicare tax.

      Hey, PtB--raise away!!

      But, I am tired of paying taxes for 'empire building,' and pointless exercises and projects that only benefit the wealthy, especially corporations.

      But, 'to each, their own.'

      For those longing to pay taxes (through the nose), those days aren't far away, LOL!


      "Only he who can see the invisible, can do the impossible."-- Frank L. Gaines


      by musiccitymollie on Tue Apr 23, 2013 at 12:57:42 PM PDT

      [ Parent ]

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