The Market Ticker - Down Goes The SALT Scam
I figured that wouldn’t work, and now Treasury has confirmed it:
In response to the $10,000 cap imposed as part of the Tax Cuts and Jobs Act, a number of state governments have proposed or enacted legislation that would allow taxpayers to make charitable contributions to an established state fund in order to earn a credit. The goal would be to allow residents to take the full amount given as a deduction.
However, the IRS blocked that strategy through guidelines issued on Thursday, which require taxpayers to subtract the value of their state and local tax deductions from their charitable contributions.
There will be states that try to sue but it won’t work, since Treasury drew no distinction between programs set up before…….
(Click link to read more)
Source: https://www.market-ticker.org/akcs-www?post=234056
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