Property taxes will still be flying out of homeowners’ wallets, but under a Republican proposal, they will not be deductible from one’s Federal income taxes.
An article in the Sunday Chicago Tribune entitled, “GOP tax increase targets blue states,” deserves our attention.
Now, property taxes are deductible on our Federal income taxes.
The article says that “Federal deductions for state, local taxes on chopping block.”
Guess who has the highest state and local taxes.
It’s those states led by tax hungry Democrats.
Perhaps national Republicans have not figured out that Republicans are more likely to own real estate than Democrats.
Perhaps the National Rep don’t know if you rent you are also paying real estate tax?
Are Randy and Pete that dumb also?
Did the article mention the deduction for interest on the loan for real estate also?
Except Property Taxes are controlled by local government.
Tell me what form of local government in McHenry or Lake County is controlled by Democrats?
Both these townships are among the highest property taxes in the nation. Even higher than (liberal Cook County).
This is a fallacy the GOP has fallen for time and time again.
The GOP controls property
taxes in Illinois plan and simple.
Only spin doctors who cannot realize the big elephant in the room is actually themselves.
What form of local government is controlled by Democrats??
The highest taxers of them all–school boards!
The article was about how federal income tax deductions benefit people in Democratically controlled states much more than Republican ones.
A very high % of these states’ populations take the deduction.
The strategy for Republicans should be to take away tax deductions especially for property taxes so that people in Democratically controlled states would have to pay more tax.
Humanoid legislators have crossed the line from savage indifference to active sadism, as evidenced by their celebrations of abandonment of Americans destroyed by ACA.
Cadillac tax repealed.
No media coverage of OMB scoring of cost.
Compare and contrast to gleeful celebration of enforcement of Individual Mandate.
Case study. 57 year old self employed in 60098 bronze policy cheapest is just below 8.2% of Illinois median household income $60,000 (premiums above 8.2% of AGI (calculation of which which does not allow deductions) trigger exemption from mandate). $7000 deductible, none of which is tax deductible.
This ACA mandate represents roughly 20% of hh income.
Another 6% is taken for Social Security ( matched by ‘ employer’, if self employed, doubles that tax).
Other FICA takes another 2%.
Another 5% is taken for Illinois income tax.
Roughly 20% is taken for federal income tax.
Another 10% or more is taken in McHenry County property tax.
Finally, any retirement savings must come entirely at the expense and risk of the self semployed earner.
Compare and contrast to public employees who pay zero to 10% of income for Cadillac or better health insurance, are not required to pay withholding taxes ( (it’s ‘picked up’), and 1% of income for retirement benefits enabling retirement at age 53 with roughly quadruple income of those with social security costing self employed earner 12% of income until age 63 before retirement income collection is possible.
Compare and contrast to individuals who choose to not work and receive SILVER ( not bronze) level ACA free, with deductibles also entirely subsidized.
Pictures of those celebratory legislators have a profound effect on those whose predation they are celebrating.
That’s us in the 29th highest real estate taxed county in the USA.
You are ignoring how homeowners in Downstate (that is, non-Cook County) counties are assessed at 33% of fair market value, while those in Cook County are assessed at 22% of fair market value.
Just one more reason why people are fleeing Illinois, and will continue to do so
in ever increasing record numbers.
It is easy to calculate the normalized property tax rate per fair market value per home.
In McHenry County it is around 4% of full fair market value.
That is roughly double Chicago and triple national average.
DMAC School boards are known liberals. Educator PAC (See NEA mission statement) in an other era would be called a communists. Stalin and Mao could have written their latest agenda. NEA represents over 80% of our tax bill
Froggy maybe teachers could generally have liberal tendencies, but school boards are not.
I doubt there is one liberal school board in McHenry County since Democrats in McHenry are a scarcity.
Quit hiding behind the liberals fault, all the property tax ills of McHenry lie squarely on the GOP.
Conservative school boards are very rare in Illinois.
Cary District 26 is one of the rare exceptions.
School board elections are non partisan.
The most dominant influence in school board elections is teacher unions.
The PTA members (not the PTA as an organization) tend to go along with teacher union endorsements, believing the teachers know what’s best for the children.
School board elections are usually held in odd numbered years, and few people bother show up to vote.
The union get out the vote campaign usually carries the day, and the apathetic taxpayers end up paying through the nose.