Tag Archives: tax deductions

What’s In The Bill

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Yesterday PJ Media posted an article listing ten of the pet projects included in the House Democrats’ proposed $3 trillion coronavirus bill. I am posting the list here, please follow the link to the article for details:

1. Repealing parts of the Trump tax cuts.

2. Releasing prisoners

3. Delaying a coronavirus public health corps

4. Tying Trump’s hands on inspectors general

5. Student loan forgiveness

6. “Environmental justice grants”

7. Voting by mail for the 2020 election

8. LGBT training

9. Hate crimes act

10. Perverse incentive unemployment checks

This bill is a nightmare for mainstream America. Repealing the limits on tax deductions for state and local taxes helps rich Democrats in New York, California, New Jersey and Connecticut. It brings back the practice of fiscally responsible states underwriting the spending of fiscally irresponsible states. Releasing prisoners also includes an end to cash bail. We see how well that has worked in New York–crime rates have skyrocketed. (see article here). Voting by mail would enable voter fraud at levels not previously seen.

This bill is being introduced for political purposes. The Democrats know that the Republicans cannot support it. In the 2020 election, the talking point will be that the Republicans blocked the Democrats’ efforts to help people deal with the economic impact of the coronavirus.

It’s a shame that the Democrats who control the House of Representatives couldn’t create a bill that would deal with the issues at hand in an apolitical manner. Unfortunately, that is not the way they do things.

 

 

Real Estate Property Taxes By State

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This is good information to have if you are planning your retirement. It is also good information to have as you watch Congress debate whether or not to keep the tax deduction for state taxes.

Real-Estate Property Taxes by State
Rank State Effective Real-Estate Tax Rate Annual Taxes on $179K Home State Median Home Value Annual Taxes on Home Priced at State Median Value https://wallethub.com/edu/states-with-the-highest-and-lowest-property-taxes/11585/#real-estate
1 New Jersey 2.35% $4,189 $315,900 $7,410
2 Connecticut 1.97% $3,517 $270,500 $5,327
3 New Hampshire 2.15% $3,838 $237,300 $5,100
4 New York 1.62% $2,899 $283,400 $4,600
5 Illinois 2.30% $4,105 $173,800 $3,995
6 Massachusetts 1.20% $2,139 $333,100 $3,989
7 Rhode Island 1.63% $2,915 $238,000 $3,884
8 Vermont 1.74% $3,116 $217,500 $3,795
9 Wisconsin 1.96% $3,499 $165,800 $3,248
10 Maryland 1.10% $1,956 $286,900 $3,142
11 California 0.81% $1,438 $385,500 $3,104
12 Alaska 1.18% $2,112 $250,000 $2,956
13 Washington 1.08% $1,931 $259,500 $2,805
14 District of Columbia 0.56% $1,000 $475,800 $2,665
15 Texas 1.90% $3,386 $136,000 $2,578
16 Oregon 1.08% $1,929 $237,300 $2,563
T-17 Pennsylvania 1.53% $2,725 $166,000 $2,533
T-17 Nebraska 1.85% $3,308 $133,200 $2,467
T-19 Maine 1.30% $2,321 $173,800 $2,259
T-19 Minnesota 1.18% $2,110 $186,200 $2,200
T-19 Michigan 1.78% $3,172 $122,400 $2,174
T-19 Ohio 1.56% $2,794 $129,900 $2,032
23 Virginia 0.80% $1,420 $245,000 $1,948
24 Iowa 1.48% $2,649 $129,200 $1,916
25 South Dakota 1.34% $2,389 $140,500 $1,879
26 Kansas 1.40% $2,502 $132,000 $1,849
27 North Dakota 1.12% $2,000 $153,800 $1,722
T-28 Florida 1.06% $1,894 $159,000 $1,686
T-28 Montana 0.85% $1,525 $193,500 $1,652
30 Colorado 0.60% $1,073 $247,800 $1,489
31 Nevada 0.85% $1,523 $173,700 $1,481
T-32 Utah 0.68% $1,218 $215,900 $1,472
T-32 Hawaii 0.27% $487 $515,300 $1,406
34 Georgia 0.94% $1,685 $148,100 $1,397
35 Missouri 1.00% $1,790 $138,400 $1,387
36 Arizona 0.81% $1,446 $167,500 $1,356
37 North Carolina 0.85% $1,524 $154,900 $1,322
38 Idaho 0.76% $1,366 $162,900 $1,246
39 Delaware 0.54% $959 $231,500 $1,243
40 Wyoming 0.61% $1,097 $194,800 $1,196
41 New Mexico 0.74% $1,324 $160,300 $1,188
42 Indiana 0.87% $1,560 $124,200 $1,085
43 Tennessee 0.75% $1,335 $142,100 $1,062
44 Kentucky 0.85% $1,511 $123,200 $1,042
45 Oklahoma 0.88% $1,569 $117,900 $1,036
46 Mississippi 0.79% $1,408 $103,100 $813
47 South Carolina 0.57% $1,019 $139,900 $798
48 Louisiana 0.49% $876 $144,100 $707
49 Arkansas 0.62% $1,111 $111,400 $693
50 West Virginia 0.58% $1,044 $103,800 $607
51 Alabama 0.43% $773 $125,500 $543