Maine FASD: Diagnosis, Support & Early Intervention
Maine-specific FASD statistics, diagnosis, support, and early intervention strategies through a comprehensive educational program accredited for medical professionals. Learn about the vital role of early intervention in supporting children's developmental milestones, especially those exposed to alcohol prenatally
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
You are allowed to download the files provided on this website for personal or commercial use, subject to the condition that they are used lawfully. All files are the property of their respective owners.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author.
E N D
Presentation Transcript
TCJA and the State and Local Tax Deduction National Tax Association 48th Annual Spring Symposium May 2018 Frank J. Sammartino
TCJA will reduce the number of taxpayers with a tax benefit from the SALT deduction by more than half. About 60 percent of taxpayers in the 95-99 percentiles will continue to benefit from the deduction as will more than three- quarters of taxpayers in the top 1 percent. WWW.TAXPOLICYCENTER.ORG 2
The tax benefit from the SALT deduction will fall by over 70 percent for most income groups. It will fall by more than 90 percent for taxpayers in the top 1 percent and by about 65 percent for taxpayers in the 95-99 percentiles. WWW.TAXPOLICYCENTER.ORG 3
The limit on the SALT deduction increases taxes for 7 percent of taxpayers. But it increases taxes for three- quarters of taxpayers in the 95-99 percentiles, and almost 90 percent of taxpayers in the top 1 percent. WWW.TAXPOLICYCENTER.ORG 4
The top 10 percent of taxpayers pay over 90 percent of the additional tax from the limit on the SALT deduction. The top 1 percent alone pays about 57 percent of the additional tax. WWW.TAXPOLICYCENTER.ORG 5
The average net tax cut differs by state. It is highest in AK, LA, ND, SD, TX, WA, and WY, and lowest in CA, NY, and OR. WWW.TAXPOLICYCENTER.ORG 6
The percentage of taxpayers with a tax increase is highest in CA, CT, DC, MD, NJ, and NY. WWW.TAXPOLICYCENTER.ORG 7
The average net tax cut is similar across NY, TX, and VA for taxpayers in the three lowest income quintiles, but there are notable differences among higher- income groups. WWW.TAXPOLICYCENTER.ORG 8
Eliminating the limit on the SALT deduction removes much of the cross state differences. WWW.TAXPOLICYCENTER.ORG 9
